She says the budget increase will not impact middle-class tax audits.
Secretary of the Treasury Janet Yellen sent a letter to the Internal Revenue Service (IRS) last week in support of additional funding for the IRS. The Inflation Reduction Act, which has passed both chambers of Congress and awaits President Biden’s signature, will add $80 billion to the IRS budget over the next 10 years if it becomes law.
Secretary Yellen anticipates the potential of the agency to add personnel and update antiquated technology. Additionally, she specifically directed the IRS to not use these resources to increase taxes for the middle class but to more accurately assess tax laws for high-earners and large corporations.
As the Lord Leads, Pray with Us…
- For Secretary Yellen as she supports the IRS budget increase.
- For Commissioner Rettig to seek God’s discernment as he heads the IRS.
- For the president as he prepares to sign the Inflation Reduction Act.
Sources: The Hill, Reuters
