Monday November 21, 2022 – The inflation Reduction Act of 2022 provided $80 Billion to the IRS primarily to increase collection efforts and improve information technology. That $80 Billion could fund 87,000 new IRS Employees. Or so says report released by the Treasury Department.
The IRS currently has 78,000 employees. This doubling of the IRS has caused much concern to business owners across the country. Remember, not one Republican voted for the Inflation Reduction Act – it was passed on a purely partisan vote.
Now that the GOP will control the house, the incoming Speaker, Kevin McCarthy, and other GOP leaders are promising to reverse that spending Plan.
“On day one, in this House, we will repeal 87,000 IRS agents,” said the incoming speaker. “We will use the power of the purse – the size of our debt has to stop.”
Attorney Steven A. Leahy looks over the GOP plan on Today’s Tax Talk.