Professional: Vice President Biden has stated unequivocally that he thinks the wealthy should pay their fair share of taxes. The Inflation Reduction Act, which set aside $80 billion to increase the IRS personnel in response, was approved as a result. According to reports, these money are now being used to examine taxpayers more carefully.
Recently, the Treasury Department and IRS revealed intentions to use monies set aside for this reason to carry out more audits. The focus will be on rich people making over $400,000 a year and companies with intricate tax filings in an effort to combat income disparity. The existing “tax system is not fair,” according to President Biden, and he has made it plain that he supports more equitable taxation measures that do not subject billionaires to a lower tax rate than teachers. These initiatives seek to improve the tax system’s harmony and equality while making sure that everyone contributes fairly to a better society.
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According to The Washington Post Wally Adeyemo, the deputy secretary of the Treasury, stated that he wants the IRS to audit rich Individuals at a pace comparable to that of 2011. According to the existing system, he continued, those with modest incomes are “more likely to be audited than if you’re wealthy.”
In order for Americans to actually speak to someone when they call the IRS, the tax agency will also recruit additional customer care personnel. According to Commissioner Daniel Werfel’s statement in the report, the IRS would establish a “world-class customer service operation.”
The initiatives of the IRS are being vigorously resisted by the Republican Party. They have been striving to reduce agency financing and are optimistic about the future. Although winning the vote, the House GOP majority is unlikely to ever pass the Senate given that it is now controlled by Democrats. Yet, the Republicans are putting their position on display and are aiming to increase their influence beyond the 2024 election in order to pursue their goal.
