The Congressional Budget Office (CBO) admitted that the IRS will increase audits on middle-class Americans after it received a funding boost from the so-called “Inflation Reduction Act.”
In a letter to Republican House Ways and Means Committee ranking member Kevin Brady (R-TX) and Budget Committee ranking member Jason Smith (R-MO) Thursday, CBO said that at least some of the new tax revenues the IRS expects to collect over the next few years will come from families that earn less than $400,000 a year. However, the CBO expects the IRS to follow the directives set by Treasury Secretary Janet Yellen, and audits against the middle class will only account for a “small fraction” of new tax revenues. Read more…
