August 12, 2022
CBO Confirms Democrats' Plan for More IRS Audits Will Hit Americans Earning Less Than $400,000
House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement today after the Congressional Budget Office (CBO) confirmed this morning that a sizeable portion of the supposed savings from expanded IRS enforcement – at least $20 billion – in the Democrats’ Inflation Act will come from increased audits on Americans making less than $400,000 per year:“Democrats can try to spin the facts, but the Congressional Budget Office has confirmed that the savings Democrats claim will come from their plan to supercharge the IRS requires additional audits on people making less than $400,000 a year. In short, they cannot claim the savings without conceding they are targeting more Americans and small businesses. Americans are already suffering from the worse inflation crisis in forty years. Their wages are down, and their grocery bills are up. The last thing they need are IRS agents knocking on their door.”
Key Points: Democrats’ Inflation Act
- $745 billion in new spending
- $146 billion in new debt
- $54 billion added to the debt in first 5 years
- 80% of deficit reduction does not show up until after 2029
- $599 billion of tax increases and offset gimmicks
- $80 billion for IRS to double in size and conduct 1 million more audits per year on taxpayers making less than $200,000
- $400+ billion for the Green New Deal – over 50% of the bill’s total spending
- Tax Scorekeeper: Democrats Inflation Act Hits Families Making Under $200,000 with $10.6 Billion Tax Hike
- CBO Confirms Democrats’ Plan Won’t Reduce Inflation, Showers Benefits on Wealthy, and Harms America’s Economy
- As Inflation Crisis Continues, Democrats Push More Spending, Taxes, and Debt
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