New CBO Report: House Republican Bill to Rescind Funding for IRS Tax Cheating would Add $114 Billion to Deficit

US Capitol© Gagan Cambow / Pexels / Canva

The Congressional Budget Office has released a report on the House Republican bill to rescind funding for the IRS. The report finds that the bill would add more than $114 billion to the deficit and reduce revenues by nearly $186 billion. Senate Democrats have already come out against the bill, which they say is a handout to wealthy tax cheats.

Senate Finance Committee Chair Ron Wyden, D-Ore., issued the following statement:

“The CBO has confirmed what was obvious from the start — the Republican IRS bill, a handout to wealthy tax cheats, would add $114 billion to the deficit,” Senator Wyden said.

“It’s clear that all the Republican talk about the deficits and debt is little more than an excuse to demand cuts to Medicare, Medicaid, Social Security and the other federal programs that lift up working Americans and sustain the middle class.

“It’s the same old Republican playbook we’ve seen many times before — goodies for the top paid for by everybody else. Senate Democrats will not entertain it.”

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