CNBC: Here’s What’s Ahead for President-elect Biden’s Tax Plan

Another idea that might stand a chance in a split Congress could be to properly fund the IRS so it can pursue larger targets, rather than going through the contentious process of drafting and passing new tax legislation.

“Even in a divided Congress, it might be politically easier to do that, compared to a more dramatic income tax increase,” said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy.

“We’re not even talking about tax increases,” he said. “We’re talking about enforcing the laws that are already on the books.”

This could include cracking down on business owners’ inappropriate use of S-corporations to circumvent payroll taxes, Wamhoff said.

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