House Republicans Vote To Cancel Biden’s Billion-Dollar IRS Funding

House Republicans, in the first act of their tenure in the majority, voted on Monday to rescind nearly $71 billion of the $80 billion that the previously Democratic-controlled Congress allocated to the IRS through the so-called Inflation Reduction Act.

The House passed the bill 221-210 in party lines. However, the Senate Democratic majority won’t approve the cancellation of funds. This bill is part the House Republicans’ campaign. promise To “hold the administration accountable.”

The August Inflation Reduction Act allocated $80 billion. More than two The IRS workforce will be greater than the Pentagon State Department FBI FBI Border Patrol combined. The bill’s proponents argued that the IRS would conduct better audits and scrutinize wealthy corporations that conceal their income. A study by the nonpartisan Joint Committee on Taxation shows that the majority of new revenue from IRS audits will come from individuals earning less than $200,000 per year.

Monday’s statement by President Joe Biden dismissed the Republicans’ act and called it “unacceptable.” “a reckless bill.” Democrats argue that vetoing these funds is a waste of time and aids only large corporations, while putting more pressure on middle-class Americans.

“With their first economic legislation of the new Congress, House Republicans are making clear that their top economic priority is to allow the rich and multibillion-dollar corporations to skip out on their taxes, while making life harder for ordinary, middle-class families that pay the taxes they owe,” The White House stated.

A Syracuse University Study found, however, that in 2022 those who made below $25,000 were at least 550 percent more likely to be audited by the IRS than the average taxpayer.

“The IRS does not need a raise—it needs a reckoning,” Rep. Jason Smith, R., Mo.), the recently elected chairman of the powerful House Ways and Means Committee, Information about the bill

Rep. Jeff Duncan, R., S.C. The IRS received money from Democrats for one purpose. “to go after small businesses [and] hard-working Americans to try to raise money for … reckless spending that has caused $31 trillion in debt in this nation.”