Why The IRS Is Still Struggling To Fund The Government
April 1, 2023
197,180
2,643
357
1.52%
Search the Record
IndexedEvery word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
CNBC Television Episodes Around April 1, 2023
See what was published immediately before and after this episode.
10:42Now PlayingWhy The IRS Is Still Struggling To Fund The Government
Chapters
YouTube Description
as posted by the channelThe Internal Revenue Service brings in approximately 96% of the federal government’s funding every year. In fiscal year 2021 alone, the IRS collected $4.1 trillion dollars in gross taxes. But funding for the agency declined by more than 20% between 2010 through 2019 when adjusted for inflation. This budget squeeze corresponded with a decline in tax audit rates across all income brackets, with the highest earners seeing the largest percent change. In August 2022, President Biden signed the Inflation Reduction Act into law, which set aside nearly $80 billion for the IRS to be used over the next 10 years. Watch the video above to learn more about how the IRS works and how budget cuts have affected the agency.
Chapters:
Produced by: Charlotte Morabito
Additional Reporting by: Kate Dore, Robert Frank
Additional Camera by: Andrea Miller
Edited by: Dain Evans, Nic Golden Henry
Graphics by: Mallory Brangan
Supervising Producer: Lindsey Jacobson
» Subscribe to CNBC
» Subscribe to CNBC TV
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news
Follow CNBC on LinkedIn
Follow CNBC News on Facebook
Follow CNBC News on Twitter
Follow CNBC News on Instagram
#CNBC
Why The IRS Is Still Struggling To Fund The Government
Guests & Subjects Covered
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.