New Bill Raises SERIOUS Concerns – IRS Responds
(BrightPress.org) – On Sunday, August 7, Democrats in the US Senate passed a scaled-down version of President Joe Biden’s “Build Back Better” agenda. The “Inflation Reduction Act” will increase the amount of money Congress appropriates to the Internal Revenue Service (IRS) by $80 billion. That is apparently going to have consequences for some people.
Liberal lawmakers agreed to bolster the agency in a bid to find $370 billion to combat climate change and $64 billion to subsidize Obamacare plans. The Left says no one making under $400,000 will get audited at higher rates, but not everyone is taking this commitment at face value.
With the IRS hiring more employees, here's who agents may target for audits https://t.co/9tEgIrQIsf
— CNBC (@CNBC) August 10, 2022
Out of the $80 billion, $45.6 billion will go toward tax enforcement efforts. Still, the nonpartisan watchdog group, Joint Committee on Taxation, says between 78% and 90% of the extra $200 billion the IRS is hoping to collect would come from targeting small business owners that earn less than $200,000 per year. Republicans believe agents will step up audits against the middle class.
According to The New York Times, IRS Commissioner Charles Rettig denied the frequency of tax enforcement actions against the middle class or small business owners would increase. He said audit rates for those making under the $400,000 threshold would be similar to those seen in recent years. The commissioner added that the agency would spend $34.4 billion to improve technology and increase customer support.
Some believe that the tax agency just wants to say the right things until President Joe Biden signs the bill into law. Once it’s there, the IRS can do as it pleases until Congress says otherwise.
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