The IRS is projected to collect significantly more overdue and unpaid taxes, with estimated revenues expected to increase by as much as $561 billion from 2024 to 2034 due to enhanced enforcement facilitated by the Democrats’ Inflation Reduction Act.
This analysis is being used to support President Biden’s economic agenda, emphasizing the importance of rebuilding the IRS to ensure that the wealthy and corporations pay their taxes.
The IRA’s funding boost has been crucial in enabling the IRS to address the growing tax gap and reverse declining audit rates for millionaires and large corporations.
National Economic Adviser, Lael Brainard wrote in a statement, “This analysis demonstrates that President Biden’s investment in rebuilding the IRS will reduce the deficit by hundreds of billions of dollars by making the wealthy and big corporations pay the taxes they owe.”
“Congressional Republicans’ efforts to cut IRS funding show that they prioritize letting the wealthiest Americans and big corporations evade their taxes over cutting the deficit,” Brainard continued.
Despite recent funding reductions, the agency has implemented customer service improvements and recouped back taxes from wealthy tax evaders, aiming to demonstrate the impact of its remaining resources.
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