White House would veto bill that cuts IRS funding
- By FederalSoup Staff
- Jun 22, 2016
The White House is threatening to veto an appropriations bill that makes major cuts to Internal Revenue Service funding if that legislation makes it to the president’s desk.
According to a statement of administration policy from the Office of Management and Budget, IRS funding cuts contained in the fiscal 2017 Financial Services and General Government Appropriations Act (H.R. 5485) “exacerbate the damaging reductions inflicted on the IRS since 2010, and irresponsibly cut funding for the agencies charged with implementing Wall Street reform.”
The bill slashes IRS funding by $236 million and comes in at $1.28 billion less than the administration’s request. The reduction comes on top of about $900 million in other cuts to IRS funding over the past six years.
The administration also objects to funding levels which it said hinder the Federal Trade Commission's efforts to promote economic competition.
“Furthermore,” the statement said, “the legislation includes highly problematic ideological provisions, including provisions that restrict the IRS's ability to implement the Affordable Care Act (ACA), interfere with important new regulations designed to protect consumers from risky or abusive lending, and undermine the principle of home rule for the District of Columbia.”
The White House also objected to a number of other provisions in the bill, but said it “welcomes the bill's investments in entrepreneurship and small business financing.”