Americans will be more than twice as likely to experience an IRS audit under President Joe Biden’s “tax and spending spree.”
This is according to a report from Republican members of the House Ways & Means Committee.
Biden's Build Back Better plan calls for the IRS to conduct 1.2 million more audits every year, and about half of those would be targeting individuals earning less than $75,000 annually. https://t.co/HMEOM9YEOt via @reason
— Joe Gabriel Simonson (@SaysSimonson) November 26, 2021
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Merry Audits, Everyone
Reason reports, “President Joe Biden’s plan to beef up IRS enforcement and snoop on Americans’ bank accounts will require hiring more than 80,000 additional tax cops—expanding a federal bureaucracy with a long track record of flouting due process and undermining privacy.”
“As part of Biden’s ‘Build Back Better’ plan, the IRS would get $80 billion in additional funding over the next 10 years,” Reason noted. “The bulk of those new funds, nearly $45 billion, would be directed toward enforcement actions with the goal of doubling the number of annual audits of small businesses. By comparison, the bill spends a relatively meager $1.93 billion on improving taxpayer services, including education and filing assistance.”
“In short, for every new dollar the IRS will spend helping Americans understand the endlessly complicated federal tax code, the agency will spend roughly $23 new dollars on enforcing those same rules,” Reason added.
The Congressional Budget Office data says, “Democrats’ tax and spending spree will more than double Americans’ chances of being audited as it targets lower and middle-income earners. The proposal will lead to an additional 1.2 million IRS audits each year, nearly half of which will hit middle class families making less than $75,000.”
Janet Yellen just admitted the @Biden administration wants to empower the #IRS go after low-income tax cheats. Biden clearly believes low income workers are cheating on their taxes by not reporting all of their income. He want to make sure low income workers pay their fair share!
— Peter Schiff (@PeterSchiff) November 30, 2021
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‘Nearly half of these audits — over 583,000 — would be on Americans making up to $75,000 a year’
“All this so Democrats can wring an extra $200 billion out of the American people, particularly from middle-class families and small businesses,” the report added.
The report continued, “Nearly half of these audits — over 583,000 — would be on Americans making up to $75,000 a year. Even the lowest income Americans would see more audits with a quarter of these audits — over 313,000 — hitting Americans making up to $25,000 per year.”
“This also will mean more than 800,000 more federal tax liens on taxpayer property such as homes and vehicles,” the report observed.
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