On Wednesdays broadcast of CNBCs Squawk Box, Rep. Ro Khanna (D-CA) taken care of immediately those who are worried about being audited because of increased funding for the IRS in the Inflation Reduction Act reconciliation bill by stating that when folks are honest about their taxes, this wont be a concern.
Co-host Andrew Ross Sorkin asked, Once you take into account the IRStheres plenty of commotion, lots of talking points round the proven fact that 87,000 employees 87,000 people will undoubtedly be working at the IRS and what which means for your potential for not only your potential for getting audited, however the cost to getting audited for those who are either running smaller businesses or for those who cant afford it. What can you inform them?
Khanna answered, I inform them, like everyone, pay your taxes. After all, this is simply not created for clever schemes, that is going after individuals who just arent honestly paying their taxes. And there’s almost a trillion dollars of revenue due to that. Thats not me, thats Larry Summers. He did this groundbreaking paper that many ofrevenue weren’t collecting because people arent being honest about any of it. A lot of people, our teachers or firefighters, you need to on the W-2, youre honest about your taxes, and when folks are honest about their taxes, this wont be a concern.
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