Under the Inflation Reduction Act, the IRS agency would receive $80 billion in funding to hire as many as 87,000 additional employees. The increase would be more than double the size of the IRS workforce, which currently has 78,661 full-time staffers, according to public federal data. 😲
The money allocated to the IRS would increase the agency’s budget by more than 600 percent !
In 2021, the IRS only received $12.6 billion. It would make the IRS one of the largest federal agencies.
A Congressional Budget Office analysis found the hiring of new IRS agents would result in more than $200 billion in additional revenue for the federal government over the next decade. More than half of that funding is specifically earmarked for “enforcement,” meaning tax audits and other responsibilities such as “digital asset monitoring.” 🤯
I am curious how this monitoring will turn out…
The majority of new revenue from IRS audits and scrutiny will come from those making less than $200,000 a year, according to a study from the nonpartisan Joint Committee on Taxation. The committee found that just 4 to 9 percent of money raised will come from those making more than $500,000 (= Tax the poor) 😧
Inflation reduction is good, proper tax in place is good but again only going for small people because they have no power and clue about the big guys is a shame.
Moritz Pindorek (Moritzpindorek.com)
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