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According to a report from the Treasury Inspector General for Tax Administration (Tigta), the Internal Revenue Service (IRS) is falling short on its goal to audit more wealthy individuals and fewer middle-class filers. The IRS had pledged to target individuals making at least $400,000, but the data shows that 63% of new audits still focused on taxpayers with income below $200,000. The slow shift may be due to sluggish hiring, as the IRS has struggled to recruit revenue agents. Despite receiving billions in new funding, the IRS has not seen significant changes in its audit focus. [Extracted from the article]

The article titled "Activity Is Not Achievement: Government Edition" discusses the misconception that increased government spending on infrastructure automatically leads to more infrastructure being built. The author argues that while the government may be good at spending money, this does not necessarily result in tangible achievements or benefits for the public. The article highlights the importance of distinguishing between activity (spending) and achievement (actual infrastructure development) and suggests that government spending often serves the interests of donors and specific constituencies rather than the general public. [Extracted from the article]

The Senate has approved a $1.2 trillion package to fund federal agencies, averting a government shutdown. The measure, which had already passed the House, was signed into law by President Biden. The passage of the bill followed months of drama in Congress, with conservatives demanding deeper spending cuts. While some Republicans opposed the bill, it ultimately received enough support from both parties to pass. The package includes funding for the Defense Department and other federal agencies for the rest of the fiscal year. Democrats and Republicans both claimed wins on key issues during negotiations, but some Republicans expressed disappointment with the spending levels and social policy provisions in the bill. [Extracted from the article]

The Indian National Congress, the main opposition party in India, claims that its campaign for the upcoming election has been severely impacted after tax authorities froze its accounts and seized its funds. The party alleges that state agencies are being used against opponents of Prime Minister Narendra Modi. The timing of these actions, according to the Congress party, is an attempt to financially cripple them before the election. The ruling Bharatiya Janata Party denies these allegations and states that the income-tax recovery action was carried out according to normal legal procedures. [Extracted from the article]

Keywords: Government Finance; Government Budget/Taxation; Economic News; Political/General News; Politics/International Relations; Domestic Politics; SYND; WSJ-PRO-WSJ.com; government budget; taxation EN Government Finance Government Budget/Taxation Economic News Political/General News Politics/International Relations Domestic Politics SYND WSJ-PRO-WSJ.com government budget taxation N.PAG N.PAG 1 05/29/23 20230526 NES 230526 Spending cuts remain focus of discussions ahead of deadline next week President Biden said he and House Speaker Kevin McCarthy were making progress on a debt-ceiling agreement. Government Finance, Government Budget/Taxation, Economic News, Political/General News, Politics/International Relations, Domestic Politics, SYND, WSJ-PRO-WSJ.com, government budget, taxation. [Extracted from the article]