Debt limit bill gives Republicans IRS cuts, but Democrats say they ...

Jun 2, 2023 · Republicans are seeking to make good on campaign promises to reduce IRS funding through the proposed debt ceiling and budget cuts package passed by Congress. But Democrats are offering assurances that the spending cuts will have little impact on the federal …

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Proposed Debt Ceiling Deal Would Cut $21.4 Billion In IRS Funding

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May 30, 2023 · The proposed debt ceiling deal may include up to $21.4 billion in IRS budget cuts. Here's what it means for taxpayers.

cnbc.com

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What A $21.4 Billion Budget Cut May Mean For The IRS

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May 30, 2023 · In case you missed it on Sunday, the bill text technically includes an immediate rescission of only $1.4 billion from the IRS’s pot, but White House officials said President Joe …

politico.com

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Proposed Debt Ceiling Deal Would Cut $21.4 Billion In IRS Funding

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Visitors at the U.S. Capitol in Washington, D.C., on May 24, 2023.Jonathan Ernst | ReutersA tentative deal to raise the Proposed debt ceiling deal would cut $21.4 billion in IRS funding - …

theadvisermagazine.com

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IRS Faces $20B Cut From Modernization Fund Under Debt Ceiling …

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May 29, 2023 · Werfel also told lawmakers the IRS is working on a longer-term hiring plan that would outline workforce growth over the next decade. The White House told reporters that the …

federalnewsnetwork.com

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Debt Limit Agreement Cuts IRS Funding, Could Unlock Tax Priorities

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Jun 6, 2023 · The legislation is largely focused on spending and does not include any tax increases or repeal energy tax credits as proposed by Republicans. The bill does rescind $1.4 …

grantthornton.com

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IRS Cuts In Debt Ceiling Deal Will Cost Over $40 Billion In Lost ...

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Jun 2, 2023 · 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 …

truthout.org

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Debt Limit Agreement Breakdown - FactCheck.org

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May 31, 2023 · The debt ceiling agreement also would repurpose $10 billion in appropriated IRS funding for fiscal 2024 and another $10 billion for 2025, according to White House officials. In …

factcheck.org

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Debt Limit Bill Gives Republicans IRS Cuts, But Democrats Say They ...

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Jun 1, 2023 · The White House says the debt deal also includes a separate agreement to take $20 billion from the IRS over the next two years and divert those funds to other nondefense …

bostonherald.com

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IRS Budget Battle Not Over After Debt Ceiling Agreement

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Jun 5, 2023 · A preliminary estimate from CBO found that a repeal of $21.4 billion in total of IRS funding would grow the deficit on net by $19 billion, according to Senate Budget Chairman …

rollcall.com

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Congress Proceeds With $20B Cut To IRS Modernization Fund In FY …

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Mar 21, 2024 · Despite approving this deal, the Biden administration is asking Congress to reverse the $20 billion cut to IRS funding, as part of its 2025 budget request. Congress plans …

federalnewsnetwork.com

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IRS Loses About $21 Billion Due To Debt Limit Deal: Kiplinger Tax ...

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Jun 16, 2023 · Congress has clawed back about 25% of the IRS’s $80 billion in funding from the Inflation Reduction Act.President Biden made a key IRS concession in the recent debt limit deal.

kiplinger.com

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IRS Funding Cut Won't Hurt Near-term Tax Collection, Officials Say

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May 29, 2023 · The deal would shift $10 billion each in fiscal years 2024 and 2025 in funding away the Internal Revenue Service, but officials believe the IRS can make due in the near …

reuters.com

FAQs about Debt limit bill gives Republicans IRS cuts, but Democrats say they ... Coupon?

Will the IRS raise the debt ceiling in 2023?

A tentative deal to raise the debt ceiling limit includes up to $21.4 billion of IRS budget cuts, which could impact the agency's ability to have its funding increased in 2023. These cuts would come from the nearly $80 billion in IRS funding enacted last August to boost taxpayer service, technology and enforcement. ...

Will the IRS raise the debt ceiling?

The IRS is facing potential budget cuts of up to $21.4 billion as part of a proposed deal to raise the debt ceiling limit. The bipartisan bill rescinds nearly $1.4 billion of the money allocated to the IRS and another deal would repurpose $20 billion for fiscal years 2024 and 2025, meaning the IRS will not have its funding for the debt ceiling increased. ...

What does the proposed debt ceiling deal mean for taxpayers?

The proposed debt ceiling deal may include up to $21.4 billion in IRS budget cuts. Here's what it means for taxpayers. ...

Will President Biden reduce the IRS budget?

President Biden and House Speaker Kevin McCarthy (R-CA) have agreed to reduce the IRS's budget by up to $21.4 billion over the next three years as part of a deal to raise the debt ceiling. Nine months earlier, Congress had approved President Biden’s proposal to increase the IRS's 10-year budget by $80 billion. ...

Will the debt ceiling increase the deficit?

So the move would increase the deficit by a net $900 million over the 2023-2033 period. The debt ceiling agreement also would repurpose $10 billion in appropriated IRS funding for fiscal 2024 and another $10 billion for 2025, according to White House officials. ...

Will Congress reverse the $20 billion cut to IRS funding?

Register today! Despite approving this deal, the Biden administration is asking Congress to reverse the $20 billion cut to IRS funding, as part of its 2025 budget request. Congress plans to keep the IRS at current funding levels for the rest of the year with a $12.3 billion annual budget for its day-to-day operations. ...