The Inflation Reduction Act gives the IRS $79.6 billion over 10 years, and $45.6 billion of that would be directed towards enforcement. It also calls for hiring 87,000 new IRS employees over 10 years, which would almost double the agency’s workforce.
The Inflation Reduction Act gives the IRS $79.6 billion to be spread over 10 years. Some $45.6 billion of that would be directed towards enforcement of corporations and wealthy individuals. Put bluntly, that means more audits.
The Inflation Reduction Act also calls for hiring 87,000 new IRS employees over 10 years, which would almost double the agency’s workforce. The Treasury Department has said these will cover an array of new roles, customer service representatives, IT workers, and auditors. “Is it reasonable to believe that the IRS will gracefully absorb massive new funding and new employees? It will take time. That would be daunting even in the private sector.”
“The top 1% of earners would experience a 0.1% increase in after-tax income in 2023, driven by expanded energy tax credits that offset reduced incomes from the corporate book minimum tax and the tax on share repurchases,” the Tax Foundation added.
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