taxes
IRS Struggles to Keep House Republicans from Stealing Funding
Mar 15 2024October’s $106 billion supplemental funding request may be dead in the water in the House, but should $60 billion in assistance for Ukraine go forward, there is a threat which does not get the attention needed to spur outcry.
In a continuation of their decades-long practice of beggaring the Internal Revenue Service, House Republicans passed a bill last fall with $14.3 billion aid to Israel that they would pay for out of the $80 billion allotted to the IRS in 2022’s Inflation Reduction Act. On its own, without Ukraine aid, it went nowhere, but it’s clear that Republicans view the $80 billion as a slush fund to be dipped into for their own purposes. “I love cutting the IRS. I’m here for that,” said Sen. Josh Hawley (R., Mo.). “And if we can cut the IRS and fund Israel doing it, then I think that’s great.”
Last summer, to get Republicans in the House to raise the debt ceiling, President Biden had to agree with House Speaker McCarthy to cut $21.4 billion from the IRS funding: $1.4 billion in the debt ceiling bill itself, and $20 billion repurposed for 2024 and 2025. The Congressional Budget Office estimated that the $20 billion, applied to going after tax cheats, would bring in $44 billion. Thus, by taking the money from the IRS in a move to spare their wealthy donors from having to pay that amount of concealed tax obligations, Republicans will add a net of $24 billion to the national debt. Republican House Speaker Mike Johnson can’t seem to fathom the concept:
“Only in Washington when you cut spending do they call it an increase in the deficit. We don’t put much credence in what the CBO says.”
It's also doubtful that the rube… Read More »