The House Appropriations Committee’s subcommittee on financial services and general government approved a bill Wednesday to cut the Internal Revenue’s Service budget to $9 billion for fiscal 2014.
The $9 billion budget is 24% below the enacted level for fiscal 2013 and 30%, or $4 billion, below President Obama’s budget request for the IRS for fiscal year 2014.
The budget reduction was “due to the recent inappropriate actions by the IRS in targeting specific political groups, as well as its improper use of taxpayer funds,” said Rep. Hal Rogers, R-Ky., chairman of the full committee. Included in the $16.97 billion bill is $1.4 billion for the Securities and Exchange Commission, which is $50 million above the fiscal year 2013 enacted level and $303 million below Obama’s budget request for fiscal 2014.
The legislation contains requirements for the administration to report to Congress on the cost and regulatory burdens of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
A full committee vote on the bill has not yet been scheduled.