On The Money — McCarthy pushes to cut IRS funding

Home Republicans’ first invoice would rescind new IRS funding — and the White Home isn’t completely happy about it.

We’ll additionally have a look at a brand new marketing campaign finance criticism in opposition to newly minted Rep. George Santos (R-N.Y.).

However first, discover out why Dr. Dre is mad at Rep. Majorie Taylor Greene (R-Ga.).

Welcome to On The Cash, your information to all the pieces affecting your payments, checking account and backside line. For The Hill, we’re Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. Subscribe right here.

CBO: Republicans’ IRS invoice will add $114B to deficit

The Republican proposal to eradicate billions of {dollars} in IRS funding will pile greater than $100 billion onto federal deficits, in response to a brand new estimate from Congress’s official price range scorekeeper.

The invoice, which is slated to hit the Home flooring Monday evening as the primary legislative act of the brand new GOP majority, would claw again many of the nearly $80 billion in new IRS funding offered beneath the Democrats’ huge local weather, well being and tax bundle, which was signed by President Biden final 12 months.

• The Congressional Price range Workplace (CBO) estimated that the laws would lower federal spending by $71 billion, however would scale back tax income to the tune of just about $186 billion.
• The web impact could be a $114 billion improve in deficits over the subsequent decade, the CBO discovered.
• Virtually $46 billion of the spending would go towards company enforcement efforts designed to forestall sure taxpayers — largely firms and rich people — from paying lower than they owe.

Aris and Mike Lillis have extra right here.

IT BEGINS

White Home opposes ‘reckless’ GOP invoice to rescind IRS funding

The White Home on Monday excoriated Republican-led laws up for a vote within the Home to rescind funding for the Inside Income Service (IRS) allotted final 12 months by Democrats, calling it a “reckless” invoice that will profit “tax cheats.”

“With their first financial laws of the brand new Congress, Home Republicans are making clear that their high financial precedence is to permit the wealthy and multi-billion greenback firms to skip out on their taxes, whereas making life more durable for atypical, middle-class households that pay the taxes they owe,” the Workplace of Administration and Price range stated in an announcement.

The background: The Home is about to vote as early as Monday night on the invoice, which might claw again roughly $80 billion in funding for the IRS.

• Democrats have stated the cash will probably be used to enhance taxpayer providers and improve the company’s capacity to crackdown on firms and rich Individuals who’re skirting tax legal guidelines.
• Republicans for months vowed to reverse the funding in the event that they received management of the Home, claiming the cash could be used to fund different Democratic priorities and that the company would go after middle-income Individuals.

Right here’s extra from The Hill’s Brett Samuels.

SANTOS SCRUTINIZED

Ethics watchdog information FEC criticism in opposition to George Santos

A nonpartisan ethics watchdog filed a criticism with the Federal Election Fee (FEC) in opposition to first-term Rep. George Santos on Monday, urging the company to research the New York Republican for allegedly violating marketing campaign finance legal guidelines.

The ethics criticism — filed by the Marketing campaign Authorized Heart — got here shortly after Santos was sworn into the Home early Saturday morning following the dayslong Speaker election, formally putting in him as a lawmaker within the 118th Congress.

Amongst different claims, the watchdog is particularly desirous about:

• Allegations Santos took half in a straw donor scheme to cover the sources behind a mortgage he made to his marketing campaign
• Claims he purposely falsified numbers on his disclosure studies
• Allegations he wrongfully used marketing campaign funds for private issues.

The Hill’s Mychael Schnell has extra right here.

FOR THE RECORD BOOKS

Elon Musk secures world report for largest-ever lack of private fortune

Elon Musk has secured a world report for the most important lack of private fortune in historical past, Guinness World Data stated Friday.

In a weblog submit, the worldwide group, which retains monitor of an enormous number of information, cited Forbes’s estimate that Musk had misplaced round $182 billion since November 2021 however famous that different sources point out the determine is nearer to $200 billion.

Whereas the true determine is unclear, Musk’s losses seem to simply surpass these of the earlier record-holder, Japanese tech investor Masayoshi Son, who misplaced $58.6 billion in 2000.

The Hill’s Jared Gans breaks it down right here.

Good to Know

The highest Democrat on the Home Pure Sources Committee blasted a provision within the proposed Home guidelines bundle that will make it simpler to switch public lands, calling it a sign the brand new GOP majority intends to pursue a broadly pro-industry agenda.

The proposed guidelines bundle, made public Friday, features a provision streamlining the method by which possession of federal lands passes from the federal authorities to states or localities.

One other merchandise we’re maintaining a tally of:

• The U.S. must enhance its investments in tech developments as a way to keep aggressive on a worldwide market, three Senate Democrats stated Friday on the Shopper Digital Present.

That’s it for immediately. Thanks for studying and take a look at The Hill’s Finance web page for the newest information and protection. We’ll see you tomorrow.