(Presidentialwire.com)- The Internal Revenue Service (IRS) activities that will be funded by appropriations from the Inflation Reduction Act (IRA) are the subject of a request for information from two Republicans on the House Ways and Means Committee.
According to economists, the IRS is given $79 billion from the IRA, which could result in an additional $101 billion in federal revenue over ten years. The agency could hire up to 87,000 more agents. Nothing in the Act mandates the IRS to audit Americans who earn more than $400,000 per year, notwithstanding Treasury Secretary Janet Yellen’s assurance that the IRS will only utilize the monies for those audits.
Reports show Representatives Drew Ferguson of Georgia and Kevin Brady of Texas, the ranking member of Ways and Means, linked the IRS expansion to a proposal that would have imposed reporting requirements on all accounts with a value of at least $600. Democrats could not pass the plan as part of the Build Back Better package.
In the letter, the two parties reminded Yellen that the Administration does not have the legal power to conduct a bank surveillance scheme by executive action.
If Republicans win the November midterm elections and take back control of Congress, they have vowed to revoke the IRS funding.
Reports show Rep. Kevin Brady explained that Democrats in Washington are sending a horde of IRS officials after middle-class taxpayers who shouldn’t have to deal with harassment. Republicans want to defend the working families most harmed by President Biden’s brutal economy. The value-shopping households are the main focus of 710,000 new audits.
According to a Syracuse University study, out of the 160 million Americans who filed tax returns in 2021, the IRS audited 659,003 of them. Americans earning less than $25,000 a year were audited five times more frequently than all other taxpayers. Three times as many audits were performed on low-income individuals as on those earning between $200,000 and $1,000,000.
In August and September, the IRS accidentally revealed information from more than 120,000 taxpayers. The agency blamed a coding error that exposed data in a form used by tax-exempt groups. The IRS informed the media that although Social Security numbers, full account-holder information, or individual income tax returns were not made public, the database did include names of specific people and company contacts.
Defund the IRS.