Joe Biden is trying to pull a fast one on the public.
He never expected this surprising call-out.
And Joe Biden blew a gasket after a watchdog exposed this massive deception.
The blatantly misnamed “Inflation Reduction Act” is the most terrifying bill of Joe Biden’s Presidency.
Democrats shoved every left-wing priority they could stuff into this $740 billion monstrosity that they tried to pass off as reducing inflation.
The bill is a grab bag of terrible ideas including portions of Rep. Alexandria Ocasio-Cortez’ “Green New Deal,” massive tax increases, and Obamacare giveaways.
To help pay for this socialist spending spree the IRS is being showered with $80 billion in new funding to help double the size of the agency with the hiring of 87,000 new IRS agents.
This supercharged IRS will be tasked with wringing every last nickel out of American taxpayers, despite the false claims the increased audits are only aimed at forcing the wealthy to “pay their fair share.”
The Biden regime has falsely claimed that no taxpayer making less than $400,000 a year would face new audits because of the bill.
Yet, every single Democrat Senator voted against an amendment that would have specifically made Americans making less than $400,000 immune from increased IRS scrutiny and harassment.
Nevertheless, Biden officials are still desperately parroting this lie in the hopes some Americans will buy it, after they’ve realized unleashing increased IRS audits on the American people – especially during the Biden recession and sky-high Bidenflation – is a major political loser.
Now, the Congressional Budget Office (CBO) is confirming that middle-class taxpayers are about to receive a punch in the gut from the so-called “Inflation Reduction Act.”
In a letter to Republican lawmakers, the CBO – which is the non-partisan agency that analyzes the economic and budgetary effects of legislation for Congress – projected that Democrats’ bill will certainly lead to increased IRS enforcement of middle class Americans.
Over the next decade, increased IRS audits for taxpayers making less than $400,000 will result in the confiscation of $4 billion of middle class Americans’ wealth, according to the CBO’s projection.
But, of course, the final total will likely be much higher, as the CBO calculated this figure on the basis of a dubious directive from Biden Treasury Secretary Janet Yellen for the IRS not to use the new funding for audits on taxpayers making less than $400,000.
Secretary Yellen’s directive can obviously be repealed or changed at any time Democrats want, and the definition of “new audits” leaves a lot up to the interpretation of the IRS.
But audits aren’t the only way the IRS can come after taxpayers.
“Activities other than audits — such as collections and automated screening and document matching — are not constrained by the Secretary’s directive, and under the 2022 reconciliation act, the amounts they generate will be greater for taxpayers with all amounts of income,” the CBO said.
House Republicans slammed President Biden for siccing the IRS on middle-class and poor taxpayers after the CBO report.
“President Biden and Washington Democrats have unleashed the IRS to hire an army of 87,000 agents to search under the couch cushions of every living room in America for more money, to audit and harass families just trying to get by,” Rep. Jason Smith (R-MO) said.
Joe Biden is making already struggling Americans cough up even more of their hard-earned money to pay for his spending spree.
Stay tuned to Conservative Underground News for any updates to this ongoing story.