Schumer-Manchin Inflation Act: Working People Will Pay at Least $20B

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The inflation Reduction Act doesn’t reduce inflation and might increase it. It definitely doesn’t reduce the deficit and won’t do anything for the GDP. It will vastly increase the number of IRS agents over the next ten years. Democrats claimed it wouldn’t tax working people, but that isn’t the case, the CBO says. They will collect $20B from working people.

Watch:

The New York Post reports:

The CBO just released data showing that Americans earning less than $400K per year will pay $20 billion more in taxes over the next decade under the Inflation Corruption Act. Joe Biden is literally going to do the one thing he promised never to do.

An analysis by the CBO estimates those earning less than $400,000 — the group on which Biden promised not to raise taxes — will pay an estimated $20 billion more in taxes over the next decade as a result of the Democrat-pushed $740 billion package, which also sets aside $80 billion to hire 87,000 IRS agents.

The bill has yet to be scored in its entirety by the CBO — which typically gives each piece of legislation a price tag before it is voted on — but the agency scored the impact of the IRS expansion on middle-class taxpayers on Aug. 12 after a provision from Sen. Mike Crapo (R-Idaho) sought to exempt those making under $400,000 from increased IRS scrutiny.

Crapo’s proposed amendment would have kept those taxpayers from being targeted by the new IRS hires, but his provision was shot down 51-50 in the bill passed by the Senate last week.

The Free Beacon reports:

A Congressional Budget Office report found that the Internal Revenue Service will collect billions of dollars from auditing low- and middle-income Americans under the White House-backed “Inflation Reduction Act,” contradicting Biden administration claims, according to Republicans on the House Ways and Means Committee.

Fox News confirmed the report, finding the CBO informed congressional Republicans that, under the act, audits of taxpayers making under $400,000 would account for about $20 billion in additional revenue.

The news comes after high-ranking Biden administration officials, including Treasury Secretary Janet Yellen and Press Secretary Karine Jean-Pierre, assured Americans that the IRS would not increase audits of people earning under $400,000. 

The Americans for Tax Reform:

A new preliminary assessment from the Congressional Budget Office released today found that at least $20 billion of new revenue from increased IRS audits will come from individuals earning less than $400,000 per year.

CBO’s analysis directly contradicts claims from the Biden White House and Congressional Democrats that the IRS would perform “no new audits” on anybody making under $400,000 per year under their proposal to spend $80 billion to supersize the IRS.


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Tim Shep
Tim Shep
3 months ago

Lies, lies, lies that’s all they know.