House Republicans Vote To Rescind IRS Funding!

House Republicans Vote To Rescind IRS Funding!

House Republicans Vote To Rescind IRS Funding: As promised by newly elected Speaker Kevin McCarthy, House Republicans on Monday night voted to eliminate the financing for the IRS that had been approved by Congress the year prior.

The Inflation Reduction Act, passed in August, provided tens of billions to the agency over the following 10 years. If this law were to pass along party lines, it would revoke those allocations.

The Democratic-controlled Senate does not have the votes to enact the proposal, and the White House declared its opposition to it in a statement made public on Monday.

The ideological split within the IRS isn’t healthy for the organization’s “long-term stability,” according to Mark Everson, a former IRS commissioner and current vice chairman of Alliantgroup. “It’s not going to become legislation, but it makes a potent political signal,” he added.

The legislation was introduced less than two weeks after House Ways and Means Committee Democrats made six years’ worth of former President Donald Trump’s tax returns public, infuriating many Republican lawmakers.

The Congressional Budget Office estimates that the new House Republican legislation, dubbed the Family and Small Business Taxpayer Protection Act, will increase the budget deficit by more than $114 billion through 2032.

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IRS Funding Has To Face Ongoing Scrutiny

House Republicans Vote To Rescind IRS Funding!
House Republicans Vote To Rescind IRS Funding!

Image Source: cnbc

Treasury Secretary Janet Yellen stated priorities for the extra IRS spending in August, including initiatives to reduce the backlog of processing tax returns, enhance customer service, modernize technology, and increase staffing.

The House Republican bill, however, emphasizes the group’s ongoing opposition to President Joe Biden’s program, which includes more funding for the IRS. According to Yellen’s request, the organization is anticipated to present the financial plan in February.

The organization is also preparing for a new commissioner, who is anticipated to be Danny Werfel, who served as the interim commissioner of the Internal Revenue Service and controller of the Office of Management and Budget under Presidents Barack Obama and George W. Bush.

Treasury Secretary Janet Yellen stated priorities for the extra IRS spending in August, including initiatives to reduce the backlog of processing tax returns, enhance customer service, modernize technology, and increase staffing.

The House Republican bill, however, emphasizes the group’s ongoing opposition to President Joe Biden’s program, which includes more funding for the IRS. According to Yellen’s request, the organization is anticipated to present the financial plan in February.

The organization is also preparing for a new commissioner, who is anticipated to be Danny Werfel, who served as the interim commissioner of the Internal Revenue Service and controller of the Office of Management and Budget under Presidents Barack Obama and George W. Bush.

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