Home » Economy » Yellen directs IRS to develop plan for $80B overhaul within 6 months
Yellen directs IRS to develop plan for $80B overhaul within 6 months
Inflation Reduction Act projected to have minimal effect on inflation
Former investment banker Carol Roth and former CKE Restaurants CEO Andy Puzder discuss Democrats’ strategy to combat rising inflation on ‘The Evening Edit.’
Treasury Secretary Janet Yellen on Wednesday asked the Internal Revenue Service to develop an operational plan for deploying the $80 billion in new funding allocated to it under the Democrats' health care and climate change spending package.
In a memo addressed to IRS Commissioner Chuck Rettig, Yellen said the influx of funding over the next decade is a "significant operational challenge" that ultimately allows for a "monumental opportunity" to reshape the tax-collecting agency.
Yellen laid out her top priorities in the memo – a copy of which was obtained by FOX Business – including clearing a backlog of unprocessed tax returns, modernizing IRS technology, improving taxpayer services and hiring "at least" 50,000 new employees over the next five years.
"The work will require an all-hands-on-deck approach from the dedicated employees of the IRS," she wrote.
Yellen directed the agency to draft an operational plan within six months that includes details about how the money will be spent over the next decade, with specific operational initiatives and associated timelines.
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