, Columnist
AI Can Help the IRS Catch Wealthy Tax Cheats
Technology could help level the playing field between revenue collectors and expensive tax attorneys.
Help us, robots.
Photographer: Ben Stansall/AFP/Getty ImagesThis article is for subscribers only.
In his latest budget proposal, President Joe Biden is set to unveil a set of new tax increases on wealthy Americans. Rather than raising taxes, maybe he should just focus on collecting what some of them already owe.
Each year, the IRS takes in $600 billion less than it should. By one estimate, half of that is because of underreporting by those among the super-wealthy who hide income by setting up sophisticated partnerships or other entities. If you’re anxious about the amount of US debt, those numbers should grab your attention.