U.S. Treasury Secretary Janet Yellen on Sunday said rebuilding the Internal Revenue Service would be one of her top priorities in coming years, putting her squarely at odds with Republicans who have taken control of the House of Representatives.
Yellen told Reuters in an interview on her way to Zambia that she was thrilled that Congress had approved $80 billion in new funding to help the agency reduce a huge backlog of tax returns and better hunt down $600 billion in unpaid tax bills.in large part to oversee implementation of legislation like the Inflation Reduction Act, which included the IRS funding and passed on party lines last year.
"I’m excited about legislation that’s passed and I want to make sure that it makes the difference it should make, and that includes the IRS," she said. "That agency needs to be completely redone, and it’s a big task."The law also includes about $270 billion in tax credits for electric vehicles, home solar panels and other climate purchases that will be overseen by Treasury, which has made Yellen a pivotal climate figure in President Joe Biden's administration.
Yellen, 76, conceded that the split Congress reduced the chances of passing legislation to advance Biden's agenda, but said she still enjoyed the job. "This is probably the last job I’ll have," Yellen said. I’d much rather be doing this than sitting at home knitting sweaters, or whatever it is one does when one’s retired."
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