Treasury Department urges Congress to act and release $20B to IRS

[L3 : BIDEN ADMINISTRATION URGES CONGRESS TO ACT AND RELEASE $20 BILLION TO THE IRS]
THE CLOCK IS TICKING. CONGRESS HAS UNTIL LATE DECEMBER TO FUND THE FEDERAL GOVERNMENT. WHILE THAT IS EXPECTED TO HAPPEN, PERHAPS WITH STOP-GAP LEGISLATION, THE INTERNAL REVENUE SERVICE IS RUNNING OUT OF ENFORCEMENT MONEY.
DUE TO LANGUAGE IN THE CURRENT LAW WHEN IT COMES TO FEDERAL SPENDING, ABOUT $20 BILLION OF THE IRS’S REMAINING ENFORCEMENT BUDGET IS NOW FROZEN.
THE TREASURY DEPARTMENT IS SOUNDING THE ALARM. THE DEPUTY SECRETARY SAID THIS WEEK THAT WITHOUT THE MONEY, THERE WOULD BE 6000 FEWER AUDITS OF HIGH-INCOME PEOPLE AND 2000 FEWER AUDITS OF LARGE CORPORATIONS. IN ADDITION, A HIRING FREEZE IS POSSIBLE.
BACK IN 2022, WHEN DEMOCRATS CONTROLLED THE WHITE HOUSE, SENATE AND HOUSE, THEY PASSED THE **INFLATION REDUCTION ACT**. THE MASSIVE SPENDING BILL INCLUDED CLOSE TO $80 BILLION FOR THE I-R-S, ON TOP OF THE AGENCY’S ANNUAL BUDGET.
MANY REPUBLICANS CRIED FOUL AND CALLED THE BEEFED-UP ENFORCEMENT, GOVERNMENT INTRUSION. WHEN REPUBLICANS TOOK CONTROL OF THE HOUSE LAST YEAR, BY A NARROW MARGIN, THEY WERE ABLE TO REPEAL BILLIONS OF DOLLARS IN MONEY FOR THE IRS, IN BUDGET CUTTING, AS WELL AS A DEBT CEILING DEAL WITH THE BIDEN ADMINISTRATION.
WITH REPUBLICANS TAKING CONTROL OF THE WHITE HOUSE, SENATE AND HOUSE THIS UPCOMING JANUARY AND TALK OF MAJOR POLICY CHANGES, WHAT HAPPENS IN NEGOTIATIONS, BETWEEN NOW AND WHEN THE CURRENT FUNDING BILL ENDS ON DECEMBER 20-TH WILL LIKELY HAVE A BIG IMPACT ON THE IRS AND HOW MUCH MANPOWER THE AGENCY HAS, GOING FORWARD. FOR MORE UNBIASED UPDATES, DOWNLOAD THE STRAIGHT ARROW NEWS AP