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Business & Economy
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Business & Economy
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Why Billy Long’s IRS stint was so short
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President Trump’s removal of Billy Long as head of the IRS after only two months on the job has cast an uncomfortable spotlight on the agency, which has already churned through six different leaders this year.
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Multiple sources familiar with the matter told The Hill that leadership at the Treasury Department clashed with Long and that there were concerns within the administration that he was not a good fit to lead an agency that prides itself on implementing tax policy without getting caught up in partisan drama.
But his exit also means the Internal Revenue Service (IRS) will have its seventh commissioner of the calendar year, with Treasury Secretary Scott Bessent taking over on an interim basis.
“I think they’re going through turbulence right now,” one source familiar with the matter told The Hill. “People just don’t know yet what the future holds.”
Long was a controversial choice to lead the IRS, a technocratic agency responsible for collecting tax revenue and enforcing the nation’s tax laws.
- A former Republican Congress member from Missouri, Long previously worked as an auctioneer and a real estate broker.
- He drew scrutiny over his promotion of a pandemic-era tax credit that was riddled with fraudulent claims.
Sources told The Hill that there was growing frustration among Treasury officials with IRS leadership since Long’s arrival as commissioner.
One source familiar with the matter said Long had gone off-script and made remarks that required clarifications or cleaning up, something viewed as a particular issue on an issue as sensitive as taxes.
The Hill’s Brett Samuels has more here.
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Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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Treasury Secretary Scott Bessent called for a ban on lawmakers trading individual stocks, taking a shot at former Speaker Nancy Pelosi (D-Calif.) and Sen. Ron Wyden (D-Ore.) in the process.
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A federal judge on Tuesday rejected Elon Musk’s request to dismiss claims brought by OpenAI accusing the tech billionaire of engaging in a “years-long harassment campaign” against the company.
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The Federal Trade Commission (FTC) has declared that an emissions agreement between California and four major truck makers is “unenforceable” — paving the way for noncompliance with the Golden State’s pollution rules, which are stricter than federal standards.
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The state of New York sued Zelle’s parent company Wednesday, accusing the firm behind the electronic payment platform of failing to adopt sufficient safeguards to protect consumers from fraud.
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Upcoming news themes and events we’re watching:
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The Labor Department releases weekly jobless claims data Thursday at 8:30 a.m. EDT
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Branch out with more stories from the day:
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NEW YORK (AP) — U.S. stocks ticked higher on Wednesday after a rally spurred by hopes for lower U.S. …
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Business and economic news we’ve flagged from other outlets:
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Trump considering 11 candidates for Fed chair, including David Zervos and Rick Rieder, sources say (CNBC)
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Why Trump’s Fed nominee may get the cold shoulder at the central bank’ (CNN)
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Opinions related to business and economic issues submitted to The Hill:
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You’re all caught up. See you tomorrow!
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