Debt-Ceiling Debates Will Continue To Hound Taxpayers, Advisors Say
Dan Sudit, partner at Crewe Advisors, speaks with Jeff Stimpson about how the debt ceiling debates will continue to affect taxpayers, despite an agreement being reached, due to the impact it had on the IRS. “The Congressional Budget Office estimates that the $21.4 billion reduction in IRS funding will result in a net increase in the budget deficit by approximately $19 billion. Even though $80 billion was earmarked, nearly three-quarters of the funding still exists. The money can’t be spent in one fell swoop. It takes time to hire new agents, train them and update their technology and resources as part of the IRS modernization. It is safe to say that the majority of the goals or efforts to scale and modernize the IRS will still occur, probably with modest, if any, reductions,” explains Sudit.
