The House of Representatives passed their first bill of the new year, after concluding the protracted proceedings to elect Kevin McCarthy (R-Calif.) as the new Speaker of the House. The now Republican-controlled House passed the “Family and Small Business Taxpayer Protection Act” 221-210. The bill is designed to eliminate $71 billion of the $80 billion allocated to the Internal Revenue Service (IRS) gained from the Inflation Reduction Act to help the IRS with high-income tax enforcement. Sponsors of the new bill claim that the approved IRS funding will hurt lower-income employees and small business owners by increasing audits on all taxpayers. Despite the bill’s passage, it is not expected to pass in the Democratic-controlled Senate and President Biden said he would veto it if it came to his desk for signage. 

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