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      Kevin McCarthy

      Progressives Say IRS Cuts Should Be 'Off the Table' as GOP Reneges on Debt Ceiling Deal

      With House Republicans pledging to limit new spending on a range of programs, Democrats are "no longer obliged to move forward with the IRS cuts" in the handshake deal, said more than a dozen groups.

      Julia Conley
      Jul 14, 2023

      More than a dozen economic justice groups on Friday called on the U.S. Senate Appropriations Committee to move forward with fully funding the Internal Revenue Service, arguing that Republican actions have nullified a debt ceiling deal struck by the Biden White House and GOP leaders.

      Under the terms of the handshake agreement, the nation's borrowing limit was suspended for two years in exchange for a two-year limit on non-military spending—rescinding Covid-19 relief funds; clawing back more than $20 billion in IRS funding that was a signature element of the Democrats' climate and healthcare law, the Inflation Reduction Act (IRA); and enforcing new work requirements for recipients of nutritional and economic aid.

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      House Speaker Kevin McCarthy listens to Rep. Patrick McHenry during a news conference

      GOP 'Fealty to Megadonors on Full Display': IRS Cuts Will Cost $40 Billion in Lost Revenue

      "After holding our entire economy hostage and threatening to trigger a global financial meltdown, Republicans protected wealthy tax cheats and creepy billionaires," said Sen. Sheldon Whitehouse.

      Jake Johnson
      Jun 02, 2023

      A preliminary analysis from the Congressional Budget Office released Thursday estimates that the $21.4 billion in IRS funding cuts that Republicans and the Biden White House agreed to enact as part of their debt ceiling agreement would result in $40.4 billion in lost tax revenue—adding to the federal budget deficit.

      The CBO provided its estimate to Sen. Sheldon Whitehouse (D-R.I.), who said in a statement that "after holding our entire economy hostage and threatening to trigger a global financial meltdown, Republicans protected wealthy tax cheats and creepy billionaires."

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      Senate Republicans laughing

      Double Duty of Debt Ceiling Deal: A Gift to Wealthy Tax Cheats and Increases the Deficit

      Cutting critical IRS funding to enforce our tax laws better not only erodes the fairness and integrity of our entire tax system, but also reduces federal revenue.

      Jon Whiten
      Jun 02, 2023

      The U.S. House and Senate have now both approved the deal struck by President Biden and House Speaker McCarthy to suspend the nation’s debt limit through 2025 in exchange for a range of cuts sought by Congressional Republicans. While the deal is not as draconian as the debt bill that passed the House earlier this spring, it includes no new revenues even though tax cuts of the past few decades have been the primary driver of deficit growth. And one provision of the deal—to claw back important funding to crack down on wealthy tax cheats—would actually increase the deficit while continuing the rig the system in favor of the most well-off.

      The deal contains a $21.4 billion cut to IRS funding for tax enforcement. This includes an immediate $1.4 billion cut, and a side deal to cut, over the next two years, a quarter of the $80 billion in new funding the IRS received last year as part of the Inflation Reduction Act.

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