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 ...
It took nine months for them to realize that a 1099 from the same company for the same amount and the same recipient for the same tax year was a duplicate.
They claimed I never included the retirement disbursement in 2019, which left me completely befuddled as I filed a 4972 and it was listed on my 2019 1040.
I finally realized that they have 18 months worth of paperwork backed up from doing nothing because of COVID, and their computer system must have a flag that says any data entered more than N months after the filing deadline means somebody cheated. So I had to pay $60 bucks to file with the tax court.
A perfect example of idiotic malevolence like almost all government in the US right now.
Maybe a few but not that many. Those types don’t go for that.
My dad has a brand new Springfield .45 - could use some of that.
I think a lot of them will be interesting in grinding their boots into the faces of small business owners.
There is also a crapton of mediocre college grads with humanities degrees that are tired of waiting tables and mixing cocktails.
There are none left.
They’re going to go after the gig economy people, most of which aren’t making a whole lot of money.
“I think a lot of them will be interesting in grinding their boots into the faces of small business owners”.
You beat me to it. I was going to tell you that they would love being “enforcers.”
“There is also a crapton of mediocre college grads with humanities degrees that are tired of waiting tables and mixing cocktails”.
That’s a very good point.
I think it is going to be a mess which is to our advantage.
Everybody is conservative when the topic is their money. It’s other people’s money that separates liberal from conservative.
But some are less oppressive than others
I have dealt with incompetent IRS employees before. There is no advantage to be had. They don’t care, their bosses don’t care, they can’t be fired and they have nearly endless resources to grind you down even when they are WRONG.
They will create messes, alright, but it’s us that will be paying to escape the muck.
I wonder where the big flag with the Swastika will go if this passes.
Right in front of the Capitol Building would probably be the best place.
Build Back Redder
You know as well as anyone what they’re about and what we’re facing.
Regards-
They will go after those who cannot afford to fight back. I guarantee you.
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