Richardcyoung.com

The Online Home of Author and Investor, Dick Young

  • Home
  • How We Are Different
  • About Us
    • Foundation Principles
    • Contributors
  • Investing
    • You’ve Read The Last Issue of Intelligence Report, Now What?
  • Your Survival Guy
  • The Great Reset
  • COVID-19
  • My Rifles
  • Dividends and Compounding
  • Your Security
  • The Swiss Way
  • Dick Young
  • Debbie Young
  • Key West
  • Paris
  • Dick’s R&B Top 100
  • Liberty & Freedom Map
  • Bank Credit & Money
  • Your Survival Guy’s Super States
  • NNT & Cholesterol
  • Work to Make Money/Invest to Save Money
  • Your Health
  • Ron Paul
  • US Treasury Yield Curve: My Favorite Investor Tool

The House Rescinds Billions in IRS Funding

January 10, 2023 By Debbie Young

President Donald J. Trump and House Minority Leader Rep. Kevin McCarthy, R-Calif., listen to remarks during a meeting with Republican members of Congress Friday, May 8, 2020, in the State Dining Room of the White House. (Official White House Photo by Shealah Craighead)

The Family and Small Business Taxpayer Protection Act

In the first GOP House bill, it targets the massive amounts of money allocated to the IRS in the deceptively named Inflation Reduction Act. The new GOP-dominated House voted to rescind more than $70 billion in funding for the Internal Revenue Service. The bill also threatens to kill the Biden administration’s plans to dramatically expand the tax-collection bureaucracy.

Reporting from National Review:

The Inflation Reduction Act funneled $80 billion to the IRS over ten years with only about 4 percent of the money going to taxpayer “assistance” and the bulk going to pay for tax investigations and new positions, the GOP alleged.

Republicans preserved provisions of the Democrat-backed legislation that supported modernization efforts at the IRS, such as customer service and IT improvements.

House Speaker Kevin McCarthy (Calif.), who had just clinched the speakership after a multi-day marathon of ballots and negotiations with GOP detractors, told the chamber Saturday.

“Our first bill will repeal funding for 87,000 new IRS agents, because the government should be here to help you, not go after you,”

As the WSJ editorial board notes, the bill won’t get through the Democratic Senate, but it’s an important statement that the GOP is on the side of taxpayers.

The Congressional Budget Office said last year that super-sizing the IRS would mean countless new audits across the income spectrum, including those making less than $400,000 a year. There aren’t enough rich people to squeeze with audits, and they hire lawyers and accountants. … Bills of this sort forecast an agenda for 2025 if Republicans win Congress and the White House in 2024.

If you’re willing to fight for Main Street America, click here to sign up for the Richardcyoung.com free weekly email.

Related Posts

  • The White House Was Involved With IRS
  • The Growth of the Police State, The Rogue IRS and the Obama White House
  • NSA and IRS Lying to Congress
  • Abolishing the IRS
  • Author
  • Recent Posts
Debbie Young
Debbie, editor-in-chief of Richardcyoung.com, has been associate editor of Dick Young’s investment strategy reports for over three decades. When not in Key West, Debbie spends her free time researching and writing in and about Paris and Burgundy, France, cooking on her AGA Cooker, driving her Porsche Boxter S through Vermont and Maine, and practicing yoga.
Latest posts by Debbie Young (see all)
  • Don’t Believe ’em. They’re Coming for Your Gas Stove - January 27, 2023
  • The Power of Words - January 26, 2023
  • US Debt Now Exceeds Annual GDP? - January 25, 2023

Dick Young’s Must Reads

  • Thanks to America’s Worst President
  • Making America Great Again Is What America Wants
  • What Do You Know About Rho-Kinase?
  • Paris, The Palace Hotels: Part I
  • Conflict Between Democratic Sovereignty and Transnational Progressivism (Globalism)
  • The Armed American Family: Part I
  • The Common Ground of Democracy is Sinking Beneath Americans’ Feet
  • Joel Salatin and Alfie Oakes, America’s Food Kings
  • The Claremont Institute: Protecting the American Way of Life
  • “An Epic Struggle Over the Definition of America”

Our Most Popular Posts

  • Pfizer CEO Terrified of Real Questions About His Vaccines
  • America's Super States and Stocks that Respect YOU
  • Give Me Clean, Efficient Gas
  • How the Biden Administration Is Destroying Our Energy Infrastructure
  • The Rich Seek More from Bank Accounts
  • Artificial Intelligence Is Coming, But It's Not Quite There
  • Is Kevin McCarthy’s GOP Willing to Do What It Takes on Debt?
  • The Sound of Silence
  • Strengthen Your Defenses Against Stroke
  • Forty Years Ago, Jogging a Mile a Day and Still Going

Disclosure

RSS Youngresearch.com

  • 4 Life Changing Words for Your Survival Guy: “You Should Try This”
  • Suddenly, Holding Cash Looks Good Again to Many
  • Anti-Carbon Crusaders in Davos Talk ESG and OPM
  • Is Passive Investing Already Passé?
  • Welcome to Hotel California, Where You Can Never Leave
  • What You’re Telling Me Matters
  • Can Banks Compete with Apple Pay and PayPal?
  • America’s Super States and Stocks that Respect YOU
  • Markets Are Calling the Fed’s Bluff
  • Don’t Let Your Lazy Cash Eat all Your Food

RSS Yoursurvivalguy.com

  • CATO: Global Freedom Is in Sharp Decline
  • TIME FOR A GONDOLA? Little Cottonwood Canyon Jammed with Traffic
  • Biden Administration Destroying Retiree Fiduciary Protections
  • 4 Life Changing Words for Your Survival Guy: “You Should Try This”
  • Anti-Carbon Crusaders in Davos Talk ESG and OPM
  • Welcome to Hotel California, Where You Can Never Leave
  • What You’re Telling Me Matters
  • The Rich Seek More from Bank Accounts
  • California’s Wealth Tax Will Drive Out Remaining Rich Residents
  • Political Establishment Irate over Conservative Challenges to ESG

Don’t Believe ’em. They’re Coming for Your Gas Stove

NH Republicans Favor DeSantis Over Trump By a Big Margin

CATO: Global Freedom Is in Sharp Decline

The Telling Depth of Media Propaganda and Censorship

TIME FOR A GONDOLA? Little Cottonwood Canyon Jammed with Traffic

Biden Administration Destroying Retiree Fiduciary Protections

Copyright © 2023 | Terms & Conditions | About Us | Dick Young | Archives