The Consumer Price Index (CPI), a key measure of inflation, increased by 8.3 percent in August compared to the same time last year and increased 0.1 percent from the previous month, the Bureau of Labor Statistics revealed on Tuesday.
On Friday, officials from Treasury Department announced that the Internal Revenue Service (IRS) had accidentally published confidential information pertaining to approximately 120,000 taxpayers’ retirement accounts on its website.
Despite claims from Biden administration officials that new funding for the Internal Revenue Service (IRS) will not increase the auditing burden on individuals and small businesses, a Friday letter from the Congressional Budget Office (CBO) reveals new auditing activity targeting taxpayers who report less than $400,000 per year will be expected to contribute to about $4 billion in revenue.
The Internal Revenue Service will establish a centralized office to implement elements of the tax and spending bill that President Joe Biden signed last week, including almost 87,000 new IRS agents, the agency’s chief says.
The Inflation Reduction Act, passed by both houses, includes a 15 percent corporate minimum tax, which will be a major step toward increased government powers and forced globalization on top of being detrimental to the economy.