Congressman Krishnamoorthi Leads Call To Better Equip The IRS To Pay For Infrastructure Package
WASHINGTON, DC – Today, Congressman Raja Krishnamoorthi (IL-08) sent a letter to Treasury Secretary Janet Yellen and Deputy Director of the Office of Management and Budget Shalanda Young regarding the need for a more fully funded and equipped Internal Revenue Service (IRS) to help offset the costs of President Biden’s historic legislative agenda. These Members of Congress were heartened to see more funding for the IRS provided in the President’s initial proposal, but are determined to ensure that this funding is provided at adequate levels in the final package. The letter to the Biden Administration cites the benefits that better equipping the IRS could have on the federal budget.
“Preventing tax avoidance through more stringent oversight at the IRS will greatly improve the budgetary shortfalls our federal government faces. In fact, leading economists predict that a $100 billion investment at the IRS will produce $1.4 trillion in federal revenues,” the letter stated. “Between 2010 and 2018, the number of audits declined by 46 percent for all incomes and 61 percent for millionaires. The primary reason is that the IRS workforce has faced serious attrition due to Congressional budget cuts.”
The Members of Congress look forward to working with House and Senate leadership on ensuring that funding for the IRS is included in the final package, and appreciate the continued cooperation with the Biden Administration on this priority.
The letter can be viewed here.