Posted on 01/09/2025 1:02:00 PM PST by where's_the_Outrage?
When the IRS starts asking for money, many Americans get nervous. This time, though, the Internal Revenue Service isn’t trying to collect additional funds from taxpayers. Instead, Treasury Officials are asking Congress to provide access to $20 billion in funding that was lost due to an error in legislative language.
The Inflation Reduction Act of 2022 included $79.4 billion in funding for the IRS — $1.4 billion of which was rescinded to raise the debt ceiling last year. These cuts reduced the budget of the enforcement division by $20 billion. Unfortunately, the legislative language was duplicated in error in a September funding bill, putting the agency at risk of losing another $20 billion.
The consequences could be dire, as Treasury Deputy Secretary Wally Adeyemo warned reporters, “the IRS is going to potentially have to make dramatic decisions about stopping hiring and starting to budget for a world in which they don’t have $20 billion which will stop a lot of their progress. If they don’t get that $20 billion that is at risk they would run out of enforcement money at the current pace sometime in fiscal year 2025.”.....
Although you may not be too sympathetic to the plight of the IRS, the reality is that the loss of these funds is likely to have a real-world impact on what the agency can do. Adeyemo explained some of the things that would happen if the money is not restored:
Around 6,000 fewer wealthy individuals will be audited
Around 2,000 fewer large corporations will be audited
The IRS may have to freeze hiring
(Excerpt) Read more at moneywise.com ...
F the IRS.
Stop taxing my SS.
YMMV
Maybe they should triage their audits to get the worst offenders first before the budget runs out.
“Treasury Officials are asking Congress to provide access to $20 billion in funding that was lost due to an error in legislative language”
Consider it for 11 days and then say, “Oh, so sorry, no.”
I have a modest proposal. Abolish the IRS. And the income tax. And repeal the 16th Amendment while we’re at it.
No one cares. The IRS is currently over staffed by 87,000 thugs. Go ahead and cut away
When they audit Hunter, my Give-a-Crap might twitch a little.
Since DEI has been the flavor of the day, last in first out will weed out the inefficiencies.
EC
Send taxpayers the IRS guns.
In 1983 a Democratically controlled House, a Republican controlled Senate and Republican President, Ronald Reagan, passed legislation to tax your Social Security. The IRS is just carrying out its orders. Have the Congress change the law, and the IRS will not collect taxes on your SS.
funny, the IRS would usually audit entities to get their money... maybe they should turn their eyes towards members of congress? percentage of all they find not above board.
And, yes, I know I spelled ask wrong. It's an FR thing. If you don't get it, too bad, sucka.
We wouldn’t need an IRS if our method of taxation was simplified.
Talking to you Elon and Vivek.
Flat tax, fair tax, or whatever. Do the due diligence, prove the solution makes sense, and roll it out.
The fire the 87,000 new agents as round one of the layoffs at the IRS. A simplified code should reduce the need for headcount drastically.
What kind of idiot is the reporter and newsroom that thinks less funding for the IRS is a bad thing. These people are horribly insane.
Sounds like a good first step towards freeing Americans from the yoke of slavery
I don’t either.
Tax the sidewalks, tax the streets, tax the shoes right off their feet.
“the IRS is going to potentially have to make dramatic decisions about stopping hiring and starting to budget for a world in which they don’t have $20 billion”
I would think most large companies would face bankruptcy with a $20 Billion cut in revenue. The IRS MIGHT have to stop hiring? How big is their budget? They look ripe for DOGE.
Me either.😗
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