Bloomberg Tax
March 17, 2023, 10:14 AM

HILL TAX BRIEFING: Yellen Warns Against Taking Away IRS Funds

Samantha Handler
Samantha Handler

Clawing back the $80 billion given to the IRS in the tax-and-climate law would harm the agency’s customer service, Treasury Secretary Janet Yellen told the Senate Finance Committee on Thursday.

“Phones would go unanswered, wait times would grow, mail would be processed more slowly, refunds would be delayed,” she said in response to a question from Chairman Ron Wyden (D-Ore.).

In a hearing mostly focused on the collapse of Silicon Valley Bank and the state of the banking system, Yellen warned lawmakers of the devastating impact of repealing the $80 billion. Paper backlogs would grow, reopened taxpayer assistance centers would ...