Budget and debt limit deal reportedly cuts IRS funding

Reporting indicates that the budget and debt limit deal announced over the weekend will cut IRS funding. Those who demanded this cut say they are concerned about our nation’s fiscal future, but this cut would likely end up costing considerably more than it saves, raising deficits and debt and undermining efforts to catch law-breaking especially among the largest corporations and highest income Americans. The Biden administration has said it remains committed to transforming the IRS to improve service and enforcement. Meeting those goals will require protecting IRS funding in future budget negotiations. Otherwise, the kinds of service improvements we’ve already seen this year will not continue, and efforts to more effectively enforce existing tax laws, especially for the highest income Americans and corporations, are unlikely to meet success.