To the Editor:
Rep. Brandon Williams (R-NY22) may want to reconsider his position against increased funding for IRS enforcement as part of the Inflation Reduction Act, something he refers to as “government overreach.” The IRS has announced that the increased audits of 1,600 millionaires (not those earning less than $400,000) has generated an additional $482 million in revenue collection. This has occurred in just a few months. More tax collections from potential tax cheats are anticipated.
A study reported in the Journal of Accountancy, determined that for every $1 spent on tax audits of top earners, an additional $12 in revenue is collected. Spending resources on tax audits for millionaires sounds like a good deal for America taxpayers. Hopefully, Williams will rethink his position and support policies that help his constituents.
Eric Holmes
Liverpool
