do I have this right?
The Congressional Budget Office (CBO) on Thursday released its full cost estimate of the Build Back Better Act, House Democrats' social spending package, hours before lawmakers were expected to vote on the bill.
The nonpartisan budget scorekeeper said that the massive bill put forward to advance President Biden's agenda would increase the deficit by $367 billion over 10 years.
However, that number does not take into account $207 billion in revenue that the CBO estimates would be raised by providing the IRS with more money for enforcement.
- so... it will cost $367b, but it will take in $207b... which means it will cost $160b? and the revenue will not be fully realized for 10 years. And this is dependent on ruthless IRS enforcement?
The Treasury Department has estimated that the IRS funding provision would raise significantly more revenue than the budget office estimated, and some moderates have expressed support for Treasury's larger estimate.
The CBO score set off a debate over whether the bill is paid for.
so... the Treasury Department disagrees with the independent CBO... but wouldn't the Treasury Department have a vested interest in that ruthless IRS enforcement?
https://thehill.com/policy/finance/582266-cbo-releases-cost-estimate-of-biden-plan
The Congressional Budget Office (CBO) on Thursday released its full cost estimate of the Build Back Better Act, House Democrats' social spending package, hours before lawmakers were expected to vote on the bill.
The nonpartisan budget scorekeeper said that the massive bill put forward to advance President Biden's agenda would increase the deficit by $367 billion over 10 years.
However, that number does not take into account $207 billion in revenue that the CBO estimates would be raised by providing the IRS with more money for enforcement.
- so... it will cost $367b, but it will take in $207b... which means it will cost $160b? and the revenue will not be fully realized for 10 years. And this is dependent on ruthless IRS enforcement?
The Treasury Department has estimated that the IRS funding provision would raise significantly more revenue than the budget office estimated, and some moderates have expressed support for Treasury's larger estimate.
The CBO score set off a debate over whether the bill is paid for.
so... the Treasury Department disagrees with the independent CBO... but wouldn't the Treasury Department have a vested interest in that ruthless IRS enforcement?
https://thehill.com/policy/finance/582266-cbo-releases-cost-estimate-of-biden-plan
