President Joe Biden hopes to extract an additional $200B from American taxpayers and will focus on working and middle-class households through IRS audits. Biden’s agenda would see nearly 600,000 more Americans in the middle and working-class earning $75K per year audited annually by the IRS.
According to the analysis, Dems’ tax- and spending sprees will increase Americans’ chances of being audited because it targets lower and mid-income earners.
This proposal will result in an additional 1.2million IRS audits per year. Nearly half of these will be performed on middle-class families earning less than $75K. This is so that Dems can squeeze an additional $200B from the American people, especially middle-class families and small businesses.
Biden’s plan for the IRS to be supercharged with $80B in mandate funding and 87,000 new IRS Agents will result in dramatically higher audit rates for all Americans, regardless of their income.
The new IRS audits will focus on working and middle-class Americans with $75,000 or less. More than 313,000 of the 583,000 new IRS audits would be directed at Americans earning $25,000 per year or less.
Biden’s Build back Better Act will result in more than 800,000. More federal tax liens being placed on taxpayer property, such as vehicles and homes.
The IRS receives the majority of income from people earning between $0 and $200,000 per year. Thid will lead to more targeting of working and middle-class Americans, as well as small businesses.
Biden’s plan will result in more audits of middle-class and lower-income Americans and more IRS shakedowns for American families and small business owners.
Biden’s Build back Better Act would offer a $625B tax reduction for the most wealthy Americans who live in blue states. This is due to an increase in the State- and Local Tax Deduction Cap.
66% of Americans who earn more than $1million annually will receive a tax reduction, while 78% of Americans who earn $500K to $1M will see a tax decrease. Only 27% of Americans who earn $75K to $100K will see a tax increase, while 19% of Americans who earn $50K to $75K would see their taxes rise.