News

White House Proposes Bigger Budget for IRS, Cuts for FinCEN

By Colby Adams

The U.S. Treasury Department's budget would see a four percent increase over last year's funding under a White House proposal scheduled to take effect in October. The Obama administration fiscal year 2012 budget plan, released Monday, would allocate $14 billion to the U.S. Treasury Department, with the lion's share-95 percent-set aside for the Internal Revenue Service. The White House would cut funding for the department's Financial Crimes Enforcement Network (FinCEN) from $111 million to $84 million under the plan. The 24 percent budget decrease would bring FinCEN roughly back to its fiscal year 2008 budget levels, in part by canceling...

TO READ THE FULL STORY
Subscribe Learn More