Nobody likes to pay taxes. However, we all need to pay our fair share.
MAGA Republican House Speaker Mike Johnson (R-LA) wants to fund for Israeli war against Hamas with cuts to the Internal Revenue Service. Those cuts would dramatically decrease tax audits of the wealthy decrease revenue for the U.S. Treasury. The nonpartisan Congressional Budget Office (CBO) scored the House Republicans’ bill to provide $14.3 billion in aid to Israel and to “offset” that spending with $14.3 billion in cuts to the Internal Revenue Service (IRS). The CBO found that the cuts to the IRS would cost far more than they save.
The bill would add $26.8 billion to the national budget deficit. For each dollar spent auditing the top 1% of U.S. earners, the IRS brought in $3.18; for each dollar spent auditing the top 0.1%, it brought in $6.29.
Meanwhile Biden got the United Auto Workers union and Ford to reach an agreement that includes a 25% wage increase over the next 4.5 years, along with cost-of-living adjustments that will bring the increases up to 33%.