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

share-iconTuesday, December 31 comment-icon3 weeks ago 6 views
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newsweekNEWSWEEK
IRS Faces $20 Billion Cut in Funds; Impact on High-Income Tax Enforcement

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.

For further details, visit the original article here.

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Irs funding cuts Tax audits Inflation reduction act National debt Government shutdown
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