IRS Loses About $21 Billion Due to Debt Limit Deal: Kiplinger Tax Letter

IRS Loses About  Billion Due to Debt Limit Deal: Kiplinger Tax Letter


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Congress has clawed back about 25% of the IRS’s $80 billion in funding from the Inflation Reduction Act. President Biden made a key IRS concession in the recent debt limit deal. Biden agreed to reallocate $10 billion of the IRS’s windfall in 2024 and another $10 billion in 2025 to other spending priorities. Plus $1.4 billion more was cut. This means the IRS will now get nearly $59 billion over ten years for enforcement, modernization, etc., and not $80 billion.





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