President Joe Biden’s nominee to lead the Internal Revenue Service (IRS), Danny Werfel, said Wednesday that he won’t use boosted agency funding to increase audits for people earning less than $400,000 per year above historical levels, although some experts say that audits have been down recently.
In testimony before the Senate Finance Committee, the IRS nominee said that the agency under his watch will prioritize audits for high-income individuals or businesses.
The president nominated Werfel to steer the IRS as it receives a massive funding boost, or nearly $80 billion over the next 10 years through the Inflation Reduction Act, which Congress passed in August 2022. Noting the act’s impact on the federal tax collector, Werfel stated that “Americans rightfully expect a more modern and high-performing IRS.”…