The IRS will soon release its spending plan for the $80 billion in funding it received last year as part of President Biden's Inflation Reduction Act.
U.S. Treasury Secretary Janet Yellen on Friday did not deny a claim made by Rep. Adrian Smith, R-Neb., that 90% of new IRS audits will be on individuals making less than $400,000 annually, contrary to promises from the White House.
The influx of money for the IRS over the next decade was included in the Democrats' health care and climate change spending bill – dubbed the Inflation Reduction Act – thatin August 2022. The funding is aimed at improving tax compliance among big corporations and wealthy Americans and shrinking the estimated $600 billion tax gap.
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