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Yellen Touts Stalled IRS Funding Boost as Deficit Reduction Tool

June 7, 2022, 3:45 PM

Treasury Secretary Janet Yellen aimed to position the Biden administration’s stalled plan to boost IRS enforcement funding as an “efficient and fair” way to raise revenue and cut the budget deficit.

The administration wants Congress to give the IRS an additional $80 billion over a decade, largely to bolster its ability to go after hundreds of billions of dollars in taxes that aren’t collected each year.

“Tackling that $600 billion annual tax gap is absolutely important in ensuring fiscal responsibility,” Yellen said Tuesday during a Senate Finance Committee hearing. “It would generate substantial revenue in a manner that’s ...