{"id":1942191,"date":"2023-06-01T18:13:02","date_gmt":"2023-06-01T22:13:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/debt-deal-billions-of-dollars-to-be-reduced-in-irs-funding\/"},"modified":"2023-06-01T18:15:34","modified_gmt":"2023-06-01T22:15:34","slug":"debt-deal-billions-of-dollars-to-be-reduced-in-irs-funding","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/debt-deal-billions-of-dollars-to-be-reduced-in-irs-funding\/","title":{"rendered":"IRS funding to be reduced by billions in debt deal."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdebt-deal-billions-of-dollars-to-be-reduced-in-irs-funding%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1942191&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Bipartisan Deal to Raise America&#8217;s Debt Ceiling Involves Cutting IRS Funding<\/h2>\n<div class=\"post_content\">\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0601\/7d229167-a4db-46fc-87a5-70bfeca805b0\/audio.mp3?length=2918061&#038;duration=243\"><\/div>\n<p>The recent <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mcconnell-joins-with-schumer-to-block-potential-trump-veto-of-defense-bill-keep-big-tech-protection\/\" title=\"McConnell Joins With Schumer To Block Potential Trump VETO Of Defense Bill, Keep Big Tech Protection\">bipartisan deal<\/a> to raise America&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/even-with-full-control-of-government-democrats-massive-wish-list-is-stalling\/\" title=\"Even With Full Control Of Government, Democrats\u2019 Massive Wish List Is Stalling\">debt ceiling<\/a> has caused quite a stir. One of the most significant changes involves cutting billions in funding set aside for the Internal Revenue Service (IRS). This includes cuts from the $80 billion allocated under the Inflation Reduction Act (IRA).<\/p>\n<h3>The Numbers<\/h3>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/debt-deal-billions-of-dollars-to-be-reduced-in-irs-funding\/\" title=\"IRS funding to be reduced by billions in debt deal.\">debt-ceiling deal involves shaving<\/a> off almost $21.4 billion from the IRS budget. Out of the roughly $21.4 billion, nearly $1.4 billion will be rescinded from the money already allocated to the IRS, the deal states (<a href=\"https:\/\/docs.house.gov\/billsthisweek\/20230529\/BILLS-118hrPIH-fiscalresponsibility.pdf\">pdf<\/a>). The remaining $20 billion would come from the extra $80 billion allocated to the IRS under the IRA for a 10-year period.<\/p>\n<h3>What Does This Mean for the IRS?<\/h3>\n<p>Despite the significant cuts, a White House official has stated that the IRS will still be able to spend the remaining $60 billion over the next several years. However, this could mean that in six to eight years, there would be a need to &#8220;come back and ask for more IRS funding,&#8221; similar to how there was going to be a need to ask for such funding after the 10-year period ran out.<\/p>\n<h2>Reduced IRS Funding<\/h2>\n<p>A May 30 report (<a href=\"https:\/\/www.cbo.gov\/system\/files\/2023-05\/hr3746_Letter_McCarthy.pdf\">pdf<\/a>) from the U.S. Congressional Budget Office (CBO) states that the $1.4 billion reduction in IRS funding would result in federal revenues getting reduced. The agency calculated a net increase in deficit of $900 million over the next 10 years.<\/p>\n<h3>What About the IRS&#8217;s Spending Plan?<\/h3>\n<p>In April, the IRS had detailed a plan (<a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/p3744.pdf\">pdf<\/a>) on how it would spend the extra $80 billion. Some of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pakistan-cricket-star-imran-khan-in-danger-of-dropping-the-ball-as-pm\/\" title=\"Pakistan cricket star Imran Khan in danger of dropping the ball as PM\">measures included making<\/a> it easier for taxpayers to interact with the IRS through various means of communication, resolving more issues quickly for taxpayers who face complicated tax challenges, modernizing the IRS&#8217;s technology, expanding enforcement, and hiring and retaining a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/north-carolinians-deserve-good-doctors-not-woke-political-activists\/\" title=\"North Carolinians Deserve Good Doctors, Not Woke Political Activists\">highly skilled workforce<\/a>. Now with a part of the $80 billion said to be cut off, there are concerns as to which of the measures detailed in the IRS&#8217;s spending plan would be affected.<\/p>\n<h3>What&#8217;s Next?<\/h3>\n<p>Some may view the cuts as a signal that the IRS will need to do more with less. However, only time will tell how these cuts will impact the IRS and taxpayers alike.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The US debt-ceiling deal includes cutting $21.4bn from the IRS budget, including $80bn from the Inflation Reduction Act. The bipartisan agreement aims to raise the debt ceiling while reducing funding for the Internal Revenue Service.<\/p>\n","protected":false},"author":186,"featured_media":1942192,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[11154,3715,5487,6513,8362,10239],"class_list":["post-1942191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-billions","tag-deal","tag-debt","tag-funding","tag-irs","tag-reduced"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1942191","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/186"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1942191"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1942191\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1942192"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1942191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1942191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1942191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}