Ron Paul Liberty Report
August 8, 2022
The laughably-named “Inflation Reduction Act” will double the size of the IRS – making it larger than the Pentagon, State Department, FBI, and Border Patrol…combined! And that will save money?
There are conflicting views on whether the additional funding will translate to more financial scrutiny of the middle class, specifically those households making less than $400,000 annually, CNBC reports.
While advocates applaud the enhanced IRS budget, opponents argue the beefed-up enforcement may affect more than wealthy Americans, violating Biden’s $400,000 pledge.
“My colleagues claim this massive funding boost will allow the IRS to go after millionaires, billionaires and so-called rich ‘tax cheats,’ but the reality is a significant portion raised from their IRS funding bloat would come from taxpayers with income below $400,000,” Sen. Mike Crapo, R-Idaho, ranking member of the Senate Finance Committee said in a statement.
IRS Commissioner Charles Rettig said the $80 billion in funding would not increase audits of households making less than $400,000 per year.
“The resources in the reconciliation package will get us back to historical norms in areas of challenge for the agency — large corporate and global high-net-worth taxpayers,” he wrote in a letter to the Senate.
“These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans,” he added.