Texas Insider Report: WASHINGTON D.C. Rep. Pete Olson (R-Sugar Land) recently introduced legislation to increase congressional oversight of the IRS budget by requiring the agency to deposit certain fees charged to taxpayers back to the Treasury to pay down the debt. Current law allows the IRS to spend these fees at their discretion without congressional oversight.
H.R. 2585 the Instituting Responsible Spending (IRS) Act would require those fees to be deposited in the U.S. Treasury to reduce the deficit. If enacted this legislation would save taxpayers an estimated $1.8 billion over 10 years.
With a staggering national debt threatening the health of this nations economy every agency - including the IRS - has an obligation to cut spending and wherever possible return funds to the Treasury Olson said. This common sense legislation restores proper congressional oversight over taxpayer dollars.
The IRS already receives adequate taxpayer dollars for the services it provides. While the agency does have the authority to collect additional service fees from taxpayers for activities such as entering into payment plans the generated revenue should be put toward deficit reduction not to spend as they please. Olsons bill would require that any service fees collected by the IRS be redirected toward reducing the nations deficit.
Texas Insider Report: WASHINGTON D.C. Rep. Pete Olson (R-Sugar Land) recently introduced legislation to increase congressional oversight of the IRS budget by requiring the agency to deposit certain fees charged to taxpayers back to the Treasury to pay down the debt. Current law allows the IRS to spend these fees at their discretion without congressional oversight.
H.R. 2585 the Instituting Responsible Spending (IRS) Act would require those fees to be deposited in the U.S. Treasury to reduce the deficit. If enacted this legislation would save taxpayers an estimated $1.8 billion over 10 years.
With a staggering national debt threatening the health of this nations economy every agency - including the IRS - has an obligation to cut spending and wherever possible return funds to the Treasury Olson said. This common sense legislation restores proper congressional oversight over taxpayer dollars.
The IRS already receives adequate taxpayer dollars for the services it provides. While the agency does have the authority to collect additional service fees from taxpayers for activities such as entering into payment plans the generated revenue should be put toward deficit reduction not to spend as they please. Olsons bill would require that any service fees collected by the IRS be redirected toward reducing the nations deficit.
