IRS Cuts in Debt Ceiling Deal Will Cost Over $40 Billion in Lost Revenue

Sheldon Whitehouse, chair of the Senate Budget Committee, pointed out that the cuts will add $19 billion to the deficit.

A preliminary analysis from the Congressional Budget Office released Thursday estimates that the $21.4 billion in IRS funding cuts that Republicans and the Biden White House agreed to enact as part of their debt ceiling agreement would result in $40.4 billion in lost tax revenue — adding to the federal budget deficit. The CBO provided its estimate to Sen. Sheldon Whitehouse (D-R.I.), who said in a...

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This post was originally published on Latest – Truthout.


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Jake Johnson | radiofree.asia (2024-05-10T02:35:09+00:00) » IRS Cuts in Debt Ceiling Deal Will Cost Over $40 Billion in Lost Revenue. Retrieved from https://radiofree.asia/2023/06/02/irs-cuts-in-debt-ceiling-deal-will-cost-over-40-billion-in-lost-revenue/.
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» IRS Cuts in Debt Ceiling Deal Will Cost Over $40 Billion in Lost Revenue | Jake Johnson | radiofree.asia | https://radiofree.asia/2023/06/02/irs-cuts-in-debt-ceiling-deal-will-cost-over-40-billion-in-lost-revenue/ | 2024-05-10T02:35:09+00:00
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