Biden budget plan would raise US tax receipts by $4.951 trillion over decade-Treasury

U.S. President Joe Biden's proposed budget would raise tax receipts by $4.951 trillion over 10 years, including more than $2.7 trillion in tax hikes on businesses and over $1.8 trillion on wealthy individuals, the U.S. Treasury said on Monday.

The budget plan also calls for an additional $104.3 billion in mandatory funding for the Internal Revenue Service on top of $80 billion won by the tax agency in 2022, the Treasury said in its "Green Book" estimates of the budget's revenue effects.

This additional funding would add $341 billion in new revenues over the 10 year period compared with current funding, the Treasury said.