GOP 'Fealty to Megadonors on Full Display': IRS Cuts Will Cost $40 Billion in Lost Revenue

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GOP 'Fealty to Megadonors on Full Display': IRS Cuts Will Cost $40 Billion in Lost Revenue
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'After holding our entire economy hostage and threatening to trigger a global financial meltdown, Republicans protected wealthy tax cheats and creepy billionaires,' said SenWhitehouse.

"After holding our entire economy hostage and threatening to trigger a global financial meltdown, Republicans protected wealthy tax cheats and creepy billionaires," said Sen. Sheldon Whitehouse.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 House agreed to enact as part of theirThe CBO provided its estimate to Sen.

"Republicans' fealty to their megadonors is on full display, as is the hypocrisy of forcing cuts to the IRS that$19 billion to the deficit," said Whitehouse, the chair of the Senate Budget Committee."By contrast, President Biden's budget would have cracked down on wealthy tax cheats while making pro-growth investments in workers, families, and small business—and reduced the deficit by $3 trillion.

"There's a sharp contrast there," the senator added,"and the best explanation is Republican fealty to their dark-money megadonors." The debt ceiling legislation that is now headed to President Joe Biden's desk after the Senate passed it late Thursday includes $1.4 billion in cuts to IRS funding that was aimed at providing the agency with the resources to pursue rich tax evaders, who cost the federal governmentBy itself, the $1.

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