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

Click here to view the House Budget Committee Republican Fact Sheet on the Democrats’ Inflation Act.