You're Probably Getting Screwed By Misinformation About the IRS

Today, let’s talk about the IRS.

The Democrats passed the Inflation Reduction Act. Which benefits working class people many ways, in fact here’s 10:

1. Allows Medicare to negotiate lower drug prices

2. Caps out-of-pocket prescription drug costs for older adults

3. Prevents higher health care costs

4. Cracks down on Big Pharma’s greed

5. Cuts carbon pollution dramatically

6. Lowers energy costs

7. Creates American jobs

8. Invests in communities that suffer the most from environmental and health hazards

9. Helps build a fairer tax code

10. Cracks down on wealthy tax cheats

Let’s talk about that last one; the Inflation Reduction Act gives $80 billion to the IRS.

COURIER @CourierNewsroom

You may have heard the Inflation Reduction Act invests $80M in IRS enforcement. You may have also heard Republican lies about what that enforcement would look like. COURIER’s @JDScholten is here to tell the truth about why the GOP is lying to you.

September 7th 2022

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You might have heard about the make believe, crazy version of this from Senator Grassley (R-IA):

"Are they going to have a strike force that goes in with AK-15s already loaded, ready to shoot some small-business person in Iowa? With 87,000 additional employees, you can imagine what that harassment's going to be to middle-class Americans and our small business people.”

I can’t believe I have to clarify this but TO BE CLEAR the IRS is NOT arming 87,000 people to “shoot small-business people in Iowa.”

Here’s what actually is going to happen:

The money is going to be broken down to enforcement, operations, technology modernizations, and other allocations.

Why? Probably because according to this headline from 2018 “The GOP Gutted the IRS — and the Rich Made Out Like Bandits.”

That resulted in the IRS being underfunded and understaffed. According to the National Taxpayer Advocate, the IRS has a backlog of 21.3 million unprocessed paper returns, an average phone wait time of 29 minutes and refunds have been delayed by months.

And if you think the IRS is going after regular, taxpaying Americans, that’s not it. Hopefully, this IRS funding will help them crackdown on the top 1% because according to this Washington Post article, the richest 1% dodge taxes on more than ⅕ of their income!

In fact, if the richest 1% paid their taxes, it’s estimated to be from $200 billion to $1.75 trillion dollars over the decade! That’s money that could fund universal healthcare, public education, investing in our future or soooooo many things!

So if you see Republican officials trashing the IRS, it’s not about helping us out. It’s about protecting the super wealthy from paying their taxes and ultimately screwing you!

Share YOU'RE PROBABLY GETTING SCREWED

YOU’RE PROBABLY (ALSO) GETTING SCREWED BY:

CORPORATE GREED

Things will stay expensive according to this must read article… The price of essentials like rent and medical drugs will never come down to pre-pandemic inflation levels if corporate greed goes unchallenged.

Also, did you know that US corporate profits have soared to the widest margin since 1950!!! This line says it all, unfortunately, “Business is passing on higher costs and then some, data show.”

LACK OF ANTITRUST ENFORCEMENT

In case you’re not aware, we are living in a time of unprecedented mergers! The American Economic Liberties Project just released a great report on Why Merger Policy Matters! Hint: you’re getting screwed.

TAX EVADERS

It’s worth repeating, IRS sets the record straight: We’re going after tax evaders, not honest Americans. Here’s an op-ed from Charles P. Rettig, the 49th Commissioner of the IRS.

HEALTHCARE IN AMERICA

Health-care spending is rising around the world, but the U.S. is the worst performer. The United States accounts for more than 40% of all global health spending. We spend so much and get so little in return!!!

***If you have a healthcare story or see a healthcare story posted on social media that needs more attention, please comment below and we will reach out. 

BEFORE YOU GO

Before you go, I need two things from you: 1) if you like something, please share it on social media or the next time you have coffee with a friend. 2) Ideas, if you have any ideas for future newsletter content please comment below. Thank you.

Standing Tall for All,

J.D. Scholten