Over the past decade, the Internal Revenue Service’s (“IRS”) budget has been cut, its workforce has been reduced, and audit rates for high-income taxpayers have nosedived. (Center on Budget and Policy Priorities). This has resulted in a large and consistently increasing tax gap (the difference between taxes paid and taxes owed). Id. After years of being underfunded, the IRS was allocated billions of dollars in federal funding via the Inflation Reduction Act of 2022 (“IRA”). (Alan Rappeport, The New York Times). This article reviews the impact of the IRA’s historic funding provided to the IRS, how the IRS is implementing the funding across its operations, and opposition that has arisen in response to the positive impact efforts, specifically surrounding the implementation of artificial intelligence (“AI”) as an enforcement mechanism.
Read MoreIn 2022, the Biden-Harris Administration announced plans to forgive up to $400B in student loans (“forgiveness plan”). (Amy Howe, SCOTUSblog). The Supreme Court struck the plan down in a 6-3 vote, ruling that the Biden-Harris Administration had exceeded its authority. Id. In response, the Administration has posited a new tactic to help student loan borrowers: the Savings on a Valuable Education Plan (“SAVE Plan”). This article analyzes the SAVE Plan, including key details and potential issues, as well as the positive impact it will have on future generations of college applicants.
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