In a surprise move, President-elect Donald Trump has announced his intent to nominate former congressman Billy Long as the next commissioner of the Internal Revenue Service, signaling a potential shift in leadership and policy direction at the tax agency.
If confirmed, Long would lead the IRS, an agency with over 80,000 employees and a critical role in US tax administration, through a period of ongoing scrutiny and legislative challenges.
The Missouri Republican who served in Congress from 2011 to 2023 would also replace current commissioner Danny Werfel, who was appointed by President Joe Biden in 2023.
While Werfel isn't set to step down until 2027, Trump could in theory exercise his discretion as president to prematurely oust Werfel before his term ends, according to the Wall Street Journal..
Werfel has overseen the implementation of an $80 billion funding expansion aimed at bolstering IRS operations. With that support extended by the Biden administration via the Inflation Reduction Act in 2022, the IRS has focused on enhancing taxpayer services, including online tools, and hiring additional staff to increase enforcement, particularly prioritizing high-income earners and large corporations.
That agenda could be unwound if Long gets to head the IRS. While the agency has hailed its efforts targeting affluent taxpayers as a success, with more than $1.3 billion collected so far, Republicans including Trump have argued that they overly burden small businesses.
Long, 69, brings a background in business and tax advising and previously worked as a professional auctioneer. Since leaving Congress, he has encouraged businesses and nonprofits to utilize the pandemic-era employee retention tax credit, a program the IRS has cracked down on due to concerns over fraudulent claims.
In a statement on social media Wednesday evening, Trump praised Long’s work ethic, saying, “He is an extremely hard worker, and respected by all, especially by those who know him in Congress. Taxpayers and the wonderful employees of the IRS will love having Billy at the helm.”
Democratic lawmakers have expressed concerns about the nomination. Senator Elizabeth Warren, who's set tobecome the top Democrat on the Senate Banking Commitee, described the choice as “bad news for middle-class taxpayers and a win for ultrawealthy tax cheats.” She cited Long’s lack of tax policy experience, which stands in stark contrast with other recent IRS commissioners, and questioned Trump's signalled intention to oust Werfel before the end of his term.
New survey reveals heightened investor concern over market volatility, retirement readiness, and the impact of tariffs on living costs.
Stifel – so far - is on the hook for more than $166 million in damages, legal fees and settlements in investor complaints involving Roberts, a 35-year industry veteran.
Consolidation continues in US wealth management industry.
Tech company democratizes access to US trading infrastructure.
RBC Wealth Management's latest move in New York adds an elite eight-member team to its recently opened Westchester office.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
