WASHINGTON, DC: Today, Congresswoman Jen Kiggans (VA-02) released the following statement after voting in favor of H.R. 23, The Family and Small Business Taxpayer Protection Act, which repeals the nearly $80 billion allocated to the IRS by H.R. 5376, the Inflation Reduction Act of 2022. The Department of the Treasury previously announced its intention to use this funding to hire an additional 87,000 IRS Agents. Importantly, the Family and Small Business Taxpayer Protection Act keeps funding in place for IT enhancements and modernization efforts that will help the IRS address the ongoing processing backlog.
“Hardworking families, who have already been pummeled by historic economic hardships, do not deserve to be burdened with unnecessary and unwarranted IRS audits,” said Congresswoman Kiggans. “I’m proud to vote for this bill tonight, which is an important step in providing Virginians with a federal government that is accountable and works for them, not against them. I look forward to ensuring that future funding for the IRS helps reduce the ongoing processing backlog and improves the agency’s ability to deliver financial relief for the families of Virginia’s Second District.”
The nonpartisan Congressional Budget Office estimates that the nearly $80 billion allocated to the IRS by H.R. 5376, the Inflation Reduction Act of 2022 will result in 1.2 million additional audits per year, half of which will be of Americans earning less than $75,000 per year.
According to the nonpartisan Joint Committee on Taxation, this funding will also result in tax revenues from Americans making less than $200,000 a year increasing by $16.7 billion, while tax revenues from those making less than $100,000 a year would increase by $5.8 billion.