Bloomberg Tax discusses the possible amendments Republicans plan on making to Democrats’ reconciliation package. The article begins as follows:
Senate Republicans plan to offer an amendment to Democrats’ tax-and-spend plan that would bar the IRS from using tens of billions of dollars in additional funding to audit any households making $400,000 or less.
The House-passed reconciliation package includes an additional $80 billion in funding for the Internal Revenue Service over 10 years, largely to increase enforcement to collect unpaid taxes. Revenue from the spending increase is one of the provisions Democrats are pushing to offset new spending on climate change, health care, and other priorities, though congressional scorekeepers project it would raise less than the Treasury Department …
To see the full article, click: “Senate Republicans Will Try to Restrict Biden’s IRS Audit Boost”
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.