Beautiful Virgin Islands

Monday, Jun 30, 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
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
Russian Shadow Payments via Cryptocurrency Reach $9 Billion
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
×