The resolution seeks to allocate hundreds of billions of dollars in additional spending on defense, border security and energy.
Elon Musk has voiced concerns over a GOP budget bill backed by former President Donald Trump, which proposes significant cuts to the Internal Revenue Service (IRS). The bill, known as the "Family and Small Business Taxpayer Protection Act," aims to reduce IRS funding by $71 billion, which was initially allocated through the Inflation Reduction Act. Musk, who has previously criticized the IRS for its inefficiencies, warned that defunding the IRS could lead to a decrease in tax revenue collection, potentially increasing the federal deficit. He highlighted the irony that while the bill might appeal to those who wish to reduce government spending, it could inadvertently lead to less revenue for the government, thus negating the intended fiscal conservatism. This perspective from Musk adds a layer of complexity to the debate over IRS funding and its implications for national finances.
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