IRS Faces $20 Billion Cut in Funds; Impact on High-Income Tax Enforcement

Politics

1 year ago

News sources:

Credited from: NEWSWEEK

The **IRS** has lost **$20 billion** in funding, critically limiting its capacity to target high-income tax evaders.
This reduction comes as part of a budget deal aimed at preventing a **government shutdown**, cutting the originally planned **$80 billion** in half.
According to estimates, the funding cuts could lead to **400 fewer audits** of major U.S. businesses and **1,200 fewer** for high-income individuals annually.
Officials warn that this could result in an additional **$140 billion** added to the national debt over the next decade.
The recent budget also includes provisions for **disaster aid** and funding for farmers, ensuring government operations continue until mid-March.

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