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      rich tax cheats

      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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