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  • The Inflation Reduction Act Unleashes A Tougher IRS

    08/08/2022 4:08:19 PM PDT · by nickcarraway · 23 replies
    Forbes ^ | Aug 8, 2022, | Robert W. Wood
    The Schumer-Manchin tax bill known as the Inflation Reduction Act, which passed the Senate on Sunday, raises taxes and will give the IRS billions to go into what the Wall Street Journal called “beast mode.” In all, the meant-to-be-inflation buster bill will dole out about $80 billion to the IRS for increase enforcement, operational improvements, customer service, and systems modernization. Think big, really big. That $80 billion is more than six times the current annual IRS budget of $12.6 billion. How can the IRS spend all of that? You guessed it, the bill says a whopping $45.6 billion will be...