After the IRA was signed into law, Treasury Secretary Janet Yellen directed IRS leadership not to increase audit rates on people making less than $400,000 a year annually.
After the IRA was signed into law, Treasury Secretary Janet Yellen directed IRS leadership not to increase audit rates on people making less than $400,000 a year annually.
This is the best summary I could come up with:
Tax revenues are expected to rise by as much as $561 billion from 2024 to 2034, thanks to stepped-up enforcement made possible with money from the Democrats’ Inflation Reduction Act, which became law in August 2022.
Administration officials are using the report to promote President Joe Biden’s economic agenda as he campaigns for reelection — and as the IRS continually faces threats to its funding.
“This analysis demonstrates that President Biden’s investment in rebuilding the IRS will reduce the deficit by hundreds of billions of dollars by making the wealthy and big corporations pay the taxes they owe,” National Economic Adviser Lael Brainard said in a statement.
However, House Republicans built a $1.4 billion reduction to the IRS into the debt ceiling and budget cuts package passed by Congress last summer.
Rep. Jason Smith, the Republican chairman of the House Ways and Means Committee, said in a statement that the report “calls for even more IRS funding, uses pie-in-the-sky numbers, all without being straightforward about where the burdens of massive new enforcement efforts will fall.” He said increased funding will inevitably result in hundreds of thousands of additional audits for taxpayers making less than $75,000.
After the IRA was signed into law, Treasury Secretary Janet Yellen directed IRS leadership not to increase audit rates on people making less than $400,000 a year annually.
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