Political Quotes

“Mr. Speaker, I include in the record a CBO post from 2021 examining the Biden administration's $80 billion proposal and stating that ``CBO projects the proposal would make the IRS' budget more than 90 percent larger than it is in CBO's July 2021 baseline projections and would more than double the IRS' staffing.'' [From CBO Blog, Sept. 2, 2021] The Effects of Increased Funding for the IRS (By Phil Swagel) Last month, the Congressional Budget Office published An Analysis of Certain Proposals in the President's 2022 Budget. Since then, CBO has completed its analysis of another proposal in the President's budget, an increase in spending for the Internal Revenue Service's (IRS's) enforcement activities. CBO estimates that portions of the Administration's proposal to increase funding for the IRS by $80 billion over the 2022-2031 period would increase revenues by approximately $200 billion over those 10 years. That estimate does not include changes in revenues resulting from portions of the proposal that involve new information- reporting requirements and other changes to the tax code; those changes are estimated by the staff of the Joint Committee on Taxation (JCT). The Proposal The Administration proposes funding for the IRS that is $80 billion greater over 10 years than the amounts in CBO's July 2021 baseline projections (which reflect the assumption that current laws generally do not change).…”