The House GOP’s proposed $14 billion in aid to Israel would be offset by cuts to the IRS cash reserves that were allocated in President Biden’s Inflation Reduction Act (IRA). Under the proposed legislation, the IRS would lose $12.7 billion from the reserve funds that were set aside in the Act, which provides individuals and businesses with a one-time economic stimulus payment, payroll tax credits, and unemployment insurance and other employment assistance. The remainder of the funds, $1.3 billion, would be offset by cuts to other federal programs unrelated to the IRA.
House GOP’s $14B Israel aid bill offset with cuts to IRS cash in Biden’s Inflation Reduction Act
