IRS: $80 billion funding increase may net $560 billion in new revenue

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America's Work Force Union Podcast Government Affairs and Policy Economic Impact

NTEU

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Tony Reardon

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National Treasury Employees Union (NTEU) National President Tony Reardon joined the America’s Work Force Union Podcast and explained how an $80 billion funding increase to the Internal Revenue Service (IRS) through the Inflation Reduction Act will positively impact IRS services and improve revenue from tax collections.

The NTEU represents over 150,000 federal employees in 34 federal agencies, including the IRS.

Reardon quoted IRS Commissioner Charles Rettig, who said for every $1 invested in the IRS, there is a return of $6 or $7. This means the funding could create an additional net revenue of $560 billion. He explained how the new funds will be used to hire more IRS employees to enforce tax laws and expand services to taxpayers.

Reardon also spoke about what he called dangerous rhetoric and misinformation echoed by certain politicians in response to the increase in IRS funding. He feels this rhetoric has made federal employees feel unsafe, which is why he sent letters to the federal agencies the NTEU represents in order to request security reviews to keep his members safe.

Listen to the entire episode to learn more about these topics.

America’s Work Force is the only daily labor podcast in the US and has been on the air since 1993, supplying listeners with useful, relevant input into their daily lives through fact-finding features, in-depth interviews, informative news segments and practical consumer reports. America’s Work Force is committed to providing an accessible venue in which America's workers and their families can hear discussion on important, relevant topics such as employment, healthcare, legislative action, labor-management relations, corporate practices, finances, local and national politics, consumer reports and labor issues.

America’s Work Force Union Podcast is brought to you in part by our sponsors: AFL-CIO, American Federation of Government Employees, American Federation of Musicians Local 4, American Alliance for Manufacturing, Anthem Blue Cross Blue Shield, Columbus/Central Ohio Building and Construction Trades Council, Communication Workers of America, International Association of Heat and Frost Insulators and Allied Workers, International Association of Heat and Frost Insulators and Allied Workers Local 50, International Brotherhood of Teamsters, International Federation of Professional and Technical Engineers, International Union of Bricklayers and Allied Crafts, International Union of Painters and Allied Trades District Council 6, Ironworkers Great Lakes District Council, The Labor Citizen newspaper, Laborers International Union of The National Labor Office of Blue Cross and Blue Shield, North America, North Coast Area Labor Federation, Ohio Federation of Teachers, Survey and Ballot Systems, United Labor Agency, United Steelworkers.

IRS: $80 billion funding increase may net $560 billion in new revenue

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