The Congressional Budget Office (CBO) found Thursday that increased IRS enforcement funding in the Build Back Better Act would raise only half of the tax revenue the Joe Biden White House estimated.
The CBO released its estimate of the Build Back Better Act’s $88 billion in increased funding for the IRS to increase its audit enforcement.
The CBO found that the bill would on net decrease the deficit by $127 billion through 2031.
Biden and congressional Democrats hoped to use the increased IRS funding as a major revenue source to offset the cost of the allegedly $1.75 trillion Build Back Better Act, although some estimates pin the cost of the bill higher at $4.91 trillion.
The CBO also found that it would take