IRS Exposes More Confidential Taxpayer Information as Democrats Reward Agency with $80 Billion
House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Internal Revenue Service (IRS) admitted on Friday to posting confidential taxpayer information of 120,000 individuals on the agency’s website:“The IRS continues to singlehandedly shred its own credibility with the American taxpayer,” said House Budget Committee Republican Leader Smith. “This is the same agency that under the Biden Administration leaked taxpayer information last year for political gain, and the same agency that was caught targeting conservatives during the Obama Administration. But rather than hold the IRS accountable, Washington Democrats have made common cause with it. In their recently enacted Inflation Act, Democrats rewarded the IRS with an additional $80 billion so it can hire 87,000 new agents to target more working-class American families with more audits, bureaucratic paperwork, and higher taxes. Rather than scrutinize the behavior of the IRS and actually get answers for taxpayers, Democrats are empowering the agency to further scrutinize the lives of the American people.”
Key Points:
- The so-called “Inflation Reduction Act” supercharges the IRS.
- $80 billion funneled to the agency to hire 87,000 new agents.
- Over 50 percent of funds go towards enforcement purposes while only 4 percent is allotted for taxpayer services.
- Congressional Budget Office (CBO) Confirms Inflation Act Unleashes IRS Audits and Enforcement on Families Making Less Than $400,000
- CBO Analysis shows that increased revenues from a supercharged IRS will “be collected from taxpayers with income less than $400,000.”
- Democrats have previously proposed giving the IRS $80 billion for the purpose of looking into any Americans’ bank accounts with inflows or outflows of more than $10,000.
- An analysis from the Joint Committee on Taxation confirmed such a proposal would impact up to 134 million Americans earning less than $400,000.
