Posted on 08/03/2022 4:40:58 PM PDT by Libloather
The Inflation Reduction Act of 2022 appears to have a good shot at being signed into law. If Senate Democrats can get Sen. Kyrsten Sinema (D-AZ) to join Sen. Joe Manchin (D-WV), the bill will have the necessary 50 votes to pass through the reconciliation process.
Let's hope that never happens. The plan would hurt working-class taxpayers and small-business owners across America. The act will introduce a "corporate alternative minimum tax," which will compel a 15% tax on corporate income. It will increase the taxes imposed on certain high-income earners. Finally, it will step up enforcement mechanisms within the IRS.
While most people rightfully do not want to see tax hikes during a recession, few realize the negative impact expanded enforcement would have. The White House said it intends to make the "top 1%" pay for expanded government programs. But expanding IRS enforcement won’t affect just the wealthy. Instead, it’ll just end up hurting the middle class.
The additional funding for the IRS adds up to $80 billion over the next decade — essentially doubling the size of Uncle Sam’s debt collector and putting 87,000 new IRS agents into action. The result will be increased audits on small businesses and middle-class taxpayers across the country. While there are over 600,000 audits annually, which disproportionately affect low-income earners, under the new beefed-up enforcement plan, the IRS will be able to perform 1.2 million additional audits. Surely those million-plus audits won’t just be billionaires!
This massive investment in enforcement infrastructure comes at a time when even getting in contact with the IRS can seem daunting. According to the IRS itself, the agency only answered roughly 10% of all phone calls received during the previous tax year.
Nor is stepped-up enforcement likely to raise the $700 billion projected. Nor is it likely to...
(Excerpt) Read more at msn.com ...
How do you do transactions with all the “Green” low carbon rolling blackouts?
That is a question for animals in Democrat cities?
Either way, why does the IRS need so much ammo?
I don’t think they’ll find it easy to recruit 87,000 new IRS agents.
Yeah, I know. Remember Obama buying all that ammo? It was 2 billion rounds or something. I would sure like to know if all the fed agencies continued to procure their training ammo as scheduled. I bet they did and the 2b rounds were extra.
I sure would like to know what that was about... and if it’s still sitting around somewhere.
“The Inflation Reduction Act of 2022...”
The vast majority of we Proletariat need to remember that whatever Mother Government names a bill, the OPPOSITE WILL HAPPEN.
Live BELOW your means. Pay off ALL debt; owe nothing to any lender. Cut up your credit cards. Sell everything you own that isn’t nailed down if you need to. Knuckle Down and Buckle Up; it’s going to get worse before it gets better.
Plan accordingly, FRiends!
They will probably post an agent next to my tip jar at work . . .
They need .45 so it can be confiscated by civilian 1911 enthusiasts.
😄
>>>Either way, why does the IRS need so much ammo?<<<
Eventually we’ll be asking why they need so many excavators . . .
That is what I was thinking...they already cannot find people, and now 87,000 more????
He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance.
They intend to get back every red cent ( plus more) of the checks they handed out.
Beat me to it.
Tragic.
>and have spyware Biden Digital Bucks
Much worse than that. It will tell you what, when, where and how much you can buy. The why part will determine your social credit score. Bad boy? Sorry, no biden bucks for you. Eat your bugs.
Thanks for your service Ark Tider …..
And how incompetent most of the 87,000 would be comes into play. It could end up a cluster ___-.
Still building that civilian Army Obama was bragging about.
Oh yes they will, because they won’t be looking for skills or work ethic. They’ll be recruiting BLM and Antifa.
If they double maybe someone can answer the phone within several hours.
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