Here’s a little back-of-the-envelope calculation for all the Biden/Manchin Democrats who say the Inflation Reduction Act is about “deficit reduction” (based on budget gimmicks) rather than increasing spending … again.
Isn't the $3 trillion they've already spent enough?
2) $80 Billion More For The IRS Will Double Your Chance Of Being Audited
The Republicans on the House Ways and Means Committee have investigated what an additional $80 billion means for the IRS. They calculate this will mean hiring 87,000 new IRS agents and “an additional 1.2 million IRS audits each year.” It also means 800,000 more tax liens on taxpayers’ assets.
But only the mega-millionaires and billionaires have to worry, right? No. The rich have legions of tax lawyers and accountants. According to the GOP report, “nearly half of the audits will hit middle-class families making less than $75,000.”
This will be as much fun as a colonoscopy.
Given how Obama and chIef IRS enforcement agent Lois Lerner (remember her?) weaponized the IRS to target large GOP donors, it’s a good bet that conservatives with being first in line for audits.
Can’t we just simplify the tax code with a 19% flat tax?
As part of the reconciliation process to pass the Inflation Resumption Act, the Senate rules allow for unlimited amendments to the bill. This is called “vote-o-rama.” For example: kill the death tax. Allow more drilling. A balanced budget requirement. Etc.
Last year, at the end of the vote-a-rama, Chuck Schumer used a substitute amendment to wipe out all the bipartisan amendments and restore his original bill. Manchin voted for it. Then said he would never do it again:
"Yeah. That was horrible. I told them that will never happen again. I'll never be in that position again. Where that happens, they do what they call a wrap-around and scrub. No, no, no."
Now he’s saying yes, yes, yes to “wrap around and scrub.” It’s getting harder all the time to trust a word this man says.
5) Queen Yellen Will Decide Who Pays The New Book Tax
Congress knows they are likely to make a million messes applying a tax to financial statement income instead of taxable income. But instead of working out all the details, they punt to Secretary Yellen. The Secretary under this bill can create no exclusions more or less at will. Congratulations to the executive branch lobbyists.
