Internal Revenue Service (IRS) | Gifting Economy

The Internal Revenue Service (IRS) is a bureau of the United States Department of the Treasury responsible for collecting taxes and enforcing tax laws. Established in 1862, the IRS has a long history of evolution, with significant reforms in 1894, 1913, and 1998. The IRS is headed by a Commissioner, who is appointed by the President and confirmed by the Senate. With over 79,000 employees and a budget of $11.4 billion (2020), the IRS collects over $3.5 trillion in taxes annually, making it one of the largest revenue collection agencies in the world. The IRS has been at the center of controversy, with debates over tax reform, taxpayer privacy, and enforcement priorities. As the US tax code continues to evolve, the IRS must adapt to new challenges, such as tax evasion and identity theft, while maintaining its core mission of collecting revenue and promoting voluntary compliance. With a Vibe score of 42, the IRS is a polarizing entity, reflecting the complex and often contentious nature of taxation in the United States.