FULCHER: Not fiscally responsible
When Speaker of the House Mike Johnson presented a bill that would pay for Israeli support by cutting IRS funds, it appeared to be fiscally responsible. Except that it wasn’t.
As it turns out, the increased funding for the IRS earned $38 million last month. Those funds were mostly from wealthy tax avoiders and/or tax cheats. Research shows that the top 1% of wage earners routinely cut their reported income by 20% (Department of Treasury, National Bureau of Economic Research). This is not tax the rich. This is pay the taxes you owe. The newly staffed IRS, with forensic accountants, could result in collecting an additional $1 trillion in taxes owed over time. Cutting the IRS would cost us money. In fact, the Congressional Budget Office states the Speaker’s “fiscally responsible” plan would add $26.8 billion to the deficit due to lost tax income! Make no mistake, you and I would pay that loss.
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