The Inflation Reduction Act, recently passed by Congress almost entirely with Democratic votes, offers multiple benefits to our country. One important component will streamline the IRS and improve their customer service. Importantly, it also funds auditors to address the significant amount of tax evasion and fraud. Contrary to a recent letter to the Monitor (9/12), the emphasis will be on high income investors, specifically those making over $400,000 per year.
If you want to check the facts, read the recent interview with Treasury Secretary Janet Yellen on CNBC. Trump famously paid only $750 in income tax in two recent years. How are the wealthy paying taxes at rates far below that of our local workers? This law is a step in the right direction. Let’s open the windows with audits and make the rich pay their fair share.
James Moyer
Epsom