IRS’ $80B Expansion: What to Expect with Almost 100K New Employees?
The Internal Revenue Service (IRS) is set to undergo a massive expansion with the infusion of $80 billion in new funding and the hiring of almost 100,000 new employees over the next decade. This unprecedented expansion has raised questions about what the IRS will look like and how it will operate in the years to come.
One of the key goals of the expansion is to increase tax enforcement efforts, with $45.6 billion of the new funding earmarked for that purpose. This includes hiring more auditors, enhancing technology systems, and expanding the agency’s ability to track down tax evaders. The hope is that this increased enforcement will lead to more revenue for the government, which can be used to fund social programs and infrastructure projects.
However, critics have expressed concern that the expansion will result in a heavier burden on taxpayers, particularly those who earn less than $400,000 per year. Despite assurances from Democrats that there will be no new audits on those making less than $400,000, a preliminary assessment from the Congressional Budget Office (CBO) suggests that at least $20 billion of new revenue from increased IRS audits will come from individuals earning less than $400,000 per year. For more information, Lars speaks with Grover Norquist, President of Americans for Tax Reform.