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The Biden Administration pledged Wednesday not to increase tax audits of those families or businesses that earn less than $400,000 a year, despite the new army of 87,000 officers to be hired by the IRS.
In a letter to the head of the Internal Revenue Service, IRS, Treasury Secretary Janet Yellen ordered not to use the additional funds her agency will receive to conduct more audits of those earning less than $400,000 a year.
The letter is the secretary’s response to the objections the new plan is receiving from the Republican Party. The plan increases the funds for the IRS by 80 billion dollars, and conservatives suggest it will be used to audit more companies and citizens.
The White House, however, guarantees that the money will be directed only to auditing large companies and wealthy individuals.
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The so-called Inflation Reduction Act calls for a total investment of $669 billion for deficit reduction, energy security programs, and the fight against climate change over the next decade. It also involves hiring 87,000 agents for the IRS, which will make it one of the largest federal agencies in the country, larger than the employees of the Pentagon, the State Department, the FBI, and the Border Patrol combined.