The Build Back Better Act (BBB) sets aside $80 Billion For the IRS. With that increase, the IRS plans on hiring 87.000 new IRS workers to target “wealthy” taxpayers.
However, as Elon Musk points out, there are only 614 billionaires in America. And, “[t]he IRS already has dedicated audit teams for high net worth individuals. The doubling of staff is for everyone else,” Musk warned,
The Administration has already told us not to pay attention to the warned Congressional Budget Office’s analysis – “The CBO has previously underestimated the revenues that increased enforcement would raise.”
Attorney Steven A. Leahy opines on these important issues on Today’s Tax Talk.