President Joe Biden and Democrats are hoping to squeeze an extra $200 billion in tax revenue out of American taxpayers by mostly targeting working and middle class households with Internal Revenue Service (IRS) audits.
As part of Biden’s “Build Back Better Act,” which was already passed by House Democrats, nearly 600,000 more working and middle class Americans earning $75,000 or less a year would be audited by the IRS, an analysis by Republican lawmakers reveals.
“Democrats’ tax and spending spree will more than double Americans’ chances of being audited as it targets lower and middle-income earners,” the analysis states:
The proposal will lead to an additional 1.2 million IRS audits each year, nearly half of which will hit middle class families making less than $75,000. All this so Democrats can wring an extra $200 billion out of the American people, particularly from middle class families and small businesses.
[Emphasis added]Biden’s plan to supercharge the IRS with $80 billion in mandatory funding and 87,000 new IRS agents will lead to drastically higher audit rates for all Americans at every income level according to the Congressional Budget Office. [Emphasis added]
Specifically, more than 583,000 of the new IRS audits will target working and middle class Americans earning $75,000 or less. Of those 583,000 new IRS audits, more than 313,000 would target the poorest of Americans who earn $25,000 or less a year.
In addition, Biden’s Build Back Better Act will “mean more than 800,000 more federal tax liens on taxpayer property such as homes and vehicles,” the analysis states.