Treasury Secretary Janet Yellen asked the IRS to develop a plan for spending the $80 billion in new funding that it received as part of Democrats' Inflation Reduction Act.
Former investment banker Carol Roth and former CKE Restaurants CEO Andy Puzder discuss Democrats' strategy to combat rising inflation on 'The Evening Edit.'on Wednesday asked the Internal Revenue Service to develop an operational plan for deploying the $80 billion in new funding allocated to it under the Democrats' health care and climate change spending package.
"The work will require an all-hands-on-deck approach from the dedicated employees of the IRS," she wrote. Providing the IRS with an influx of funding has been a top priority for Democrats and emerged as one of the most prominent financiers of the Inflation Reduction Act thatsigned into law this week. But it has elicited a fierce pushback from Republicans, who say that a beefed-up IRS could ultimately hurt lower-income Americans.
According to the Syracuse study, more than half of the correspondence audits initiated by the IRS last year — 54% — involved low-income workers with gross receipts of less than $25,000 who claimed the earned income tax credit, an anti-poverty measure.
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