IRS Cuts in Debt Ceiling Bill: “Defeat for the IRS”; “Throws a wrench into IRS overhaul”; “Political win for Republicans”

The IRS spending reductions in the debt-ceiling bill are a good start.

Reporters are sounding the alarm on the significance of the IRS cuts in the debt-ceiling bill:

“The Internal Revenue Service will lose up to $21.4 billion from its $80 billion expansion fund as part of the bipartisan debt-limit deal, as Republicans got President Biden to pare back one of his top accomplishments.” – Wall Street Journal tax reporter Richard Rubin

“It is also a political win for Republicans, who have been outraged by the prospect of a beefed up I.R.S. and approved legislation in the House to rescind the entire $80 billion.” – New York Times

“A cut to the IRS in the debt-limit deal injects new uncertainty into the agency’s long-term overhaul plans.” — Bloomberg

“Debt ceiling deal throws a wrench into IRS overhaul.” – The Hill

“But the IRS stands to lose the most, out of all agencies, in this new, bipartisan agreement.” – Federal News Network

“The budget deal agreed to by President Joe Biden and top congressional Republican Kevin McCarthy would move $20 billion away from the Internal Revenue Service over the next two years.” – Reuters

“The defeat for the IRS marked a political victory for the GOP and offered a reminder that certainty in Washington lasts only until the next election.” – Wall Street Journal tax reporter Richard Rubin

“There’s a major pull-back on IRS funding.” — Moneywise

“Rattles the foundation of its [IRS] long-term restructuring.” — The Hill

“Republicans chopped off as much as one-quarter of the $80 billion Democrats earmarked for the IRS as part of their Inflation Reduction Act last year.” — The Atlantic