House repeals $80 billion funding for the IRS

January 10, 2023

Well they did it. The House passed a bill to repeal the $80 billion funding for the IRS.

They did it in a 221-210 vote straight along party lines all Republicans were “yes” all Democrats were “no.” This bill would pull back a large chunk of the $80 billion over 10 years that was allocated to the IRS through the Inflation Reduction Act.  

There are some important facts you need to know about this move.

Perhaps the most important – the IRS is still going to get its $80 billion over 10 years. Because though this bill passed the House there is no way it’ll pass the Senate and the President would veto it.

Two — you’ve probably heard people talking about that money being used to hire 87,000 IRS agents to come after you. I told you in this video back in August that’s super misleading. The long and short of it is — yes 87,000 employees could be hired. But not everyone who works at the IRS is an agent. Plus the money would go to modernizing the agency so your refunds would be processed faster and someone would answer the phone when you call. Plus lots of employees are ready to retire so replacements are needed. And sure the IRS will hire agents but the Treasury Secretary and IRS Commissioner say all agents are focusing on ensuring corporations and the wealthy pay what they owe.

And three — the Congressional Budget Office released a report saying if this legislation would become law, it would translate to $114 billion *increase* in the federal deficit over the next decade.

Look how each lawmaker voted on this bill here.

Read the CBO score here

Watch my video on the “87,000 agents” from August here.