By Ariana Coghill | Mother Jones
A bill introduced by House Republicans on Monday would provide $14 billion in funding for Israel, but do it in a way that helps the rich avoid taxes. As a result, the nonpartisan Congressional Budget Office now predicts the proposal would add nearly $27 billion to the national debt.
As my colleague Julianne McShane wrote, House Republicans are proposing to pay for the Israel aid by clawing back the same amount from the IRS. Last year’s Inflation Reduction Act had provided the tax agency with $80 billion over 10 years—money intended to restore its ability to audit wealthy individuals and corporate partnerships, and to pursue wealthy deadbeats. (Even some Republican lawmakers are critical of tying foreign aid to IRS funding.)
The CBO specifically calculated that the Israel proposal will result in a ten-year, $26.8 billion revenue decline, of which nearly half comes come from the GOP’s hit on the taxman’s collection capabilities. Read the full report here.
Read the full article here.
1 Comment
Audacity MUST be on sale.. cuz u bought it in bulk. You dare wanna talk about the IRS cuts and the measley 14 million in aid to Israel when we have given HUNDREDS OF BILLIONS OF DOLLARS AND MORE THAN HALF OUR WEAPONS TO UKRAINE LEAVING US VULNERABLE!?? Seems to me your using the most unarguable situation to stir the pot! Go back and try again to gather something of significance in comparison before you come over here with all your audacity.