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As one of their first moves in the House majority—after their little struggle to even elect a speaker, that is—Republicans have a bill to roll back more than $70 billion in IRS funding included in the Inflation Reduction Act. In fact, fresh off his contentious election as speaker, Kevin McCarthy bragged about this plan, saying, “I know the night is late, but when we come back our very first bill will repeal the funding for 87,000 new IRS agents.” (That 87,000 number is a lie, by the way.)
Funny story, though: The Congressional Budget Office is out with its estimate of the fiscal impact of this bill cutting more than $70 billion … and it would decrease federal revenue by $186 billion between 2023 and 2032. In other words, the bill would cost more than $114 billion.
Those Republicans, always looking out for us!
RELATED STORY: GOP now trying to incite violence against IRS agents
