The IRS will certainly grow as a result of funding from the Inflation Reduction Act, but it’s not proved it will double in size. The law's indirect effect on most Americans is likely to be offset by tax credits and other provisions.
The $27 billion would be for states, nonprofits and other entities to use on projects to reduce greenhouse gases, with 60% of the money earmarked for low-income communities,Weidinger also cited another $5 billion in competitive grants for plans to reduce emissions and implementation grants, and $3 billion for environmental and climate justice block grants.
Steve Ellis, president of Taxpayers for Common Sense, a nonpartisan group that tracks the federal budget, said that because the law was adopted through budget reconciliation,"lawmakers can’t delve too far into prescriptive policy or structure on the funded programs.
He added:"I think calling it a slush fund goes too far unless Congress abdicates its responsibility."Cotton said the Inflation Reduction Act"doubles the size of the IRS, raises your taxes and spends billions on a green energy slush fund." The new law levies direct tax increases only on very large corporations and high-earning money managers. Independent experts expect that indirect effects of those hikes on most Americans will be offset by other provisions in the law, such as tax credits.
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