The recently enacted Inflation Reduction Act calls for 87,000 new IRS agents to collect billions of dollars in higher tax revenues, stoking debate on where this surplus revenue will come from. Supporters insist those earning less than $400,000 per year won’t be affected, which opponents dispute and argue violates a Biden campaign pledge.
But one thing is clear: Whatever new revenue comes in and whoever pays it over the coming decade, it will be just a fraction of taxpayer losses from unprecedented COVID relief fraud in the past two years.
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