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| Luke Sharrett/Bloomberg/Tom Williams/CQ Roll Call |
The Democrats’ “Inflation Reduction Act” is set to squeeze $20 billion from working and middle class Americans with new funding for increased Internal Revenue Service (IRS) audits, the Congressional Budget Office (CBO) estimates.
On Friday, House Democrats passed the Inflation Reduction Act after Senate Democrats passed the bill earlier this week.
Hours before its passage in the House, lawmakers received the bill’s CBO score — revealing that billions will be taken from working and middle class Americans as a result of billions in new funding for IRS audits.
Specifically, the CBO estimates that the Democrats’ $80 billion for new IRS audits will take at least $20 billion from working and middle class Americans earning less than $400,000 a year. These billions are in addition to the billions already taken from this income group via IRS audits.
The revelation comes as Democrats and President Joe Biden’s administration have falsely claimed that the Inflation Reduction Act does not go after Americans earning less than $400,000. --->READ MORE HERE
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Key Point: At least $20 billion of the revenue Democrats hope to collect from taxpayers with a supercharged IRS would come from lower- and middle-income earners and small businesses, according to a new analysis by the nonpartisan congressional scorekeeper. That’s in addition to existing audits of these income levels.
Explanation: Last weekend, all 50 Senate Democrats voted against an amendment offered by Senate Finance Republican Leader Mike Crapo (R-ID) that would have protected lower- and middle-income American taxpayers against new audits by the IRS.
The Congressional Budget Office (CBO) confirms that had this amendment passed and lower- and middle-income taxpayers been protected, revenue in Democrats’ bill would have been reduced by at least $20 billion – confirming that at least $20 billion of the $124 billion in new revenue expected by a supercharged IRS will be coming from higher audits on low- and middle-income Americans. This will be in addition to existing audits on these income levels.
From CBO:
“CBO has not completed a point estimate of this amendment but the preliminary assessment indicates that amendment 5404 would reduce the ‘non-scorable’ revenues resulting from the provisions of section 10301 by at least $20 billion over the FY2022-FY2031 period.”
Additional Background: --->READ MORE HEREFollow links below to related stories:
CBO Analysis: At Least $20 Billion from New IRS Audits Comes from Those Making Less Than $400K
IRS audits will generate $20B from those making under $400K under Inflation Reduction Act
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