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washington [United States]Jan. 8 (ANI): US House Speaker Kevin McCarthy announced on Saturday that the bill to fund 87,000 new IRS agents will be repealed when his party returns to power, CNN reported. .
“I know it’s late at night, but when we get back, our first bill will defund 87,000 new IRS agents,” he said to applause from the Republican caucus. “You see, we believe the government should be helping you, not chasing you,” McCarthy said.
Although, the same report claims that the figure is misleading. The Treasury Department estimates that a nearly $80 billion investment in the IRS through 2021 could allow the agency to employ 86,852 full-time workers over a decade. But that number includes all workers, not just law enforcement, according to CNN.
Notably, the IRS is getting a lot of attention on social media — specifically, the Biden administration’s vague proposal to expand powers to root out tax evasion. According to another CNN report from Holmes Lybrand on October 8, 2021, the decision in question would allow the IRS to obtain annual and aggregated reports of at least $600 inflows and outflows from bank accounts.
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The same CNN report mentioned that in May, the Treasury Department proposed a plan to “establish a comprehensive financial account information reporting system.”
Under the proposal, banks would be required to file annual reports with the IRS of “gross inflows and outflows” from business and personal accounts that make or transact at least $600 a year. Still, Democrats on the Hill are still hammering out the details, as the Bloomberg report suggests.
Until Congress passes the legislation, it’s unclear how the IRS’s powers will expand, what the reporting threshold will be and who would be affected.
Regarding the usefulness of the data to the U.S., CNN reported that Garrett Watson, senior policy analyst at the Tax Foundation, said it would “take years of software updates” to allow the IRS to effectively use the information they want . “This is probably where the priorities are set first, and then revisiting this (proposal) at a later date once they actually deploy the software that should make it useful,”
Contradicting McCarthy, the Joe Biden administration wants to provide the IRS with an additional $80 billion over 10 years to add to the agency’s 87,000 new employees while investing in technological improvements. (Arnie)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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