Reported about 5 hours ago
Cuts to the Internal Revenue Service (IRS) funding by Republicans in Congress could lead to a $140 billion increase in the federal deficit over the next decade, slow down service, and diminish audits of large companies, warns Deputy Treasury Secretary Wally Adeyemo. Without congressional action, the IRS faces a $20 billion funding shortfall, which would hinder modernization efforts and increase wait times for taxpayers seeking assistance. Additionally, enforcement initiatives targeting wealthy individuals and complex partnerships could suffer, while audits of middle-class taxpayers may rise due to decreased technological capabilities.
Source: YAHOO