Jake Johnson is a senior editor and staff writer for Common Dreams.
The Internal Revenue Service says it could collect around $560 billion largely from rich tax cheats and big corporations over the next decade—as long as congressional Republicans don't succeed in clawing back a recent funding increase that allowed the agency to ramp up enforcement. The Inflation Reduction Act , which President Joe Biden signed into law in 2022 without any Republican support, gave the IRS an $80 billion funding boost after years of budget cuts inflicted by the GOP.
'The administration has proposed extending and maintaining IRS investments after the IRA funds are exhausted, which would enable the IRS to collect $851 billion over 2024-2034,' the agencies said. But if $20 billion of the $80 billion funding boost is rescinded, the IRS would bring in over $100 billion less in revenue over the next decade than it would with the increase intact, the analysis shows.
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