Political Quotes

“Very briefly, I point out that the Biden administration is not giving us all the information. Secretary Yellen said that the IRS will not raise audit rates for taxpayers making less than $400,000 ``relative to historic levels.'' What does ``historic levels'' really mean? I include in the Record a CBO blog post from 2021 examining the Biden administration's $80 billion proposal and stating that it would ``return audit rates to the levels of about 10 years ago'' and that ``the rate would rise for all taxpayers.'' [From the CBO Blog, Sept. 2, 2021] The Effects of Increased Funding for the IRS (By Phill Swagel) Last month, the Congressional Budget Office published An Analysis of Certain Proposals in the President's 2022 Budget. Since then, CBO has completed its analysis of another proposal in the President's budget, an increase in spending for the Internal Revenue Service's (IRS's) enforcement activities. CBO estimates that portions of the Administration's proposal to increase funding for the IRS by $80 billion over the 2022-2031 period would increase revenues by approximately $200 billion over those 10 years. That estimate does not include changes in revenues resulting from portions of the proposal that involve new information- reporting requirements and other changes to the tax code; those changes are estimated by the staff of the Joint Committee on Taxation (JCT).…”