Treasury Secretary Janet Yellen on Thursday touted Democrats' $80 billion funding boost for the IRS, saying the money will make 'real differences' to taxpayers.
Tax Executive Committee chair Jan Lewis discusses how the middle class and small businesses could be impacted by new IRS funding on 'Cavuto: Coast to Coast.'on Thursday detailed some of the Biden administration's plans for the Internal Revenue Service as part of the $80 billion funding boost, including expanding in-person services.
The funding was included in the Democrats' health care and climate change spending bill – dubbed the Inflation Reduction Act – that Biden signed into law last month. 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 $739 billion bill. But it has elicited a fierce pushback from Republicans, who say that a beefed-up IRS could ultimately hurt lower-income Americans. That's because the IRS disproportionately targets low-income Americans when it conducts tax audits each year.
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