Tax Scorekeeper Confirms Millions of Americans Making less than $400,000 Would Have Accounts Targeted Under Biden IRS Spying Scheme
WASHINGTON, D.C. – The nonpartisan Joint Committee on Taxation (JCT) has confirmed that an average of 87 million Americans earning less than $400,000 would have their account information reported to the Internal Revenue Service (IRS) under President Biden’s IRS targeting proposal.
JCT’s response follows a request last month from House Budget Committee Republican Leader Jason Smith (MO-08), calling for an official assessment of how the Biden Administration’s proposal to empower the IRS to spy on the financial activity of American citizens – including working families, farmers, small businesses, and gig economy workers – would impact middle- to low-income Americans.
“The analysis we have received from Congress’ official Tax scorekeeper shows that President Biden and Congressional Democrats have been grossly dishonest about the focus and impact of their IRS targeting scheme. Under this proposal, the IRS would be given the authority to essentially check under the couch cushions of every living room in America. It would set up millions of middle class families, farmers, small businesses, and gig economy workers for potential audits and legal battles against a powerful federal agency with a troubling history of abusing that power,” said House Budget Committee Republican Leader Jason Smith.
“Given the terms of the proposal and the uncertainty with respect to the efficacy of the exclusion, we estimate the number of taxpayers reporting less than $400,000 who would have their account information reported to be greater than 40 million (27 percent) and less than 134 million (90 percent). The average of this estimated range is 87 million (59 percent) and represents a reasonable point estimate,” wrote JCT.
Read the full JCT response HERE.