Correction: New IRS paperless system will help reduce deficit significantly over 10 years, Yellen says
U.S. Secretary of the Treasury Janet Yellen arrives to deliver remarks at Johns Hopkins University’s School of Advanced International Studies on April 20, 2023 in Washington, DC.WASHINGTON — Treasury Secretary Janet Yellen praised a new initiative by the IRS that she said will help reduce the federal deficit by $2.6 trillion over the next 10 years — an extension of the Biden administration's pledged $1 trillion in deficit reduction from the Inflation Reduction Act.
The initiative is a "key" to unlocking other system improvements, said Yellen, including error reductions in tax processing and secure data access for taxpayers. She also applauded the Biden administration's efforts to close the tax gap that, without intervention, would have reached $7 trillion over the next decade. The IRS has prioritized hiring personnel to assist in auditing large corporations, complex business partnerships and other wealthy taxpayers, a process that takes up to 50 times longer compared with simple audits.
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