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Efforts Underway to Undo Elements of the Inflation Reduction Act

Thu, December 01, 2022 1:51 PM | Anonymous

The Inflation Reduction Act of 2022 provided $45.6 billion in enforcement funding to the IRS (to hire tens of thousands of agents), while providing significantly less ($3.18 billion) for taxpayer service and ($4.75 billion) for business systems modernization. Commissioner Rettig and Treasury Secretary Yellen have sought to defuse the whirlwind of criticism by claiming the funding/agents will not be used to audit taxpayers with less than $400,000 in taxable income, but these statements provide little comfort and no statutory protection to family-owned businesses. In response, Reps. Adrian Smith and Michelle Steel have introduced the Family and Small Business Taxpayer Protection Act, H.R. 9092.

CIRT has joined a cross-section of business organizations in support of the Family and Small Business Taxpayer Protection Act, urging its passage in the “lame-duck” session before Christmas. The bill would rescind the IRA’s enforcement and operations support funding, while leaving in place funding for taxpayer services and business systems modernization.

(SEE, joint letter for details).

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