As one of their first moves in the House majority—after their little struggle to even elect a speaker, that is—Republicans have a bill to roll back more than $70 billion in IRS funding included in the Inflation Reduction Act. In fact, fresh off his contentious election as speaker, Kevin McCarthy bragged about this plan, saying, “I know the night is late, but when we come back our very first bill will repeal the funding for 87,000 new IRS agents.” (That 87,000 number is a lie, by the way.)
Funny story, though: The Congressional Budget Office is out with its estimate of the fiscal impact of this bill cutting more than $70 billion … and it would decrease federal revenue by $186 billion between 2023 and 2032. In other words, the bill would cost more than $114
The claim here is that it’s going to help the little people—they’re even calling the bill the “Family and Small Business Taxpayer Protection Act”—because that sounds a lot better than admitting that the Inflation Reduction Act’s IRS funding is about making sure the very wealthiest pay the taxes they owe. Yes, it means hiring new auditors, but ones specifically tasked with pursuing wealthy tax evaders, not small businesses or families making less than hundreds of thousands of dollars a year.
In fact, households with earnings of less than $400,000 a year “will likely see the chance of an audit decline,” according to the Treasury Department. That’s because right now, the lowest-income households are audited at far higher rates than the highest-income ones. The money that Republicans want to repeal is intended to change that.
Some kind of free use party where subs wait lined up as dommes come in and inspect them, discussing between themselves which toy they are going to use next and how.