WASHINGTON (AP) — House Republicans went after the IRS — long a GOP whipping child — when they decided that emergency aid for Israel should be coupled with...
WASHINGTON — House Republicans went after the IRS — long a GOP whipping child — when they decided that emergency aid for Israel should be coupled with cuts elsewhere in the budget.on Thursday — unlikely to be approved by the Democratic-controlled Senate — would cut $14 billion from the nation's tax collector in exchange for providing assistance to Israel. President Joe Biden has said he would veto the bill if it reaches his desk.that the move would decrease revenues by $26.
“When you reduce those audits, you reduce the amount of money that we can collect and return to the Treasury for other priorities.” Werfel said the initial loss of $14 billion in the latest bill would amount to an overall $90 billion in lost revenue over the next 10 years, based on an IRS model that calculates a 6 to 1 ratio of money spent to revenue collected.Maya MacGuineas, president of the private Committee for a Responsible Federal Budget, said paying for the Israel aid by taking money from tax enforcement “is worse than not paying for it at all.
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