Treasury Secretary Janet Yellen testified to members of Congress on Friday after President Biden released his 2024 budget proposal on Thursday, which called for tax hikes.
Chairman Jason Smith, R-Mo., questioned Treasury Secretary Janet Yellen on whether the IRS will use race and gender to determine who to audit, following President Biden's executive order on"equity."that found Black taxpayers receive IRS audit notices at least 2.9 times more often than non-Black taxpayers.
"The IRS does need to be careful to ensure that there is fairness in tax administration," Yellen said. "And when studies like some that have been recently published suggest that algorithms that the IRS may be using are racially biased — in the sense they are much more likely to audit for people of color rather than others with exactly similar circumstances — it's important for the IRS to become aware of that and to make sure that the procedures that they use are fair.
President Biden signed an executive order on Feb 16 requiring that federal agencies develop an"equity action plan" to ensure that agency resources are reaching"undeserved communities."
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Janet Yellen: Treasury Department is monitoring ‘a few banks’ including SVBTreasury Secretary Janet Yellen says Friday she's tracking Silicon Valley Bank’s problems as it deals with big losses.
Weiterlesen »
Manchin to oppose Biden's nominee to head IRSSen. Manchin, embroiled in a nasty fight with the administration over electric vehicle credits, said today that he'll oppose Biden's pick to lead the IRS.
Weiterlesen »
Senate poised to confirm Biden IRS nominee as agency announces upgradesThe IRS said it can now scan information from tax returns rather than forcing employees to enter data by hand.
Weiterlesen »
Senate confirms Biden's IRS nominee Daniel Werfel | CNN PoliticsThe Senate voted Thursday to confirm Daniel Werfel, the former acting commissioner of the Internal Revenue Service, to lead the IRS at a time when the agency will have to manage an influx of $80 billion to revitalize itself.
Weiterlesen »
Biden’s nominee for IRS chief confirmed by SenateThe Senate has confirmed Biden’s pick to head the IRS. Danny Werfel, a federal government veteran, faces the high-pressure task of spending the $80 billion in new funding that's meant to transform the agency while fending off Republican attacks.
Weiterlesen »
Biden Demands 15% Increase for IRS, Boosting $79B Previously AllocatedBiden requested American taxpayers increase the IRS budget by 15 percent in fiscal 2024 to crack down on tax cheats — even as his son Hunter Biden is under investigation for tax violations.
Weiterlesen »