IRS Revenues Could Reach $851 Billion If IRA Funding Sustained

The tax agency intends to use the extra funds to go after crypto transactions and use ‘behavioral science tactics’ to boost tax collection.
IRS Revenues Could Reach $851 Billion If IRA Funding Sustained
The Internal Revenue Service (IRS) building in Washington on Jan. 4, 2024. Madalina Vasiliu/The Epoch Times
Naveen Athrappully
Updated:
0:00

The Internal Revenue Service (IRS) could generate as much as $851 billion in additional revenues over a 10-year period if a supplemental funding program remains in effect, according to a new report.

The Inflation Reduction Act (IRA) provided the IRS with nearly $80 billion in supplemental funding. Earlier estimates by the IRS projected that the funding would yield an additional $390 billion in revenue over a decade between fiscal year 2024 and 2034, provided funding is sustained throughout this period. However, this estimate was inaccurate, states a Feb. 6 joint report from the U.S. Treasury Department and the IRS.
Related Topics