{"id":1602721,"date":"2022-08-12T08:31:35","date_gmt":"2022-08-12T12:31:35","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1602721"},"modified":"2022-08-12T08:32:11","modified_gmt":"2022-08-12T12:32:11","slug":"thatll-do-it-treasury-sec-yellen-asks-irs-to-please-not-increase-audits-on-the-middle-class","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/thatll-do-it-treasury-sec-yellen-asks-irs-to-please-not-increase-audits-on-the-middle-class\/","title":{"rendered":"That&#8217;ll Do It: Treasury Sec Yellen Asks IRS to Please Not Increase Audits on the Middle Class"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">34<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fthatll-do-it-treasury-sec-yellen-asks-irs-to-please-not-increase-audits-on-the-middle-class%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1602721&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>Fox News contributor Jonas Max Ferris weighed in on the impact 87,000 IRS agents will likely have on middle-income American families on &#8216;Kennedy.&#8217;\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Treasury Secretary <a href=\"https:\/\/www.foxbusiness.com\/category\/janet-yellen\" target=\"_blank\" rel=\"noopener\">Janet Yellen<\/a> instructed the IRS on Wednesday not to use any new funding from the Democrats&#8217; $740 billion social spending and taxation bill to increase audits on the middle class.\u00a0<\/p>\n<p>&#8220;I direct that any additional resources\u2014including any new personnel or auditors that are hired\u2014shall not be used to increase the share of small business or households below the $400,000 threshold that are audited relative to historical levels,&#8221; Yellen wrote in a letter to IRS Commissioner Charles Rettig on Wednesday.\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2022\/07\/931\/523\/AP22189059415154.jpg?ve=1&#038;tl=1\" alt=\"Janet Yellen\" \/><\/div>\n<div class=\"caption\">\n<p><span>Treasury Secretary Janet Yellen testifies before the House Ways and Means Committee.<\/span><span> (AP Photo\/Jose Luis Magana, File \/ AP Newsroom)<\/span><\/p>\n<\/div>\n<\/div>\n<p>The bill <a href=\"https:\/\/www.foxnews.com\/politics\/schumer-manchin-social-spending-tax-bill-clears-senatemajor-victory-dems-before-midterms\" target=\"_blank\" rel=\"noopener\">passed by Senate Democrats<\/a> over the weekend, dubbed the Inflation Reduction Act, will inject $80 billion into the IRS, allowing the agency to hire an additional 87,000 employees.\u00a0<\/p>\n<p>Senate Democrats projected that the additional IRS manpower will increase federal revenue by $124 billion over the next decade.\u00a0<\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/media\/wsj-editorial-board-slams-schumer-manchin-bill-unleashing-beast-mode-irs-target-middle-class\" target=\"_blank\" rel=\"noopener\"><strong><u>WSJ EDITORIAL BOARD SLAMS SCHUMER-MANCHIN BILL FOR UNLEASHING \u2018BEAST MODE\u2019 IRS TO \u2018TARGET\u2019 THE MIDDLE CLASS<\/u><\/strong><\/a><\/p>\n<p>While the new funding for the IRS is ostensibly for cracking down on rich households and corporations that evade taxes, <a href=\"https:\/\/www.foxbusiness.com\/politics\/americans-fear-irs-use-inflation-reduction-act-funding-audit-average-lower-income-taxpayers\" target=\"_blank\" rel=\"noopener\">some Americans are fearful<\/a> that it will lead to an increase in audits for middle- and lower-income earners.\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2021\/09\/931\/523\/IRS.png?ve=1&#038;tl=1\" alt=\"IRS building\" \/><\/div>\n<div class=\"caption\">\n<p><span>A man enters the Internal Revenue Service (IRS) building in Washington, D.C., U.S.<\/span><span> (Andrew Harrer\/Bloomberg \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n<p>Yellen dismissed those worries in Wednesday&#8217;s letter, saying that enforcement measures will instead &#8220;focus on high-end noncompliance.&#8221;<\/p>\n<p><a href=\"http:\/\/foxbusiness.com\/\" target=\"_blank\" rel=\"noopener\"><strong><u>CLICK HERE TO READ MORE ON FOX BUSINESS<\/u><\/strong><\/a><\/p>\n<p>&#8220;For regular taxpayers \u2026 the result of this resource infusion will be a lower likelihood of audit by an agency that has the data and technological infrastructure in place to target enforcement resources where they belong\u2014on the high end of the income distribution, where the top 1% alone is estimated to not be paying $160 billion <a href=\"https:\/\/www.foxbusiness.com\/category\/taxes\" target=\"_blank\" rel=\"noopener\">in owed taxes<\/a> each year,&#8221; Yellen wrote.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fox News contributor Jonas Max Ferris weighed in on the impact 87,000 IRS agents will likely have on middle-income American families on &#8216;Kennedy.&#8217;\u00a0 Treasury Secretary Janet Yellen<\/p>\n","protected":false},"author":1,"featured_media":1575413,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1602721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1602721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1602721"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1602721\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1575413"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1602721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1602721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1602721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}