‘Is This A Joke?’: Biden’s Budget Increases IRS Funding By $43 Billion Only Months After $80 Billion Windfall

The Budget The proposal was submitted by White House Thursday will see an increase in funding for the Internal Revenue Service of approximately $43 billion. Also known as the IRSIt took months for the Tax Enforcement agency received $80 million through the Inflation Reduction Bill.

In addition to $14.1 billion, which represents a 15% increase in the IRS’s budget, $29.1 million would be added. “mandatory funding for enforcement and operations,” According to a Press release The House Ways and Means Committee. The IRS has received a $80 billion windfall from the Inflation Reduction Act that President Joe Biden signed in August.

Janet Yellen, Treasury Secretary Testimony Before the House Ways and Means Committee, Friday, the Inflation Reduction Act funds have resulted taxpayers receiving “drastically improved customer service” Because staffers had the ability to answer “hundreds of thousands more phone calls during this filing season than at this time last year.” Jason Smith, Chairman of the House Ways and Means Committee (Republican-from-MO), pressed the official about the increased tax enforcement allocation.

“I have to ask: Is this a joke? After a two-year inflation crisis that has cost American workers more than two months of pay, families need every penny they can get,” In opening remarks, he stated the following:

Yellen previously stated that funds from the Inflation Reduction Act would never be used to raise audit rates for households earning less $400,000 annually. “relative to historical levels.” She has failed To clarify: “historical levels” Enforcement was much higher than it was a decade ago. Audit rates for households with incomes between $25,000-$200,000 fell 76% between 2010 & 2019, according to the. Data From the Government Accountability Office.

Officials also claim that the funds will allow IRS staff to work more efficiently Help Individuals and businesses who are unable to file taxes correctly. The Treasury Inspector General of Tax Administration however stated that in a Report The budget for enforcement activities will rise 69% in the next decade, while the budget to provide taxpayer services will grow 9%.

Officials from the Biden administration claim that tighter tax enforcement made possible by additional IRS funds will improve the nation’s fiscal health. Over the next ten years, the deficit would be reduced by $134 billion with the $43 billion allotted to the IRS.

The overall budget proposal suggests an increase of government spending from $5.8 billion to $6.9 trillion. Marked A number of tax increases on wealthy individuals or businesses. Households worth more than $100,000,000 would pay a 25% minimum income tax. Additionally, the top marginal rate of tax would increase to 39.6% from the current 37% rate. The corporate tax would be increased to 28%. This would equal the difference between the 21% and 35% rates that were in place before the Tax Cuts and Jobs Act of 2017.

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The House of Representatives will not pass the $43 billion additional for the IRS. It was recently rejected by the House. Voted To repeal the $80 billion that was offered to IRS by Inflation Reduction Act. Senior Republican officials also supported the proposal. Announcement They would vote against the budget proposal.

“President Biden just delivered his budget to Congress, and it is completely unserious. He proposes trillions in new taxes that you and your family will pay directly or through higher costs,” House Speaker Kevin McCarthy (R-CA) remarked. “Washington has a spending problem, not a revenue problem.”

“From ‘Is This A Joke?’Is This a Joke?’: Biden’s Budget Increases IRS Financing By $43 Billon Only Months After a $80 Billion Windfall“

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