The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on February 07, 2024, 03:57:00 pm
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IRS says it will collect hundreds of billions more in unpaid and overdue taxes, thanks to new funding
moneywatch
February 6, 2024 / 4:56 PM EST / CBS/AP
The IRS said it is poised to reap hundreds of billions of dollars of additional tax revenue by going after overdue and unpaid taxes, far beyond what was previously anticipated, thanks to funding from the Inflation Reduction Act (IRA).
The new analysis, released Tuesday by the Treasury Department and the IRS, estimates that 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' IRA, which became law in August 2022.
The estimates come as some Republican lawmakers have sought to cut IRS funding, warning that the tax agency could ramp up audits of middle-class Americans. However, IRS and Treasury officials have stated the IRS is focused on tracking down wealthy tax cheats and businesses with unpaid or overdue tax bills.
"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.
more
https://www.cbsnews.com/news/irs-taxes-inflation-reduction-act-561-billion/