Congressional analysts say dinging the agency would put the U.S. $120B deeper in the hole.
The IRS has just 2,600 people who are responsible for examining the 390,000 wealthiest Americans, including people making more than $10 million and large corporations. | Susan Walsh/AP PhotoRepublicans say they’re trying to reduce government red ink but their demands to cut IRS funding as part of a debt limit deal would actually worsen the deficit.
Democrats disagree, saying they will train the IRS’s scrutiny on the rich while emphasizing the dividends the effort will pay to the public fisc. The back-and-forth comes as lawmakers edge toward a June 1 deadline for raising the legal cap on government borrowing.that pairs a debt ceiling increase with nearly $5 trillion in budget cuts over the next decade.
The IRS has just 2,600 people who are responsible for examining the 390,000 wealthiest Americans, including people making more than $10 million and large corporations, Commissioner Danny Werfel told lawmakers last month.“The returns that come from our wealthiest filers are sometimes thousands, tens of thousands and sometimes hundreds of thousands of pages long,” said Werfel.
Democrats have long groused CBO was lowballing the estimates. And Natasha Sarin and Mark Mazur, two former top Biden tax officials,arguing the savings could be multiples larger than what CBO anticipates.
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