Jonathan Nicholson covers Capitol Hill and campaigns for HuffPost. His Twitter is @JNicholsonInDC.
’s administration wants Congress to maintain additional funding for the IRS to help it track down tax scofflaws and provide faster customer service, warning that letting the funding expire would add to the budget deficit.
That deadline is now closing in, with Congress set to return from the Thanksgiving holiday next week. The body will then start a three-week sprint to keep the government open and, in the case of the Democratic-held Senate, to confirm as many of Biden’s federal judge picks as it can before the new Congress meets in January.
“At some point, if they don’t get an anomaly, the commissioner is going to have to make decisions about what he slows or stops in order to make sure they’re in a position where they don’t run out of money for enforcement,” the deputy secretary said, noting that this could add $140 billion to the federal deficit over a decade from lower revenue.. Republicans may claim that reversing some of the IRA’s provisions in 2025 would offset the cost of extending the 2017 tax cuts.
Whether you give just one more time or sign up again to contribute regularly, we appreciate you playing a part in keeping our journalism free for all.According to Treasury, a drop in enforcement would mean that audits of taxpayers making under $400,000 a year would rise as a proportion of all IRS audits. With the funding, the IRS could start at least 4,000 audits of high-income earners a year, while without it that number would fall by about 1,200 each year from 2025 to 2029.
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