The Congressional Budget Office only estimates about $3 billion of the $203.7 billion in revenue for 2023. However, if the Inflation Reduction Act is approved by the House and signed into law, it will take time to phase in the added IRS funding, explained Garrett Watson, a senior policy analyst at the Tax Foundation. The agency said it is working to improve these numbers. The audit rate for Americans making $5 million or more dropped to about 2% in 2019, compared to 16% in 2010, the report found. IRS audits have plunged over the past decade, with the biggest declines among the wealthy, according to a May 2022 report from the Government Accountability Office. More from Personal Finance: Does the Inflation Reduction Act violate Biden's $400,000 tax pledge? 5 things borrowers can do while they wait for student loan forgiveness Is the economy in a recession? Top economists weigh in
Collectively, those improvements are projected to bring in $203.7 billion in revenue from 2022 to 2031, according to recent estimates from the Congressional Budget Office.
Budget reconciliation 2022 free#
The remainder of the funding is earmarked for operations, taxpayer services, technology, development of a direct free e-file system and more. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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