Senate Hearing on the 2022 Treasury Department Budget

• •The Treasury Department requested a total budget of nearly $15 billion for fiscal year 2022, an increase of $1.4 billion over the previous year.
• •The IRS requested $13.2 billion for fiscal year 2022, an increase of $1.2 billion.
• •The budget proposes $80 billion in additional funding for the IRS over 10 years to address the tax gap.
• •The fiscal year 2022 budget includes $417 million specifically for IRS tax enforcement activities.
• •The expanded child tax credit provides $3,600 per child under age 6 and $3,000 per child aged 6-17.
• •Starting in mid-July 2021, families were scheduled to receive monthly child tax credit payments of up to $300 per child.
• •The Treasury Department supports the CDFI program, reversing previous administration proposals to eliminate it.
• •The estimated tax gap (taxes owed but not paid) is between $500 billion and $1 trillion annually.
• •The Biden administration's budget proposal includes annual deficits exceeding $1 trillion for each of the next 10 years.

The proposed budget includes a $1.4 billion increase for the Treasury Department and a $1.2 billion increase for the IRS, which directly impacts federal tax enforcement, service capacity, and the administration of programs like the expanded child tax credit.

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.