Bloomberg Law
May 26, 2023, 10:10 AM

HILL TAX BRIEFING: IRS Funding Cut Mulled in Emerging Debt Deal

Kim Dixon
Deputy Team Lead, Federal Tax

A potential deal to raise the debt ceiling could shave $10 billion from the $80 billion boost in funding for the IRS.

Negotiators moved closer Thursday night to an agreement to raise the debt limit and cap federal spending for two years, according to people familiar with the matter. Final agreement hasn’t been reached yet.

Republicans have long criticized the IRS funding increase, warning of a wave of agents and audits, while Democrats have argued the boost would be used to catch tax cheats.

The tentative deal would also upgrade the nation’s electric grid to accommodate renewable energy, while speeding ...

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