“For years, Republicans have denied the IRS funding it needs to support fair tax compliance and provide quality assistance to taxpayers, resulting in chronic understaffing. As a result, our country is estimated to lose $160 billion in tax revenue annually from the top 1% in taxes that are owed but not paid, which could be used for our most pressing needs.
The Inflation Reduction Act made investments that help ensure this vital agency has the staff to handle complex tax returns of the wealthiest and most sophisticated individuals and big businesses and to offer taxpayer services with 21st century technology. However, since the Inflation Reduction Act passed, Republicans have spread misinformation about what these investments will do.
Now, Republicans are acting on their misinformation and helping the wealthiest tax cheats continue getting away with paying their fair share. The GOP bill will also increase the federal deficit by $114 billion over the next decade as well, according to CBO. Democrats stand united in fighting for America’s working families. With this bill, the GOP is once again showing their priority: using the power of their majority to help the wealthiest and biggest corporations instead of working people.”