A bill backed by Senate Majority Leader Chuck Schumer (D-NY) and Joe Manchin (D-WV) would unleash the Internal Revenue Service (IRS) on middle class Americans while keeping tax loopholes open for billionaires and their multinational corporations.
The plan, which Schumer and Manchin have agreed to, would massively bulk up IRS audits and criminal investigations to the sum of tens of billions of dollars — nearly all of which will be dedicated to going after middle class Americans squeezed by inflation.
The Wall Street Journal editorial board details the scheme:
The bill earmarks $45.6 billion for “enforcement,” including “litigation,” “criminal investigations,” “investigative technology,” “digital asset monitoring” and a new fleet of tax-collector cars. The result will be far more audits, civil suits and criminal referrals. [Emphasis added]
The main targets will by necessity be the middle- and upper-middle class because that’s where the money is. The Joint Committee on Taxation, Congress’s official tax scorekeeper, says that from 78% to 90% of the money raised from under-reported income would likely come from those making less than $200,000 a year. Only 4% to 9% would come from those making more than $500,000. [Emphasis added]
The IRS knows the super-wealthy employ lawyers and accountants who make litigation time-consuming and risky. It also knows that Democrats would howl if the agency pursues fraud in the earned-income tax credit program, despite what the IRS has estimated are $18 billion in improper payments each year. [Emphasis added]
At the same time, tax provisions hugely benefitting billionaires and their multinational corporations would go untouched.
The Schumer-Manchin plan includes billions in green energy tax credits that would be swooped up by billionaires to cut their corporations’ annual tax burdens. Jeff Bezos’s Amazon notoriously employs this strategy to pay close to zero in corporate income taxes.
Joe Manchin can kiss West Virginia goodbye!! They aren’t gonna play his game.
Proves Manchin is just another Democrat Anti-American TRAITOR !!!!
Word is that the irs has stock piled 5 millions rounds of ammo and thousands of firearms. I think they probably should consider investing in some body armor also.
we all know that Ammo and Body Armor companies are funded by Soros and Bill Gates…don’t buy WOKE ammo……
That makes a lot of sense 12:06, especially knowing that soros wants to defund the police and thinks law abiding citizens should not be allowed to own a firearm for anything. Now “we all” would like to know 12:06, where you get you information from
The IRS is hoarding up guns and ammo to keep the honest Americans from having access to any. That’s why ammo is so hard to find.
No 2:37, I think the IRS is stockpiling firearms and ammo for the future, when they come knocking on our doors.
Poor middle class has NO money to pay the IRS , so good Luck getting ANY !!!! Waist of time & $$$$$