Treasury Secretary Warns IRS About Auditing Households

David Boeke / CC BY-SA 2.0

WASHINGTON, D.C. – The Internal Revenue Service is being warned against using funds from the Inflation Reduction Act to audit households that make less than $400,000 dollars a year.

That’s according to a letter Treasury Secretary Janet Yellin sent to IRS Commissioner Charles Rettig.

In the letter, the money allocated from the new health care and climate bill should focus on “high-end non-compliance.”











Republican critics of the $80-billion-dollar act say it will allow the IRS to target middle-class families and small businesses.

The new funds for the IRS are expected to collect $124-billion-dollars in tax revenue over the next decade.

The legislation was approved by the senate this weekend but still needs to get through the Democratic-led House.









 

Make it easy to keep up to date with more stories like this. Download the WNY News Now mobile app on the Apple App Store and Google Play Store.

 

Have a news tip? Email newsdesk@WNYNewsNow.com, send us a message on Facebook, or Twitter.

WNY News Now encourages an open exchange of opinions and ideas on our stories, however, we ask everyone to follow our comment policy.

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.