In his 2024 Budget Request, President Joe Biden is asking Congress to approve a $4 billion raise for his Treasury Department to finance hordes of new workers and overhaul tax collections, according to the Treasury Congressional Budget Justification.
In total, the Treasury wants appropriations of $20.3 billion for 2024, a 23% increase from $16.4 billion in 2023. They are asking for a $2.6 billion increase in their domestic budget, and a $1.7 billion increase in their international budget. These new numbers also don’t include the $80 billion the Internal Revenue Service is receiving from the Inflation Reduction Act.
Domestically, the IRS wants to use the additional funds to invest in an expanded workforce. The Treasury wants to add about 15,000 full time employees, a 15% percent increase from 2023. Also, the Treasury aims “to improve tax compliance by finally pursuing wealthy and corporate tax evaders who too often avoid paying taxes owed.”
Other domestic priorities include $341 million to expand access to credit to underserved communities, $215 million to increase cybersecurity, and $332 million to “restore critical agency capacity.”
Internationally, the budget increase will go largely toward “monitoring and disrupting corruption, money laundering, terrorist financing; and the use of the financial system by malicious actors domestically and abroad.” This also includes financial aid to Ukraine and the enforcement of sanctions on Russia.
While Congress still has to approve this funding, these ambitious budget requests to increase both funding and personnel show a disconcerting effort by the Biden Administration to increase the size and scope of government.
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