CBO: GOP's IRS Cut Would Reduce Tax Revenue by $26 Billion

The nonpartisan Congressional Budget Office released a review of the House Republicans' plan to provide $14.3 billion in aid to Israel by cutting Internal Revenue Service funding by that amount, saying it will raise the U.S. budget deficit in 2024 by $12 billion.

The data released by the CBO on Wednesday estimated that cutting funding of President Joe Biden's massive IRS agent staffing expansion would decrease tax revenues collected from Americans by $26 billion.

Tax cut Republicans would consider that a benefit, but Democrats' spending initiatives under Biden necessitates greater tax revenues.