Congress strips IRS of another $20B in averting government shutdown
Cuts could add $140B to national debt over next decade, by hampering agency's ability to catch wealthy tax cheats: Biden admin
WASHINGTON -- Congress stripped the IRS of an additional $20 billion last week when averting the government shutdown.
Originally, congressional Democrats had given the IRS $80 billion in the 2022 Inflation Reduction Act.
But, in the 2023 budget deal, Congress revoked $20 billion of that.
And after the government shutdown fight last week, another $20 billion was clawed back.
That's half the amount the Biden administration intended to help improve the tax agency.
Biden administration officials said the cuts would add $140 billion to the national debt over the next decade, by hampering the agency's ability to catch wealthy tax cheats.
The administration officials said the agency will conduct 400 fewer audits of major businesses each year and 1,200 fewer audits of high-income individuals.
