Rep. Ro Khanna, Democrat of California (CNBC) addressed viewers who were concerned about being audited by the IRS due to the increased funding in the Inflation Reduction Act reconciliation act. She stated that “if people tell their taxes, it won’t matter .”
Co-host Andrew Ross Sorkin asked, “When you think about the IRS…there’s a lot of commotion, a lot of talking points around the fact that 87,000 employees — 87,000 people will be working at the IRS and what that means for your chance of — not just your chance of getting audited, but the cost of getting audited for people who are either running small businesses or for individuals who can’t afford it. How do you explain ?”
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Khanna replied, “I tell ’em, as everyone else, to pay their taxes. This isn’t for people with clever schemes. It is going after those who aren’t paying taxes honestly. This generates almost a trillion dollars in revenue. Larry Summers is the one who did that. This groundbreaking paper by Larry Summers showed that there is a lot of revenue we aren’t collecting due to people not being truthful about their taxes. The majority of people (our firefighters or teachers) must complete the W-2. You have to be honest with your taxes. .”
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