The first proposal would cut $71 billion in funding for the IRS, impacting the agency's ability to enforce collections from the wealthy.
in the House of Representatives are at last beginning to forward new proposals. The first one out of the gate is a budgetary bill set to hit the House floor Monday night, aiming to cut $71 billion in federal funding for the IRS over the next decade,The bill could cut back most of the $80 billion in IRS funding from the bipartisan Inflation Reduction Act, which Presidentsigned into law last year.
In an estimate released on Monday, the CBO said the proposed cuts would ultimately have the opposite of their intention. Despite cutting $71 billion in spending, it would also lead to a loss of $185 billion in tax revenue, adding a net of $114 billion to the country over the next 10 years. IRS headquarters in Washington, D.C., is pictured, with an inset image of House Speaker Kevin McCarthy. The House GOP's proposed cuts to the IRS could ultimately lead to an increase in the federal deficit.The IRS funding package was among the most heavily criticized aspects of the Inflation Reduction Act by Republicans, with lawmakers often mischaracterizing the enforcement efforts as targeting middle-class Americans.
"It's a giant tax cut for rich tax cheats," Klain wrote."Bill #1 from the new House GOP. Adds to the deficit."
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