Kim Bloomquist News Today

Looking at IRS revenue expectations, it's unrealistic to assume the 87,000 new agents won't be auditing those making under $400,000 a year.

The Biden administration has promised not to raise taxes on anyone making under $400,000 a year. And despite estimates from official congressional scorekeepers that the Schumer-Manchin-Biden tax increase indeed would raise taxes on those Americans, the administration has doubled down on the claim as a final vote nears on Democrats’ bill. Treasury Secretary Janet Yellen sent a letter Wednesday to IRS Commissioner Charles P. Rettig that includes this statement:

Research shows Mississippi is the highest audited state in the nation.  Last weekend, U.S. Senate Democrats, at the urging of President Joe Biden, passed the "Inflation Reduction Act."  Among the provisions in the bill is a funding increase for the Internal Revenue Service (IRS) that looks to add s

Rebuilding the IRS and directing the agency’s focus toward wealthy tax cheats is a fundamental step toward creating a more fair and equitable tax code and an important step in the direction of racial equity.