Kevin Brady: “I include in the Record a Congressional Budget Office report from this morning, while we were on the House floor, which…”

“I include in the Record a Congressional Budget Office report from this morning, while we were on the House floor, which confirms IRS audits will generate tens of billions of dollars for middle-class families making less than $400,000. CBO has received a number of questions regarding our estimate of an amendment offered by Senator Crapo during the floor debate on H.R. 5376 last weekend. That amendment, #5404, would limit the use of additional funds for the Internal Revenue Service. If the amendment had been adopted none of the additional funds could have been used to audit taxpayers with taxable incomes below $400,000. CBO did not complete a formal cost estimate in advance of consideration of the amendment but the agency did provide the following information to the Senate Budget Committee: CBO estimates that the amendment 5404 would have the following effects: No effect on outlays in the one or ten year budget windows; would reduce outlays in the five year budget window. No effect on revenues in the one year budget window; would reduce the ``non-scorable'' revenues resulting from the provisions of section 10301 in the five and ten year budget windows. No effect on outlays after 2031 but would decrease the ``non-scorable'' revenue resulting from the provisions of section 10301 after 2031.…”