Hold on to your seats, folks! The Congressional Budget Office (CBO) dropped a bombshell. Recent estimates handed to Senator Sheldon Whitehouse show that Republican-implemented cuts to the IRS – totaling $21.4 billion – will cause us to lose a staggering $40.4 billion in revenue. Yes, you heard that right. These cuts effectively ramp up the deficit by $19 billion!
And who benefits from this financial sleight of hand? Not you or me, certainly. These IRS budget slices, including the $1.4 billion clawbacks as part of the aptly named “Fiscal Responsibility Act” and an extra $20 billion of rollbacks in the hush-hush “side-deals”, will simply enable large corporations and the ultra-wealthy to evade taxes they legally owe. They’re effectively disarming tax law enforcement!
In the blunt words of Senator Whitehouse, “After playing a dangerous game with our economy and dangling the threat of a global financial crisis, Republicans shielded wealthy tax evaders and suspicious billionaires.” He continued, highlighting the brazen devotion Republicans show towards their deep-pocketed donors and their staggering hypocrisy by forcing cuts to the IRS, further deepening the deficit by $19 billion.
It’s worth comparing this move with President Biden’s budget, which aimed to hold wealthy tax evaders accountable while funding growth-fueling investments in workers, families, and small businesses. The result? A deficit reduction of $3 trillion. The contrast couldn’t be starker.
The Republicans’ loyalty to their shadowy mega-donors is plain as day. The values of these politicians couldn’t be clearer – it’s not everyday Americans they’re looking out for. It’s the billionaire tax cheats who fill their campaign coffers.