High return from the Inflation Reduction Act
2024-02-07 20:09:35.04624+01 by Dan Lyke 0 comments
Today the U.S. Department of the Treasury and Internal Revenue Service (IRS) released a new analysis showing the high return on the Inflation Reduction Act (IRA) investment in rebuilding and modernizing the IRS. Taking a more comprehensive approach to evaluating the transformational initiatives enabled by the IRA, the IRS estimates in a new paper “Return on Investment: Re-Examining Revenue Estimates for IRS Funding” that the IRA as enacted would increase revenue by as much as $561 billion over 2024-2034, substantially more than earlier estimates. If IRA funding is renewed when it runs out, as the Administration has proposed, estimated revenues would be as much as $851 billion.