Janet Yellen Says IRS 'Needs To Be Completely Redone' And It's A 'Big Task'

U.S. Treasury Secretary Janet Yellen called the makeover of the Internal Revenue Service in the coming years one of her top priorities.

What Happened: "That agency needs to be completely redone, and it’s a big task,” said Yellen, reported Reuters.

The Treasury Secretary made the remarks on the way to Zambia, expressing her excitement over the $80 billion of new funding approved by Congress to help the IRS reduce a backlog of tax returns and go after $600 billion in unpaid tax bills, according to the report.

"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," said Yellen about the passage of the Inflation Reduction Act, which passed in a partisan manner last year.
See Also: How To File Your Own Taxes: A Beginner’s Guide

Why It Matters: The stance taken by Yellen puts her at odds with House Republicans who are set to vote on the Fair Tax Act, introduced by Rep. Earl Buddy (R-GA), which calls for the abolishing of the agency.

Yellen, 76, reportedly admitted that the split Congress would affect the chances of passing legislation but she’s decided to stay on in her job. 

“This is probably the last job I’ll have," said Yellen, reported Reuters. “I’d much rather be doing this than sitting at home knitting sweaters, or whatever it is one does when one’s retired.”

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