Biden’s IRS ‘will have to target small and medium businesses because they won’t fight back’ +

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SARACARTER.com | September 9, 2022

“The IRS will have to target small and medium businesses because they won’t fight back” is a direct quote from Joe Hinchman, executive vice president at National Taxpayers Union Foundation. That is what the American people are up against, and President Joe Biden has just emboldened the sickness.

The Foreign Desk News reports that the Joint Committee on Taxation (JCT),  a nonpartisan watchdog group has found “taxes will increase by $16.7 billion on American taxpayers earning less than $200,000—a nearly $17 billion tax targeted solidly at low and middle-income earners next year.”

Additionally, “at least half of all new tax revenue raised next year would come from those earning under $400,000, and by 2031, those earning below $400,000 are projected to bear as much as two-thirds of the burden of the additional tax revenue collected.”

Going after vulnerable, middle-class Americans is nothing new for the IRS. Hinchman also stated  “The IRS says ‘We’re going after the rich’ but when you’re trying to raise that much money, the rich can only get you so far… The rich have their lawyers and fight it — that’s why the poor are easier to go after.”

Last year alone, the IRS audited “Americans earning less than $25,000 a year at five times the rate of other groups, according to a study by Syracuse University’s Transactional Records Access Clearinghouse (TRAC), a nonpartisan, nonprofit data research center.”

Analysis of the new spending for the IRS showed that Americans who earn less than $75,000 per year are slated to receive 60 percent of the additional tax audits. According to this analysis, the IRS would conduct more than 1.2 million additional annual audits of Americans’ tax returns.

The watchdog group also estimated that “between 78 and 90 percent of the estimated additional $200 billion the IRS will collect will come from small businesses making less than $200,000 annually.”

The IRS has insisted their target is higher income individuals, but, according to the JCT, “only 4-9 percent of additionally collected funds will come from businesses making north of $500,000 a year.”