Thursday, November 2, 2023

GOP plan to fund Israel by cutting IRS would increase debt, tax chief says - The Washington Post

Although it specifies that taxpayer services would be spared from cuts, the House GOP bill does not identify precisely how it would cut $14 billion from that $80 billion expansion that has improved a broad range of agency functions. The legislation would also prohibit the CBO from estimating the bill's effect on the federal deficit. 

 "This type of the cut, over the cost of the Inflation Reduction Act, would actually cost taxpayers $90 billion — that's with a 'B,'" Werfel told The Washington Post… 

 "All of those funds go to increased scrutiny on tax evasion going on at the highest wealth, and that is millionaires and billionaires and large corporations and large complex corporations," Werfel said. "When you reduce those audits, you reduce the amount of money that we can collect and return to the Treasury for other priorities."…


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