U.S. Treasury Secretary Janet Yellen on Sunday stated rebuilding the Internal Revenue Service can be one in every of her high priorities in coming years, placing her squarely at odds with Republicans who’ve taken management of the House of Representatives.
Yellen informed Reuters in an interview on her method to Zambia that she was thrilled that Congress had permitted $80 billion in new funding to assist the company cut back an enormous backlog of tax returns and higher search out $600 billion in unpaid tax payments.
She stated she determined to remain on as Treasury secretary largely to supervise implementation of laws just like the Inflation Reduction Act, which included the IRS funding and handed on get together traces final yr.
Yellen lobbied laborious for the additional funding to assist the IRS cope with what she known as large issues, together with a “huge backlog” in working by way of tax returns, and lack of personnel to hold out difficult audits of higher-earning taxpayers.
“I’m excited about legislation that’s passed and I want to make sure that it makes the difference it should make, and that includes the IRS,” she stated. “That agency needs to be completely redone, and it’s a big task.”
Republicans sought unsuccessfully to slash tens of billions in IRS funding from the regulation.
The regulation additionally consists of about $270 billion in tax credit for electrical autos, dwelling photo voltaic panels and different local weather purchases that might be overseen by Treasury, which has made Yellen a pivotal local weather determine in President Joe Biden’s administration.
“I want to see that work progress. Maybe it’s not the sexiest kind of stuff in the world, but I think if you want to make a difference in the world, you have to have the follow-through,” she stated.
Yellen, 76, conceded that the cut up Congress decreased the possibilities of passing laws to advance Biden’s agenda, however stated she nonetheless loved the job.
Her resolution to remain ended months of hypothesis that she would step apart mid-way by way of Biden’s four-year time period.
“This is probably the last job I’ll have,” Yellen stated. I’d a lot relatively be doing this than sitting at dwelling knitting sweaters, or no matter it’s one does when one’s retired.”
And sure, she discovered to knit in school, and even knit a “lovely tennis sweater” for her husband, Nobel Prize-winning economist George Akerlof.
One factor she is just not wanting ahead to? Asked concerning the debate with Congress over elevating the debt ceiling, Yellen merely places her hand to her brow and sighs.
