House GOP’s $14B Israel aid bill offset with cuts to IRS cash in Biden’s Inflation Reduction Act

The House GOP’s proposed $14 billion Israel aid bill is expected to be offset with cuts to the Internal Revenue Service’s cash reserves, as outlined in President Biden’s Inflation Reduction Act. The proposal would take $1.5 billion from the IRS’s Fiscal Year 2021 budget and use it to fund the aid package. The legislation, H.R. 3754, was introduced by Republican Rep. Mike Gallagher of Wisconsin and is expected to be included in the 2021 National Defense Authorization Act (NDAA). It has garnered strong bipartisan support, with co-sponsorship from 243 Republicans and 180 Democrats as of April 8. TheIRS’s cash reserves are used to ensure that Americans’ tax refunds and tax credits are paid on time. The agency also funds investigations of tax fraud and other financial-related crimes. The proposed cuts, however, are not expected to have a major impact on its operations.


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