INFLATION REDUCTION ACT ADDS 87,000 IRS
August 15, 2022 - Douglas Myser
Inflation reduction act adds 87,000 IRS. The newly passed Inflation Reduction Act will add according to the GAO an estimated 87,000 New IRS People. Republicans were quick to state that the Act would increase the chance of audits on ordinary American, although that seems more a political year hype, designed to sway voters. The IRS has stated that it will only marginally impact the middle class, but is targeted to the wealthy and those who have not filed tax returns or who have a balance owing. If you make more than $100,000 yearly, your chances of an audit just doubled with the passage of the act. The Act will inject nearly $80 billion into the IRS, an agency who has seen budget cuts over the last decade, while deficits soar and reports of the rich, celebrities, and foreign politicians put money into offshore accounts to hide from the taxman. Inflation reduction act adds 87,000 IRS.
Households earning less than $400,000 "will likely see the chance of an audit decline", the U.S. Treasury stated in a statement, "Instead, new funding will crack down on tax evaders among the wealthy and large corporations, invest in technology upgrades that help taxpayers, and hire more customer support staff to prevent backlogs." The Inflation Reduction Act would invest $370 billion in fighting climate change and $64 billion to lower costs for people with Affordable Care Act health plans. To pay for that, Democrats want the IRS to step up audits and enforcement efforts to collect billions that currently get lost in the so-called tax gap. The Inflation Reduction Act is designed to do exactly that and then also boost the IRS back into an effective collection agency.
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