Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Republicans Question Biden’s Idea to Boost IRS After Billionaires’ Data Leak

Republicans Question Biden’s Idea to Boost IRS After Billionaires’ Data Leak

The explosive leak of confidential IRS data revealed that in some years famous billionaires including Jeff Bezos, Elon Musk and George Soros paid no income tax.

Republican members of the Ways and Means Committee have shared their criticism of the Internal Revenue Service and President Biden’s plan to boost the agency’s funding on Thursday, pointing at the recent leak of US billionaires’ tax information.

“It certainly looks like it’s not only illegal but it’s also political and timed to coincide with the political debate that we’re having now,” Representative Lloyd Smucker said about the leak, adding that it would have a devastating impact on the confidence of taxpayers.

GOP Representative Tom Rice suggested that “Somebody at the IRS” had leaked the documents to publications.

Republican Brad Wenstrup said that the issue does not play in favour of the president’s plan to increase funding for the agency or require banks to report account information.

“It’s a tough sell, I’ve got to tell you, right now,” the representative said.

Earlier this week, ProPublica published a trove of tax documents from the IRS. The outlet's cache included income tax information on wealthy businessmen such as Amazon CEO Jeff Bezos, ex-New York City Mayor Mike Bloomberg and founder of SpaceX and CEO of Tesla automobile manufacturer Elon Musk, which revealed that they paid little to no US income tax at times.

The outlet has claimed it does not know the exact source of the IRS leak, nor did it solicit it.

The leak prompted Attorney General Merrick Garland to pledge to start an investigation to determine who, or what entity, was behind the "astonishing" IRS data leak that exposed how little US billionaires contribute in income tax.

Commissioner of Internal Revenue Charles Rettig also said that the agency had “turned it over to the appropriate investigators, both external and internal."

Biden planned to boost IRS with a provision for banks to supply the agency with account holders’ annual inflows and outflows to increase visibility on wealthier taxpayers, as well as with some $80 billion in additional funding for the agency to increase the agency’s personnel and modernise it.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×