Beautiful Virgin Islands

Sunday, Jul 20, 2025

U.S. Treasury's Yellen says IRS needs to be 'completely redone'

U.S. Treasury's Yellen says IRS needs to be 'completely redone'

U.S. Treasury Secretary Janet Yellen on Sunday said rebuilding the Internal Revenue Service would be one of her top priorities in coming years, putting her squarely at odds with Republicans who have taken control of the House of Representatives.
Yellen told Reuters in an interview on her way to Zambia that she was thrilled that Congress had approved $80 billion in new funding to help the agency reduce a huge backlog of tax returns and better hunt down $600 billion in unpaid tax bills.

She said she decided to stay on as Treasury secretary in large part to oversee implementation of legislation like the Inflation Reduction Act, which included the IRS funding and passed on party lines last year.

Yellen lobbied hard for the extra funding to help the IRS deal with what she called massive problems, including a "huge backlog" in working through tax returns, and lack of personnel to carry out complicated audits of higher-earning taxpayers.

"I’m excited about legislation that’s passed and I want to make sure that it makes the difference it should make, and that includes the IRS," she said. "That agency needs to be completely redone, and it’s a big task."

Republicans sought unsuccessfully to slash tens of billions in IRS funding from the law.

The law also includes about $270 billion in tax credits for electric vehicles, home solar panels and other climate purchases that will be overseen by Treasury, which has made Yellen a pivotal climate figure in President Joe Biden's administration.

"I want to see that work progress. Maybe it’s not the sexiest kind of stuff in the world, but I think if you want to make a difference in the world, you have to have the follow-through," she said.

Yellen, 76, conceded that the split Congress reduced the chances of passing legislation to advance Biden's agenda, but said she still enjoyed the job.

Her decision to stay ended months of speculation that she would step aside mid-way through Biden's four-year term.

"This is probably the last job I’ll have," Yellen said. I’d much rather be doing this than sitting at home knitting sweaters, or whatever it is one does when one’s retired."

And yes, she learned to knit in college, and even knit a "lovely tennis sweater" for her husband, Nobel Prize-winning economist George Akerlof.

One thing she is not looking forward to? Asked about the debate with Congress over raising the debt ceiling, Yellen simply puts her hand to her forehead and sighs.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
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
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
×