The Democrats were claiming they need thousands of new taxmen in order to fight billionaires.
It looks like that’s not true!
New York Post:
A key provision in the Inflation Reduction Act — which throws an extra $80 billion to the IRS to improve the agency’s collection of under-reported income — will end up targeting small business owners to pay for the legislation, according to nonpartisan watchdog the Joint Committee on Taxation.
The group estimates that between 78% and 90% of the estimated additional $200 billion the IRS will collect will come from small businesses making less than $200,000 annually.
Just 4% to 9% would come from businesses making north of $500,000 a year — meaning the legislation is in sharp contrast to President Biden’s longstanding claim that he wouldn’t raise taxes on anyone making less than $400,000.
“The IRS will have to target small and medium businesses because they won’t fight back,” Joe Hinchman, executive vice president at National Taxpayers Union Foundation, told The Post. “We’ve seen this play out before … the IRS says ‘We’re going after the rich’ but when you’re trying to raise that much money, the rich can only get you so far.”
They’re not going after middle-class people for the money.In fact, going after the lower and middle class can actually be more lucrative for IRS auditors than trying to get more money from the wealthy. “The rich have their lawyers and fight it — that’s why the poor are easier to go after,” Hinchman adds.
Accordingly, tax experts warn that the IRS’s audits will be far more painful and costly for small business owners — even for those who think they’re filing their taxes correctly.
“Most small business aren’t doing anything wrong,” Daniel Bunn, executive vice president at the Tax Foundation, told The Post. “We don’t make the tax code simple and the complicated tax code makes it difficult for small business owners to comply with all the requirements.”
“The approach here is to double the IRS workforce, take the leash off, and see how much they can collect,” Hinchman adds. “I think they’ll collect it but it will be quite painful.”
It’s about widening the gap between the rich and poor – pushing the middle class into poverty.
.@GroverNorquist: "They want to take $80B from taxpayers… and hire 87K more bureaucrats in the IRS.
They're going after small businesses… They're massively increasing their ability to audit you."@MariaBartiromo @FoxBusiness @taxreformer pic.twitter.com/4xhVrYHM4R
— Mornings with Maria (@MorningsMaria) August 2, 2022
This is just a part of a finishing move on small businesses, following up on the coronavirus hoax and rapidly rising inflation.
Imagine a world where we didn’t need an $80 billion expansion of government extortion. Imagine, if you will, a tax code that fits on just a few pages, instead of the many thousand thousands we suffer under now.
We could live in that world but politicians won’t allow it.
— The Bear of America (@UrsusAmericani) August 3, 2022
Continue reading...To think that the IRS will be “targeting” millionaires and billionaires is laughable. They are the political donor class and even Democrats aren’t dumb enough to bite the hands that feed them. It will be political, and Lois Lerner blazed the trail.
— Lawrence Haugh (@lawrence_haugh) August 3, 2022