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IRS: Funding to Net Billions

Stepped-up enforcement will help the Internal Revenue Service will hike tax revenue by as much as $561 billion from 2024 to 2034 if increased funding is continued.

The figure comes from an analyses of the Impact of the Inflation Reduction Act, which provided more funding for the IRS. It was immediately disputed by a leading Congressional Republican.

In 2022, the Congressional Budget Office  estimated that new IRS funding would increase revenues by $180.4 billion from 2022 to 2031.  The IRS says it can revenue could rise as much as $851 million by 2023 if funding restored, renewed and diversified.

The report is used by the administration to promote President Joe Biden’s efforts to fund the IRS in the face of Republican opposition.

“Congressional Republicans’ efforts to cut IRS funding show that they prioritize letting the wealthiest Americans and big corporations evade their taxes over cutting the deficit,” National Economic Adviser Lael Brainard said in a statement, quoted by an Associated Press announcement.

The same AP news item said Rep. Jason Smith, the Republican chairman of the House Ways and Means Committee, said 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.”

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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