Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Politics

House votes to rescind billions in funding to the IRS in first major majority action with McCarthy as speaker

by January 10, 2023
January 10, 2023
House votes to rescind billions in funding to the IRS in first major majority action with McCarthy as speaker

The House of Representatives voted to rescind more than $70 billion in funding to the Internal Revenue Service on Monday night, fulfilling newly elected House Speaker Kevin McCarthy’s promise to prevent the agency from hiring tens of thousands of new agents and conducting new audits on Americans. 

The bill — dubbed the Family and Small Business Taxpayer Protection Act and sponsored by Rep. Adrian Smith, R-Neb., and Rep. Michelle Steel, R-Calif. — passed the House of Representatives, 221-210.

The legislation will roll back the billions of dollars of funding for the IRS approved in the Inflation Reduction Act last year but leaves in place funding for customer service and improvements to IT services.

The bill rescinds any funding that could be used to conduct new audits on Americans and funding that would double the agency’s current size.

The Inflation Reduction Act granted an $80 billion boost to the IRS over a 10-year period, with more than half of those funds approved with the intention of helping the agency to crack down on tax evasion. The funding would have gone toward filling 87,000 IRS positions.

‘The last thing the American people need right now are more audits from an out-of-control, bloated IRS,’ Smith told Fox News Digital on Monday ahead of the vote. ‘The Inflation Act funding for IRS would lead to the hiring of 87,000 new IRS employees tasked with raising enough revenue to pay for Democrats’ Green New Deal priorities.’

Smith called it ‘unacceptable.’

‘Our bill leaves in place funding for customer service and IT improvements because IRS is in desperate need of reform, but it protects middle-class families from audits they cannot afford,’ Smith said.

The Congressional Budget Office released a score Monday for the bill, saying on net it would increase the debt by $114 billion over a decade, which Democrats brought up during debate before the vote.

‘Congressional Democrats and the Biden administration have made clear that up to 90% of their new audits will target middle-class families and small businesses. This score again demonstrates the extent to which they are plundering working-class Americans in order to hand billions of dollars out to profitable businesses to buy electric trucks for their fleets, fuel for their airplanes and install large scale wind and solar across America’s landscapes,’ said a spokesperson for Smith’s office regarding the CBO score.

The vote came just days after McCarthy, R-Calif., secured the House speakership — after an intense 15-round vote battle.

McCarthy, in an exclusive interview with Fox News Digital just days before the midterm elections, vowed that if he became speaker of the House, protecting Americans from the IRS would be his first order of business.

‘On the very first day, we’ll repeal the 87,000 new IRS agents because we think the government should be there to help you, not to go after you,’ McCarthy said.

Fox News’ Kelly Laco and Pete Kasperowicz contributed to this report.

Brooke Singman is a Fox News Digital politics reporter. You can reach her at Brooke.Singman@Fox.com or @BrookeSingman on Twitter.

This post appeared first on FOX NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Is The Apprentice setting a precedent for negative business leadership?
next post
Business energy bill support to be reduced after March, Treasury confirms

You may also like

Lauren Boebert Pulls Ahead in Colorado, Which Could...

November 13, 2022

Byron Donalds’ wife decries ‘racist attacks’ from the...

January 11, 2023

McCarthy lost 9th speaker vote, as Donalds and...

January 5, 2023

Joe Biden Claims He Personally Spoke to the...

November 1, 2022

Minnesota Gov Walz expected to sign bill legalizing...

May 30, 2023

We must hold Iran accountable for backing terrorism....

March 16, 2024

Who are the 19 people indicted in the...

August 15, 2023

Here’s Zuckerberg’s Letter to the 11,000 Facebook (Meta)...

November 10, 2022

BREAKING: FBI Arrests 87-Year-Old Concentration Camp Survivor for...

October 13, 2022

Man arrested in Georgia for threats against Tulsi...

April 14, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • National Wealth Fund commits £200m to UK battery storage push

      August 28, 2025
    • XRP price prediction hits new highs, GMO Miner helps you earn $6,800 a day

      August 28, 2025
    • West End retailers lose £310m from VAT-free shopping ban in first half of year

      August 28, 2025
    • Dollar slips as Trump moves to sack Fed governor Lisa Cook in unprecedented clash over central bank independence

      August 28, 2025
    • CDC Director Susan Monarez refuses to be fired as other officials call it quits

      August 28, 2025
    • Bill Gates met with Trump to talk ‘importance of US global health programs and health research’: spox

      August 28, 2025

    Categories

    • Business (8,901)
    • Investing (2,246)
    • Politics (16,503)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, 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 © 2025 futureretirementsuccess.com | All Rights Reserved