Tax cheats aided in debt ceiling fight
Last updated 6/20/2023 at 8:47am
The federal debt ceiling crisis was averted, but tax cheats benefited.
The Inflation Reduction Act of 2022 contained $79 billion for the Internal Revenue Service, $45 billion of it was to audit individuals or businesses making over $400,000 annually to catch those not paying their taxes. Funding cuts for many years rendered the IRSlargely unable to audit the wealthy.
Currently, the amount in taxes owed but not paid totals nearly $7 trillion over a decade; three-fifths is held by top 10% of taxpayers, more than one-quarter by top 1%. (Brookings Tax Policy Center).
U.S. House Republicans�...