On October 16, a powerful new law signed by President Trump will trigger a radical shift in America's money system...

When a small group of private companies - not the Fed - will perform a major mint of a new kind of money. And those who act before this new system fully kicks in could see gains as high as 40X by 2032. But those who fail to prepare will be blindsided by this sea change to the U.S. dollar.

The IRS is at risk of losing $20 billion in funding without legislative intervention

FATIMA HUSSEIN
November 26, 2024

WEST PALM BEACH, Fla. (AP) -- Already bracing for funding cuts under a new Trump administration, U.S. Treasury officials are calling on Congress to unlock $20 billion in IRS enforcement money that is tied up in legislative language that has effectively rendered the money frozen.

Hoping to unlock the funds in upcoming budget negotiations, Treasury officials are rushing for action before President Joe Biden's term ends.

The $20 billion in question is separate from another $20 billion rescinded from the agency last year. However, the legislative mechanism keeping the government afloat inadvertently duplicated the one-time cut.

Treasury officials warn of dire consequences if the funding is effectively rescinded through inaction. The loss of that money would lead to an increase of the national deficit by $140 billion, Treasury Deputy Secretary Wally Adeyemo said on a call to reporters on Tuesday. There would be 6,000 fewer audits of wealthy individuals and 2,000 fewer audits of large corporations, and the agency would have to go on a hiring freeze, he said.

"The IRS is going to potentially have to make dramatic decisions about stopping hiring and starting to budget for a world which they don't have $20 billion which will stop a lot of their progress," Adeyemo said. "If they don't get that $20 billion that is at risk they would run out of enforcement money at the current pace sometime in fiscal year 2025."

Adeyemo was joined by Maya MacGuineas, president of Committee for a Responsible Federal Budget, who also issued a warning about the ramifications of overall spending cuts to the IRS, and how pulling back agency enforcement funding could negatively impact the federal deficit.

The federal debt stands at roughly $36 trillion, and the spike in inflation after the coronavirus pandemic has pushed up the government's borrowing costs such that debt service next year will exceed spending on national security.

"Given the fiscal situation we deeply hope there is no backsliding in the coming months and years with rescinding, diverting, repealing any of the revenue that is going effectively into the IRS to help with tax collection," MacGuineas said.

The federal tax collection agency originally received an $80 billion infusion of funds under the Democrats' Inflation Reduction Act though that money has already been clawed back. A 2023 debt ceiling and budget-cuts deal between Republicans and the White House resulted in $1.4 billion rescinded from the agency and a separate agreement to take $20 billion from the IRS over the next two years and divert those funds to other nondefense programs.

The news also comes as President-elect Donald Trump and a Republican majority sweep of the Senate and House of Representatives promise major policy changes for the White House and Congress.

While Trump has spoken at length about his proposed tax plans, he has not spoken as much about the agency in charge of administering tax policy or explicitly said he would cut the IRS' budget. He has, however, repeated a debunked claim that the IRS has hired 87,000 armed enforcement agents to pursue taxpayers.

Congressional Republicans, meanwhile, have threatened to take back the tax collection agency's modernization funding and have vowed to cut the IRS' Direct File program.

Continue Reading...

Popular

Dave Ramsey Doesn't Mess Around With Bitcoin Or Gold, Says 'I Have Three Investments' — Here's What They Are

Personal finance expert Dave Ramsey has long dismissed crypto, gold and single-stock investing, calling them risky distractions — but new research shows that his disciplined mutual fund approach may have cost him market-beating returns.

Billionaire Makes $72 Million On Trilogy Metals Stock—Here's What Else He's Holding

Billionaire hedge fund manager John Paulson has scored extraordinary gains with Trilogy Metals—he's also holding gold miners.

November 18: D-Day For The Dollar - Ad

A quiet shift in U.S. law has just authorized private companies to mint a new form of government-authorized money called the "Dollar 2.0"... and the next major mint hits on November 18. Investors who make the right moves before then could make up to 40X by 2032...

Mark Cuban Shares His Top Strategies for Protecting Wealth After Hitting Millionaire Status

Mark Cuban once disclosed his strategies for preserving wealth after becoming a millionaire. These insights could be beneficial for anyone aiming to secure their financial future.

Nebius Vs. Palantir: The AI Infrastructure War At 100x Sales

Wall Street's AI mania has sparked a battle between Nebius (NBIS) and Palantir (PLTR) as investors question where the true value of AI lies.

Is Elon's Empire Crumbling? - Ad

Jeff Brown - the legend who called Tesla and Nvidia early - says Elon is about to launch a $25T AI revolution. This isn't another chatbot. It's real-world AI that could 14X the impact of ChatGPT. But after October 23rd, it may be too late.

NIO Stock Soars Past 52-Week High After Record Deliveries

NIO stock rises on strong September and Q3 deliveries, reaching record numbers and surpassing 52-week high.

Trump finds new trade targets -- pharmaceuticals, kitchen cabinets and heavy trucks

WASHINGTON (AP) — Naturepedic, a mattress and furniture company based outside Cleveland, has been planning to introduce an upscale upholstered headboard late this year or early in 2026.

Why Are Wall Street Insiders Moving Their Money to This One Asset? - Ad

Something far more consequential for your money than tariffs is unfolding behind the scenes... Tucked inside this overlooked directive is a plan set to be executed for the first time in in U.S. history. One Stansberry Research's Senior Partner says it's set to trigger a rare window for potentially explosive gains in ONE asset immediately. (Not AI or crypto). Wall Street insiders are already positioning themselves... and he insists you should, too, before it's too late.

Mining Earnings Could Drop 25 Percent From Nature-Related Risks, Report

With commodities like gold and silver becoming the leading performers year-to-date, financial markets have caught a precious metal bug again. Yet, the latest research shows that nature-related risks could undermine the sector’s earnings by as much as 25%.

Trump's Radical Plans for the Dollar - Ad

The Fed just slashed rates... yet mortgages have already soared higher. Meanwhile, Trump has his own plan for the dollar - a radical upgrade to our currency, already moving more money than Visa and Mastercard combined. Tech investor Eric Wade calls it the "Smart Dollar."

$100 Invested In Automatic Data Processing 20 Years Ago Would Be Worth This Much Today

Automatic Data Processing (NASDAQ: ADP) has outperformed the market over the past 20 years by 1.17% on an annualized basis producing an average annual return of 10.03%. Currently, Automatic Data Processing has a market capitalization of $118.09 billion.

A hungrier, poorer and more anxious Iran awaits 'snapback' of UN sanctions over its nuclear program

DUBAI, United Arab Emirates (AP) — As Iran's ailing economy braced Saturday for over its nuclear program, it is ordinary people who increasingly find themselves priced out of the food they need to survive and worried about their futures.

We've Seen This Before... and It Didn't End Well - Ad

Strange events are unfolding in the global financial system. A monetary reset dubbed the "Mar-a-Lago Accord" is quietly in motion, and the financial elite are already taking protective action. If history is any guide, you could lose up to 40% of your wealth in the next two years. Move your money before it's too late.

Dar Global to launch a $1 billion project in Saudi Arabia in a deal with Trump Organization

DUBAI, United Arab Emirates (AP) — Dar Global, a London-listed luxury real estate developer, said on Monday that it plans to launch a Trump Plaza in the Saudi Red Sea city of Jeddah in the second collaboration with the Trump Organization, following the success of Trump Tower Jeddah.

Critical Metals (CRML) Stock Pulls Back After White House Denies Investment

Shares of Critical Metals Corp (NASDAQ: CRML) are off their session highs Monday after a Bloomberg report, citing a White House official, stated the Trump administration is not currently considering a deal to take an equity stake in the company. Here's what investors need to know.

Elon's $25 Trillion Confession - Ad

Elon Musk: "Tesla will become a $25 trillion company." That would make Tesla 8x bigger than Apple today. How is that possible? He admits it's all thanks to this one AI breakthrough that will take AI out of our computer screens and manifest a 250x boom here in the real world.

Crypto Market Suffers Huge Liquidation — Raoul Pal Encourages Investors To Capitalize on the Dip

The cryptocurrency market has witnessed a massive liquidation, losing $19.38 billion in a span of 24 hours due to macroeconomic uncertainties. Despite the significant drop, Raoul Pal, the founder of Real Vision, is urging investors to take advantage of the situation and increase their holdings.

Hungary's Orbán tells Trump that dropping Russian energy would bring economy 'to its knees'

BUDAPEST, Hungary (AP) — Hungarian Prime Minister Viktor Orbán said Friday that Hungary will continue to source fossil fuels from Russia despite demands from his ally U.S. President Donald Trump, and that he'd informed the president that dropping Russian energy would be a “disaster” for Hungary's economy.

Elon's New Device Could Launch Biggest IPO of the Decade - Ad

Elon Musk's new device is being called a "game-changer"-and even the White House is using this tech. Jeff Brown says it could launch Musk's next trillion-dollar company and make early investors rich. You can claim a stake now for as little as $500.

Patrick Zalupski's group closes on its purchase of the Tampa Bay Rays

NEW YORK (AP) — A group led by Florida-based real estate developer Patrick Zalupski closed on its purchase of the Tampa Bay Rays on Tuesday, finalizing the sale of the team from former owner Stuart Sternberg.

The Tesla Shock Nobody Sees Coming - Ad

While headlines scream "Tesla is doomed"...Jeff Brown has uncovered a revolutionary AI breakthrough buried inside Tesla's labs. One that is helping AI escape from our computer screens and manifest itself here in the real world all while creating a 25,000% growth market explosion starting as early as October 23rd.

Putin Stands up for Trump's Nobel Peace Prize Bid: 'Credibility Has Largely Been Lost'

Russian President Vladimir Putin has come forward in support of President Donald Trump's candidacy for the Nobel Peace Prize.

Trump To Meet Congressional Leaders Monday As Government Shutdown Looms

President Trump will meet with key members of Congress on Monday to discuss preventing a government shutdown.

Nvidia CEO Makes First Ever Tesla Announcement - Ad

While Tesla's car sales slump, Nvidia's CEO says Tesla could lead a multi-trillion-dollar AI revolution. He's backing what's being called "Manifested AI" - a 25,000% growth market. And one tiny stock, 168x smaller than Nvidia, could be your way in before the world catches on.

Helene interrupted this town’s outdoor tourism makeover. How businesses are doing a year later

OLD FORT, N.C. (AP) — Morning mist is still burning off the surrounding mountains when they appear: Small groups of helmeted riders on one-wheeled, skateboard-like contraptions, navigating the pitched streets, past the 30-foot granite Arrowhead Monument on the town square.

Hungary clings to Russian oil and gas as EU and NATO push to cut supplies

BUDAPEST, Hungary (AP) — As the European Union pushes to fully sever its reliance on Russian energy and the administration of U.S. President Donald Trump urges NATO members to abandon Russian oil, one country's populist government stands firm.

On October 16, a powerful new law signed by President Trump will trigger a radical shift in America's money system... - Ad

When a small group of private companies - not the Fed - will perform a major mint of a new kind of money. And those who act before this new system fully kicks in could see gains as high as 40X by 2032. But those who fail to prepare will be blindsided by this sea change to the U.S. dollar.

Opendoor Is A 'Total Clown Show' Legendary Investor Says

Legendary hedge fund manager George Noble called Opendoor Technologies Inc.

What to know about the stricter rules coming to noncitizen truck drivers after fatal Florida crash

It is now for non-U.S. citizens to obtain a commercial driver's license under new rules the Transportation Department imposed Friday.

November 18: D-Day For The Dollar - Ad

A quiet shift in U.S. law has just authorized private companies to mint a new form of government-authorized money called the "Dollar 2.0"... and the next major mint hits on November 18. Investors who make the right moves before then could make up to 40X by 2032...

TotalEnergies Profit Outlook Brightens On Refining Strength

TotalEnergies (NYSE: TTE) expects 3Q25 performance to improve with 4% Y/Y increase in oil & gas production.

Bitcoin Plummets To $118,000 As ETH, XRP, DOGE Take Heavy Losses On Trump Tariff Threat

Cryptocurrency markets are falling as president Trump signals a possible hike in U.S. tariffs on Chinese imports.

Is Elon's Empire Crumbling? - Ad

Jeff Brown - the legend who called Tesla and Nvidia early - says Elon is about to launch a $25T AI revolution. This isn't another chatbot. It's real-world AI that could 14X the impact of ChatGPT. But after October 23rd, it may be too late.

A prolonged US government shutdown could impact your travel plans

If a goes on long enough, it could throw a wrench in travel plans, potentially leading to longer airport wait times, flight delays and even cancellations.

Broadcom's Big AI Move In Japan Could Slash Data Center Power Use By Half

Broadcom and NTT collaborate to develop advanced optical chips by 2026 to reduce energy demands of AI data centers.

Why Are Wall Street Insiders Moving Their Money to This One Asset? - Ad

Something far more consequential for your money than tariffs is unfolding behind the scenes... Tucked inside this overlooked directive is a plan set to be executed for the first time in in U.S. history. One Stansberry Research's Senior Partner says it's set to trigger a rare window for potentially explosive gains in ONE asset immediately. (Not AI or crypto). Wall Street insiders are already positioning themselves... and he insists you should, too, before it's too late.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service