For a considerable amount of time, the Internal Revenue Service has suffered from a severe lack of personnel. This is the reason why some individuals are still waiting for their tax returns from two years ago. It is for this reason that attempting to get in touch with anyone from the IRS is fruitless. It's also the reason why many people have never been subjected to an Internal Revenue Service audit.
Now, the Internal Revenue Service has revealed that it plans to recruit 87,000 more agents. If you think that is a lot, you are correct. And keeping all of those agents active is one of the most effective ways to make sure that they are put to good use in the organization as a whole.
You may anticipate hearing more about audits conducted by the IRS. And I truly hope that you are not one of the unfortunate individuals who will be subject to an audit.
Senator Lindsey Graham (R-South Carolina) has a few things to say regarding the number of agents that will be added to the Internal Revenue Service (IRS) as a result of the Inflation Reduction Act that the Democrats passed. I f you think the federal government is out of control right now, then God help us when you hire 87,000 new IRS agents who are searching under every rock and stone to pull money out of your pocket.
Graham was eager to point out that the Internal Revenue Service agents are "supposed to be for the rich" during a recent press conference that he attended alongside Henry McMaster, the governor of South Carolina. McMaster was with Graham. Sure, but outside money, what else do the wealthy possess? They have access to legal and accounting professionals that can assist them in resolving their financial issues.
The truth of the matter is that more than half of the audits that are carried out by the IRS each year target individuals with annual incomes of less than $75,000. The number of targeted Americans will increase. Once the new IRS agents are hired, the agency will be approximately two and a half times larger than it is at the present time, as Graham has warned.
It stands to reason that the additional agents won't all be added at the same time. The hiring will take place throughout the course of the following ten years. Additionally, an expenditure of $80 million will be made so that there is a greater emphasis on enforcement.
All of this money should have been going to a different department. When the situation at our southern border is as chaotic as it is, do we really need the IRS to police the law?
Graham has already declared that he will work to prevent the IRS from receiving financing. He hopes that there will be more of an emphasis placed on the regulation of immigration. He is of the opinion that there should be a greater number of Border Patrol agents and a lesser number of IRS agents. And to tell you the truth, regardless of how they cast their vote, the vast majority of American citizens would probably agree with that opinion.
The reconciliation process resulted in the passage of a measure on Sunday, but that bill is not even close to being perfect. In point of fact, if you look at the specifics, there are a few things that are straight out of a nightmare and will do nothing but harm to the country.
We were all aware that Vice President Kamala Harris would side with her party in the event of a vote to break a tie, which was necessary in order for the measure to ultimately be passed.
The growth of the IRS is not the only issue at hand. According to Graham's description, it was an attempt to "take power in the name of climate change."
In a measure that costs $430 billion, tax credits will be distributed for the selection of cleaner energy sources, and Medicare will be given the ability to negotiate cheaper drug prices directly with pharmaceutical corporations.
A total of $430 billion dollars is a substantial sum of money. You are mistaken if you believe that they will be able to pay for that just with the minimum tax of 15% that will now be imposed on all large firms. Because of this, there is a critical shortage of fresh IRS agents. They will conduct an audit even if they have the slightest suspicion that there is a problem with your tax return. After all, those agents are going to require assistance in finding ways to spend the time.
Graham stated it best. May God help us.
The preceding is a summary of an article that originally appeared on American Retirement Insider.