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

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 ...