Key Point: At least $20 billion of the revenue Democrats hope to collect from taxpayers with a supercharged IRS would come from lower- and middle-income earners and small businesses, according to a new analysis by the nonpartisan congressional scorekeeper. That’s in addition to existing audits of these income levels.
Explanation: Last weekend, all 50 Senate Democrats voted against an amendment offered by Senate Finance Republican Leader Mike Crapo (R-ID) that would have protected lower- and middle-income American taxpayers against new audits by the IRS.
The Congressional Budget Office (CBO) confirms that had this amendment passed and lower- and middle-income taxpayers been protected, revenue in Democrats’ bill would have been reduced by at least $20 billion – confirming that at least $20 billion of the $124 billion in new revenue expected by a supercharged IRS will be coming from higher audits on low- and middle-income Americans. This will be in addition to existing audits on these income levels.
From CBO:
“CBO has not completed a point estimate of this amendment but the preliminary assessment indicates that amendment 5404 would reduce the ‘non-scorable’ revenues resulting from the provisions of section 10301 by at least $20 billion over the FY2022-FY2031 period.”
Additional Background:
Lower- and middle-income earning Americans are the primary target in Democrats’ bill:
- A previous Congressional Budget Office analysis makes clear that under this plan, audit rates will “rise for all taxpayers” and the policy “would return audit rates to the levels of about 10 years ago.”
- The Joint Committee on Taxation, Congress’s official tax scorekeeper, says that from 78 percent to 90 percent of the money raised from under-reported income would likely come from those making less than $200,000 a year. Nearly half of the audits would hit Americans making $75,000 per year or less and only 4 percent to 9 percent would come from those making more than $500,000.
- Democrats voted against guardrails preventing audits for middle-income earners, instead using non-binding legislative language that would do nothing to protect taxpayers from agency abuse.
Big shocker…NOT! The middle class was always the intended target for this upscaled IRS and the $20 Billion dollar figure is on the low side. Expect the IRS to be vacuuming up money left and right.
Wait until you read about all the other little landmines buried in this just passed bill. What the federal government doesn’t take from you in direct taxes, they will get from you in new, expensive regulations covering a broad array of items, as well as higher energy, food, and inflation costs and a relentless push to force you to downsize and live on less and less. Think of the Inflation Reduction Bill as the Lifestyle Reduction Bill. That is certainly a far more accurate description of what it is intended to produce.
Dems do what they always have, but now they do it blatantly and in plain sight.
Wealthy will have high price attorneys and CPA’s while the middleclass can not fight any small detail.
Marxist democrats sold the American small business and low income down the river for the purpose
of destroying them and redistribute middle class to poor class
The government prints fiat currency backed by nothing to finance itself. Other than exerting power over the population, what need is there for a Federal Tax? These new auditors will be used to persecute the voice of anyone, at any economic level, who dares to disagree with the Democrat tyrants. Think of it as Lois Lerner and conservative non-profits writ small.
Remember, with IRS, people are guilty until, well, we are all just guilty. Average people don’t have the resources to prove their innocence so they just roll over and pay. Of course pay will be garnished to the point that people lose homes and vehicles. Hope all you Trump haters are happy with your misguided choice.
I’m sure many of us here today will be called to be audited. So don’t be surprised, after all, they DO have to justify hiring all these people. Biden just expects us to all just Grin and Bear It!
Sooooo…..iIIegaI aIiens enter the country, are given ceII phones, ebt cards, free heaIthcare, and even sociaI security accounts (pre-funded, having NEVER paid a penny in), yet Iaw-abiding, taxpayer Citizens who have taxes DEDUCTED from our payroll checks are going to be raided, audited, strong armed in to paying more than we already have? Do I have that right??? Intimidation, coercion, probably even some deaths by their midnight raids. That will keep the rest of the sheep in line.
Take a close look at Sweden.Huge taxes and govt control even to who can own a chainsaw. Permits everywhere that take more from middle class.Well to do live in 1200 sq. Ft homes. What are you going to do when the irs wants another 6000 dollars.Everything taxed.
dealing with the marxists makes me feel like a bronco rider in the rodeo! use your duck tape!
The aim of the Democrats is to destroy the middle class. All the middle class, in case you left wing citizens think you are safe from harm. Socialist regimes have two classes, Elite and labor and a well paid marshal law system to keep two systems safe and apart. How do you destroy the middle class without just killing them. You hire thousands of IRS agents and give them guns and permission to use them. This Silencer has already been set in progress. Now all you political geniuses out there! Figure a way to stop them.
I just got an email from my democratic senator that says people making less than 400,000 a year will not see a tax increase. But we all know that the taxes on the corporations are all passed on to us so why can’t the democrats tell the truth about anything that they do?
We have to fight back at the polls this is a government out of control.
The American people do not deserve this. But, standing back and complaining will not help. The democrats have had carte blanch since before Trump. We have sat back and let them. Republicans are useless. All they do is ask for donations. Our problem is not China, Russia, Iran or radical Muslims, it is radical leftist, our own administration. If we want America back we need to clean out our government, vote in conservatives. There may be dishonest ones, greedy ones but they care about America, the Democrats don’t. They are selling our country to the highest bidder.
My suggestion. “STOP PAYING TAXES” anybody who is tired of being told what to do by the Commie left and their lap dog treasonous Rino’s. Keep your money. You earned it. Don’t throw it away on perverting your kids. Putting ILLEGALS up in fine hotels and paying for every whim. Sending billions to Ukraine to keep their criminal money laundering enterprise going. Or financing the criminal DOJ, FBI, CIA. Going after the American People instead of the criminals in our Country. And now they want to hire 87,000 Brown Shirts to bully us. F@#K them all !! Cut off there gravy train once and for all. THIS IS A WAR MY FELLOW AMERICANS. And it’s time we start acting like it. Put away your toys and your vacations and stop shopping in their stores. This is 1776 all over again. This is our Country. And they are the enemy from within. Remember “Both Foreign and Domestic”. Screw that Nazi Klaus Schwab and all his psychopathic friends who worship Satan and perform blood sacrifice with children. You know, the ones who are shutting everything down in the world. The ones who want to kill off over two thirds of the population. And keep all the world for themselves. The Communist Democrat Party and the Treasonous Rino’s who are all to happy to lick their boots at the drop of a hat.
Again “Wake Ip America” Duty Calls ????????????????????????
I don’t believe the founding fathers intended for the majority of our “citizens” to become overtaxed sheep, afraid to defend the Constitution, but that’s exactly what has happened over the past 7 or 8 decades!! We will deserve what the commucrats dish out!!
There are thousands of pages in the Tax Code that dictates most people to pay for accounting expertise and still not know all of the gotchas. If the IRS wants to find something – they will. If millionaires want to hide or save thousands with loopholes – they will. If Congress really wanted to do their job right – re-write and simplify the Tax Code closing all of the loopholes and then run the department with half the number of IRS agents they have!