Welcome to your worst nightmare- your own armed IRS agent, auditing you year after year.
Biden’s bill, laughably named the Inflation Reduction Act, includes an $80 billion “investment” in the IRS with nearly $46 billion going to enforcement. That includes the hiring of 87,000 new agents.
Contrary to Biden’s assurances, the IRA bill will raise taxes on nearly everyone in 2023 and have barely any impact on inflation. That means year by year with inflation running about 8-10% under Biden you will be pushed into higher and higher tax brackets but seeing your purchasing power wither. Now for the bad part.
The new agents are meant for enforcement. That means audits. A lot of audits. The truly wealthy will be able to fend off these audits with layers of lawyers and accountants but for those in the middle these yearly audits will exact a painful price. Biden’s new army is not really directed at Bill Gates or Jeff Bezos. Those audits take a very long time and there’s just not enough rich people to make significant difference in revenue. The real harvestable money is the middle class, and the middle class is the real target and it’s not difficult to see what’s coming. In fact, the IRS will be hitting low-income families even harder:
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