You may have noticed that Mike Johnson, the new Speaker of the House, wants to pay for the $14 billion of aid to Israel by cutting $14 billion to the IRS.
The only problem is that a $14 billion cut to the IRS would, according to the nonpartisan Congressional Budget Office (CBO), actually cost the Treasury $26.5 billion, adding $12.5 billion to the deficit.
You see, the $80 billion that the Democrats added for the IRS in the Inflation Reduction Act was scored by the CBO to cut the deficit by approximately $120 billion—by hiring auditors to go after the wealthy and large corporations who have not been paying their fair share.
For decades, the GOP has been targeting the IRS by cutting its budget to hobble its efforts to audit the complicated tax returns of high-income earners and corporations. Finally, Joe Biden and the Democrats did something about it.
Republicans have been trying to roll back the additional funding to the IRS since they took the House. But they’ve been failing because a Democratic Senate and President have stopped them!
P.S. If you’re a high-income individual (or corporation), I’m sure you scrupulously pay your fair share of taxes!