that BBB’s provision beefing up IRS enforcement on wealthy tax cheats will raise far less in revenue than the White House projects.If the CBO score does conclude that BBB will add to the deficit, moderate Democrats could get spooked into voting against it. Sen. Joe Manchin III could use it to further chop down BBB’s spending.. But it’s at least possible.
In one sense, this may seem like an obvious point. After all, Republicans controlled Congress and the White House in 2017, and they only pretend to care about deficits when a Democrat is president, while viewing cutting taxes for the wealthy as one of the highest goods in life.By contrast, Democrats control Congress now, and they have vowed that BBB won’t increase the deficit.
in addition to beefed-up IRS enforcement, such as a corporate minimum tax, a crackdown on multinational tax avoidance, and other provisions aimed at the wealthiest in our society.But in addition to highlighting the obvious “responsibility gap” between the parties, this possibility also demonstrates the problem Democrats face in having deficit-focused moderates wielding outsize power over their agenda.Think of it this way.
And by the way, if the CBO score is disappointing, moderates might be tempted to kill or downsize the billThis is a complicated and arcane debate, but the bottom line is that the White House believes the CBO doesn’t have the right kind of precedent or experience to project how much increased IRS enforcement will raise.
It’s possible the very wealthy will come up with clever new ways to avoid taxes, reducing the revenue haul from beefed-up enforcement (the pessimistic view that
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