Biden’s Audit-the-Rich Target of $700 Billion Seen as Tall Order

President Joe Biden’s plan to raise $700 billion over a decade from increased tax audits of the wealthy and corporations -- a major funding source for his economic-investment proposals -- will probably take years to bear fruit and faces skepticism that the figure is realistic.

The Biden administration has proposed a more than 10% funding increase for the Internal Revenue Service for the next fiscal year and an overall investment of $80 billion over the next 10 years to beef up the agency’s depleted auditing staff and outdated technology. Biden’s American Families Plan, released last week, highlighted the audit ...