White House threatens to veto GOP bill that cuts $72B from IRS

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The White House said Monday it would veto a bill that passed in the Republican majority House that would claw back $72 billion in funds to hire tens of thousands of Internal Revenue Service (IRS) staff over the next decade.

Last year, Congress approved $80 billion in new funding for the IRS to hire staff as part of the Inflation Reduction Act, which President Joe Biden signed into law last year. Republicans passed a bill Monday to take back most of this money, a move that the White House said would help corporations and wealthy Americans cheat on their taxes.

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President Biden would veto a House bill that aims to strip $72 billion in funding for the IRS if it got to his desk. (Reuters/Kevin Lamarque/File)

"Far from protecting middle-class families or small businesses, H.R. 23 protects wealthy tax cheats at the expense of honest, middle-class taxpayers," the White House said in a statement. "With their first economic legislation of the new Congress, House Republicans are making clear that their top economic priority is to allow the rich and multi-billion dollar corporations to skip out on their taxes, while making life harder for ordinary, middle-class families that pay the taxes they owe. That’s their agenda; not lowering costs or cutting taxes for hardworking Americans – as President Biden has consistently advocated."

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Internal Revenue Service federal building in Washington, D.C. (iStock)

The White House said that IRS agents are needed to ensure the wealthy pay their fair share of taxes, which helps reduce the federal deficit.

Funding for the IRS was aimed at hiring both new agents and auditors, as well as support staff. The GOP bill that passed this week leaves in place funding to hire customer service help and technology improvements.

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President Biden promises to veto any bill that enables the rich to cheat their taxes. (White House)

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Biden's veto threat is not expected to ever be needed as the bill is not expected to pass in the Senate, where Democrats hold a majority.

"If the President were presented with H.R. 23 – or any other bill that enables the wealthiest Americans and largest corporations to cheat on their taxes, while honest and hard-working Americans are left to pay the tab – he would veto it," the White House said in a statement.