The House Appropriations Committee (HAC) yesterday released the fiscal 2018 Financial Services and General Government Appropriations bill, which sets forth proposed annual funding for the Treasury Department, the Judiciary, the Small Business Administration, the Securities and Exchange Commission, and other related agencies. The proposal will be considered in the subcommittee today. For text of the bill, see here. In its press release, the HAC described the bill as one that would “slash the IRS, fund US courts, invest in programs to boost economic opportunity, and scale back harmful regulations.” See here for the press release. The HAC was particularly hard on the Internal Revenue Service (IRS), proposing to cut its budget by $149 million. These cuts come after successive reductions in the IRS’s budget for the last several years. The draft legislation contains several provisions that the HAC believed necessary “to address underperformance and previous poor...

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