Biden and Republicans criticize each other on taxes
2023.01.12 13:57
Biden and Republicans criticize each other on taxes
By Tiffany Smith
Budrigannews.com – President Biden of the United States criticized House Republicans, who have taken control of Congress, for supporting tax measures that, according to him, would benefit the wealthy at the expense of middle-class taxpayers and exacerbate inflation.
Monday night, the Republican-led House approved a bill that would cut tens of billions of dollars from the Internal Revenue Service (IRS) budget. Biden promised to veto the bill even if it did pass the Senate, where Democrats hold the majority, which is unlikely to do so.
Democrats provided funds to hire 87,000 new IRS agents who would concentrate on wealthy taxpayers with complex returns as part of the Inflation Reduction Act, which was passed by party lines last year. As they examine the returns, the new agents are anticipated to generate additional revenue.
In a Monday analysis, the nonpartisan Congressional Budget Office, which conducts analysis on behalf of lawmakers, found that the Republicans’ IRS measure would result in a $114 billion increase in the deficit.
“Inflation was the focus of House Republicans’ campaigns. “They didn’t say their plan was to make inflation worse if elected,” Biden told reporters. To be clear, let me say this: I will veto any of these bills that get to my desk.
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