Republicans Slash IRS Funding by $20 Billion
To prevent a government shutdown, a continuing resolution slashed $20 billion from the IRS’s budget, effectively cutting in half the Inflation Reduction Act’s $80 billion investment. This reversal of funding, initially intended to increase audits of high-income earners and reduce the deficit, is projected to add $140 billion to the national debt over ten years. Consequently, the IRS may be compelled to reduce audits of wealthy individuals and corporations first, impacting revenue generation and potentially harming customer service. Republicans, despite the deficit implications, celebrated the cuts, while the Treasury Department warned of severe negative consequences for taxpayers.
John Q. Hosedrinker