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Warren Backs More Audits for Rich as Part of Wealth Tax Plan (1)

March 3, 2021, 12:57 AM

Senator Elizabeth Warren said IRS funding should be bolstered so the richest Americans get audited about once every three years as part of her proposed 2% annual tax on wealth in excess of $50 million.

The Massachusetts Democrat said she wants to nearly double the Internal Revenue Service budget, which would also help with enforcement of a wealth tax. She said she plans to talk to Treasury Secretary Janet Yellen about how to implement such a tax.

“The audit rate of the top one tenth of 1% — the 100,000 families that would be affected — the audit rate will ...