Your taxes will go up, you will likely face audits, and inflation won’t go anywhere. Thanks, Democrats!
The House Democrats voted to raise taxes, and the possibility of more IRS audits on the middle class.
U.S. House PASSES Tax, Health Care & Climate Bill, 220-207.
Goes now to the president. pic.twitter.com/3AWBfLOVAy
— CSPAN (@cspan) August 12, 2022
WATCH: Nancy Pelosi and House Democrats cheer as they pass a bill to raise taxes on the middle class and worsen inflation. pic.twitter.com/QDUQWd1IdD
— RNC Research (@RNCResearch) August 12, 2022
They’re bragging about it, too.
Nancy Pelosi: “Today is really a glorious day for us. We send to the president’s desk a monumental bill that will be truly for the people.”
.@SpeakerPelosi: "Today is really a glorious day for us. We send to the president's desk a monumental bill that will be truly for the people – the Inflation Reduction Act. […] Sadly, for all the good that it does, without one Republican vote [in the Senate]." pic.twitter.com/MpKjWhhPwA
— The Hill (@thehill) August 12, 2022
The Inflation “Reduction” Act won’t reduce inflation. Spend, spend, spend!
But it also doubles the Internal “Revenue” Service by hiring 87,000 agents. More audits but not on the evil millionaires and billionaires.
Taxation is theft. Repeal the 16th Amendment.
The middle class will face the brunt of any new audits at the IRS.
Dems' bill contains no protections for the middle-class from new barrage of IRS audits.
— Ways and Means GOP (@WaysandMeansGOP) August 6, 2022
Then on Friday, the Congressional Budget Office (CBO) confirmed that at least $20 billion of the $124 billion the IRS hopes to take (it’s not revenue because they didn’t earn that money) from taxpayers in the new audits would come from those making less than $400,000.
At least. AT LEAST $20 billion so you know it will be a lot more than $20 billion.
Why come after people like you and me? We cannot afford the lawyers and accountants.
The Joint Committee on Taxation (JCT) estimated that 70-90% of the new “revenue” from new audits would come from those making under $200,000. They should take “$206 billion over the 2022-31 budget window.”
Thomas Barthold, Chief of Staff of the JCT, wrote, “As the table shows, more than half of the assessed amounts are estimated to come from taxpayers with reported income between zero and $50,000.”
The $54.3 billion tax increase for 2023, the JCT estimates, won’t increase taxes for anyone with income between $0 and $30,000. But the JCT also points out that its measure of income includes not just adjusted gross income but also employer contributions to health insurance, the employer’s share of the Social Security tax (FICA), and the insurance value of Medicare benefits. So millions of people whose adjusted gross income is below $30,000 will pay somewhat higher taxes.
People with income up to $75,000 won’t pay much more. But people with income between $75,000 to $100,000 will see their average tax rate rise from 15.8 percent to 16.0 percent. The average tax rate for people with income between $100,000 and $200,000 will rise from 19.1 percent to 19.4 percent, and between $200,000 and $500,000 will rise from 24.1 percent to 24.4 percent.
President Biden is eager to sign this bill, assuming it passes. So much for his campaign promise not to increases taxes on people making under $400,000.
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