Connect with us

Hi, what are you looking for?

Latest News

White House threatens to veto GOP bill that cuts $72B from IRS

The White House said Monday it would veto a bill that passed in the Republican majority House that would claw back $72 billion in funds used to hire tens of thousands of Internal Revenue Service (IRS) staff over the next decade.

Last year, Congress approved $80 billion in new funding for the IRS to hire staff as part of the Inflation Reduction Act, which President Biden signed into law last year. Republicans passed a bill Monday to take back most of this money, a move the White House said would help corporations and wealthy Americans cheat on their taxes.

‘Far from protecting middle-class families or small businesses, H.R. 23 protects wealthy tax cheats at the expense of honest, middle-class taxpayers,’ the White House said in a statement. ‘With their first economic legislation of the new Congress, House Republicans are making clear that their top economic priority is to allow the rich and multi-billion dollar corporations to skip out on their taxes, while making life harder for ordinary, middle-class families that pay the taxes they owe. That’s their agenda; not lowering costs or cutting taxes for hardworking Americans – as President Biden has consistently advocated.’

The White House said that IRS agents are needed to ensure the wealthy pay their fair share of taxes, which helps reduce the federal deficit.

Funding for the IRS was aimed at hiring both new agents and auditors, but also support staff. The GOP bill that passed this week leaves in place funding to hire customer service help and technology improvements.

Biden’s veto threat is not expected to ever be needed, as the bill is not expected to pass in the Senate, where Democrats hold a majority.

‘If the President were presented with H.R. 23 – or any other bill that enables the wealthiest Americans and largest corporations to cheat on their taxes, while honest and hard-working Americans are left to pay the tab – he would veto it,’ the White House said in a statement.

This post appeared first on FOX NEWS

You May Also Like


Inflation appears to be on the decline. The Personal Consumption Expenditures Price Index (PCEPI), which is the Federal Reserve’s preferred measure of inflation, grew...


Artificial Intelligence has been the buzz word in financial markets ever since Microsoft announced its multibillion-dollar investment in ChatGPT (read more). According to Futurum...


“I will make no apologies that we are investing to make America strong. Investing in American innovation, in industries that will define the future,...


Mimiq, Inc is announcing today the launch of their new product, Mimiq Track, at CES as part of their latest product line to operate...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2023