Phoenix68
Well-Known Member
- Joined
- Mar 12, 2022
- Messages
- 9,050
"The Republican proposal to eliminate billions of dollars in IRS funding will pile more than $100 billion onto federal deficits, according to a new estimate from Congress’s official budget scorekeeper.
The bill, which is slated to hit the House floor Monday night as the first legislative act of the new GOP majority, would claw back most of the almost $80 Billion in new IRS funding provided under the Democrats’ massive climate, health and tax package, which was signed by President Biden last year.
Almost $46 billion of that spending would go toward agency enforcement efforts designed to prevent certain taxpayers — largely corporations and wealthy individuals — from paying less than they owe.
The Congressional Budget Office (CBO) estimated Monday that the legislation would cut federal spending by $71 billion, but would reduce tax revenue to the tune of almost $186 billion. The net effect would be a $114 Billion increase in deficits over the next decade."
The bill, which is slated to hit the House floor Monday night as the first legislative act of the new GOP majority, would claw back most of the almost $80 Billion in new IRS funding provided under the Democrats’ massive climate, health and tax package, which was signed by President Biden last year.
Almost $46 billion of that spending would go toward agency enforcement efforts designed to prevent certain taxpayers — largely corporations and wealthy individuals — from paying less than they owe.
The Congressional Budget Office (CBO) estimated Monday that the legislation would cut federal spending by $71 billion, but would reduce tax revenue to the tune of almost $186 billion. The net effect would be a $114 Billion increase in deficits over the next decade."
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