House Republicans voted to cut IRS funding

New US Speaker of the House Kevin McCarthy, R-Calif., speaks to reporters in Washington, Jan. 7, 2023.

Jon Cherry | Reuters

House Republicans voted Monday night to cut funding to the IRS after newly elected Speaker Kevin McCarthy vowed to reverse funds approved by Congress last year.

across party lines the invoice would nullify the tens of billions allocated to the agency over the next decade by the Inflation Reduction Act passed in August.

The measure does not have the support to pass in the Democrat-controlled Senate and the White House opposed the bill in an opinion published Monday.

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“It won’t become law, but it’s a very strong political statement,” said Mark Everson, a former IRS commissioner and current vice chairman of Alliantgroup, noting that the partisan IRS divide doesn’t bode well for the “long-term view.” “To the authority be stability.”

The bill comes less than two weeks after Democratic members of the House Ways and Means Committee released six years of tax returns from former President Donald Trump, angering many Republican lawmakers.

Known as the Family and Small Business Taxpayer Protection Act, the new House of Representatives-Republicans measure would increase the budget deficit by more than $114 billion by 2032, according to the Congressional Budget Office.

IRS funding is subject to ongoing review

Rep. Jason Smith, R-Mo., won the nomination to chair the House Ways and Means Committee on Monday in an opinion that the new IRS commissioner “should plan to spend a good deal of time” before the committee answers questions.

While the success or challenges of the upcoming tax filing season may shape future discussions, the agency still has issues to resolve, Everson said.

“I hope that after the dust has settled, both sides will step back and find a way to work together cooperatively and make much-needed improvements to tax administration,” he added.

https://www.cnbc.com/2023/01/10/house-republicans-have-voted-to-cut-irs-funding-.html House Republicans voted to cut IRS funding

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