The Internal Revenue Service (IRS) seeks to ramp up its audit rate among some of the wealthiest Americans, after receiving increased funding from the Biden administration. The IRS will specifically crack down on individuals earning more than $10 million and will also take a closer look at businesses.

Veda Partners Managing Partner and Director of Economic Policy Henrietta Treyz explains how the new policy is favored among most Americans, as 69% of those in swing states support taxing the rich, according to Bloomberg News. Treyz also notes that the increased audits will generate new revenue that will offset the cost of extending the existing tax cuts that expire next year.

As the 2024 election approaches, Treyz breaks down what to expect from the different tax agendas proposed by current President Joe Biden and former President Donald Trump.

For more expert insight and the latest market action, click here to watch this full episode.

This post was written by Melanie Riehl