ArdmoreRyno Posted August 9, 2022 Posted August 9, 2022 https://taxfoundation.org/permanent-build-back-better-middle-class-tax/ https://www.foxbusiness.com/politics/middle-class-americans-bear-brunt-irs-audits-analysis-shows Middle-class Americans to bear brunt of IRS audits under Dem inflation bill, analysis shows Americans making less than $75,000 will be subject to 710,863 additional audits, according to the analysis Americans who earn less than $75,000 per year are slated to receive 60% of the additional tax audits expected under Democrats' spending package, according to an analysis released by House Republicans. The analysis, which is a conservative estimate based upon recent audit rates and tax filing data, shows that individuals with an annual income of $75,000 or less would be subject to 710,863 additional Internal Revenue Service (IRS) audits while those making more than $1 million would receive 52,295 more audits under the bill. The legislation, the Inflation Reduction Act, would roughly double the IRS' budget to increase enforcement and, therefore, federal tax revenue. "Value shoppers at Walmart and other retailers, already struggling with higher prices and more expensive fuel to drive to the store, will get hit with 710,000 additional audits thanks to the Manchin-Biden Democrat bill," House Ways and Means Committee ranking member Kevin Brady, R-Texas, said in a statement after releasing the study. "Every retailer in the U.S. who cares about their hard-hit customers should be fighting to block this unnecessary harassment of hard-working Americans," he added. Overall, the IRS would conduct more than 1.2 million more annual audits of Americans' tax returns, according to the analysis. Another 236,685 of the estimated additional audits would target individuals with an annual income between $75,000 and $200,000. To boost tax enforcement, the Inflation Reduction Act would appropriate more than $79 billion in additional funds to the IRS over the next decade, nearly doubling the agency's current budget. The IRS is expected to hire tens of thousands more agents to enhance enforcement efforts that are projected to increase revenue by $124 billion. In response to criticism about the expected uptick in tax audits under the bill, IRS Commissioner Charles Rettig said Thursday that "audit rates" will not increase relative to recent years. The legislation doesn't explicitly guarantee that Americans making under $400,000 won't see tax increases under the IRS provision. The bill states that it is not "intended" to increase rates for taxpayers who aren't in the top 1% of earners. "There is language in this bill that provides some guidelines, but it's not at all a guarantee," William McBride, the vice president of federal tax and economic policy at the nonpartisan Tax Foundation, told FOX Business in an interview. "It indicates that the intent of the increased spending is not to target those earning less than $400,000. But intent is a somewhat squishy word." "The fact of the matter is most returns report income under $100,000," he continued. "That's where the money is, so to speak." McBride added that middle-class Americans aren't able to afford the same resources as wealthy individuals to avoid scrutiny. "There are certainly more resources as you go up the income scale, or more expertise, and the IRS knows it," he told FOX Business. "They will need to increase the audit rates on middle-class and low-income folks to get the sort of revenues they're claiming from this," McBride said. "People who don't have the resources get a letter in the mail from the IRS threatening them – what are they going to do? It might be an increase of a few bucks, a few hundred bucks that the IRS is requesting. Rather than go out and try to get a lawyer to fight it, they generally pay it." The White House referred FOX Business back to Rettig's comments. 2
ArdmoreRyno Posted August 9, 2022 Author Posted August 9, 2022 Just now, Tiberius said: Sure they will Sure Sure they won't. Sure. Its because your dream man is in the WH. 1
BillsFanNC Posted August 9, 2022 Posted August 9, 2022 At first the audit algorithms will target those with the incorrect ideology of course. People who they tracked to be in DC on J6, people who donated to the Trump campaign. You know the easy deplorables. But they might need to beef it up somewhere down the line. Perhaps someone who posted on a public forum that he never voted Democrat for President prior to 2020 comes under scrutiny then. But they'd NEVER come for me! Uh huh 1
TH3 Posted August 9, 2022 Posted August 9, 2022 8 minutes ago, DRsGhost said: At first the audit algorithms will target those with the incorrect ideology of course. People who they tracked to be in DC on J6, people who donated to the Trump campaign. You know the easy deplorables. But they might need to beef it up somewhere down the line. Perhaps someone who posted on a public forum that he never voted Democrat for President prior to 2020 comes under scrutiny then. But they'd NEVER come for me! Uh huh Pretty sure they are focusing on people with employment…so you are all set 17 minutes ago, ArdmoreRyno said: https://taxfoundation.org/permanent-build-back-better-middle-class-tax/ https://www.foxbusiness.com/politics/middle-class-americans-bear-brunt-irs-audits-analysis-shows Middle-class Americans to bear brunt of IRS audits under Dem inflation bill, analysis shows Americans making less than $75,000 will be subject to 710,863 additional audits, according to the analysis Americans who earn less than $75,000 per year are slated to receive 60% of the additional tax audits expected under Democrats' spending package, according to an analysis released by House Republicans. The analysis, which is a conservative estimate based upon recent audit rates and tax filing data, shows that individuals with an annual income of $75,000 or less would be subject to 710,863 additional Internal Revenue Service (IRS) audits while those making more than $1 million would receive 52,295 more audits under the bill. The legislation, the Inflation Reduction Act, would roughly double the IRS' budget to increase enforcement and, therefore, federal tax revenue. "Value shoppers at Walmart and other retailers, already struggling with higher prices and more expensive fuel to drive to the store, will get hit with 710,000 additional audits thanks to the Manchin-Biden Democrat bill," House Ways and Means Committee ranking member Kevin Brady, R-Texas, said in a statement after releasing the study. "Every retailer in the U.S. who cares about their hard-hit customers should be fighting to block this unnecessary harassment of hard-working Americans," he added. Overall, the IRS would conduct more than 1.2 million more annual audits of Americans' tax returns, according to the analysis. Another 236,685 of the estimated additional audits would target individuals with an annual income between $75,000 and $200,000. To boost tax enforcement, the Inflation Reduction Act would appropriate more than $79 billion in additional funds to the IRS over the next decade, nearly doubling the agency's current budget. The IRS is expected to hire tens of thousands more agents to enhance enforcement efforts that are projected to increase revenue by $124 billion. In response to criticism about the expected uptick in tax audits under the bill, IRS Commissioner Charles Rettig said Thursday that "audit rates" will not increase relative to recent years. The legislation doesn't explicitly guarantee that Americans making under $400,000 won't see tax increases under the IRS provision. The bill states that it is not "intended" to increase rates for taxpayers who aren't in the top 1% of earners. "There is language in this bill that provides some guidelines, but it's not at all a guarantee," William McBride, the vice president of federal tax and economic policy at the nonpartisan Tax Foundation, told FOX Business in an interview. "It indicates that the intent of the increased spending is not to target those earning less than $400,000. But intent is a somewhat squishy word." "The fact of the matter is most returns report income under $100,000," he continued. "That's where the money is, so to speak." McBride added that middle-class Americans aren't able to afford the same resources as wealthy individuals to avoid scrutiny. "There are certainly more resources as you go up the income scale, or more expertise, and the IRS knows it," he told FOX Business. "They will need to increase the audit rates on middle-class and low-income folks to get the sort of revenues they're claiming from this," McBride said. "People who don't have the resources get a letter in the mail from the IRS threatening them – what are they going to do? It might be an increase of a few bucks, a few hundred bucks that the IRS is requesting. Rather than go out and try to get a lawyer to fight it, they generally pay it." The White House referred FOX Business back to Rettig's comments. Well…I thought it was all crap considering your sources ….but since you highlighted stuff… Now you guys don’t like law enforcement? Look at you ….you go guy!!! 1
B-Man Posted August 9, 2022 Posted August 9, 2022 15 minutes ago, ArdmoreRyno said: 14 minutes ago, DRsGhost said: 16 minutes ago, Tiberius said: 5 minutes ago, TH3 said: Well, IRS debate aside. One thing that I think that we can all agree on is that the Inflation Reduction Act of 2022, will definitely ease inflation. 😎 1
Steve O Posted August 9, 2022 Posted August 9, 2022 Mailed my taxes in late March, still haven't received my return. Soon it looks like I'll be getting audited before receiving my return. Maybe these resources should be spent on processing returns instead instead of auditing them. 1 1
wnyguy Posted August 9, 2022 Posted August 9, 2022 21 minutes ago, B-Man said: Well, IRS debate aside. One thing that I think that we can all agree on is that the Inflation Reduction Act of 2022, will definitely ease inflation. 😎 I will go on record saying I agree whole heartedly with the above statement and also throw in that Biden is doing one heckuva job. 2
ChiGoose Posted August 9, 2022 Posted August 9, 2022 Some more context on the impact of the IRS funding: Reconciliation bill includes nearly $80 billion for IRS including enforcement, audits: What that means for taxpayers Part of President Joe Biden’s agenda, the Inflation Reduction Act allocates $79.6 billion to the agency over the next 10 years. More than half of the money is meant for enforcement, with the IRS aiming to collect more from corporate and high-net-worth tax dodgers. The remainder of the funding is earmarked for operations, taxpayer services, technology, development of a direct free e-file system and more. Collectively, those improvements are projected to bring in $203.7 billion in revenue from 2022 to 2031, according to recent estimates from the Congressional Budget Office. IRS audits have plunged over the past decade, with the biggest declines among the wealthy, according to a May 2022 report from the Government Accountability Office. The audit rate for Americans making $5 million or more dropped to about 2% in 2019, compared to 16% in 2010, the report found. The agency said it is working to improve these numbers. ... IRS Commissioner Charles Rettig said the $80 billion in funding would not increase audits of households making less than $400,000 per year. “The resources in the reconciliation package will get us back to historical norms in areas of challenge for the agency — large corporate and global high-net-worth taxpayers,” he wrote in a letter to the Senate. “These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans,” he added. 2
ArdmoreRyno Posted August 9, 2022 Author Posted August 9, 2022 33 minutes ago, TH3 said: Pretty sure they are focusing on people with employment…so you are all set Well…I thought it was all crap considering your sources ….but since you highlighted stuff… Now you guys don’t like law enforcement? Look at you ….you go guy!!! Local LEO agencies and federal LEO agencies are completely different in my eyes. ATF, for example. They can kiss dirt as far as I'm concerned. And every source is bias. You know that. 1
wnyguy Posted August 9, 2022 Posted August 9, 2022 2 minutes ago, ChiGoose said: “These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans,” he added. Oh gee, that's a big relief. And I take back what I said about Biden, that incoherent boob. 1 2
T master Posted August 9, 2022 Posted August 9, 2022 What should be a prerequisite to any of these types of bills is that the first on the list should be the entire gov't - elephants & jack asses alike all of them and after they go ahead & process them first then they can move on to the rest of them . Seeing as there are probably more than a few that more than likely can't add let alone tell the truth they should be subject to every law that they concoct to push on the American people . There will be those here that choose to believe that this is the way it really happens when in fact more than likely it doesn't . But we all know and admit (well some of us will others here not so much) that they from either side consider them selves above the law & can do what ever the hell they see fit but don't have to abide by the same rules which is why there are some past politicians that should be put in jail that aren't and never will be . And then those that some here will say need to be & if the proof beyond a shadow of a doubt in all those accusations are proven then throw them all under the jail but it all needs to start with them first & that should have been a rule in the constitution unable to be amended . But as we know that will never happen !!
Over 29 years of fanhood Posted August 9, 2022 Posted August 9, 2022 (edited) 1 hour ago, ArdmoreRyno said: https://taxfoundation.org/permanent-build-back-better-middle-class-tax/ https://www.foxbusiness.com/politics/middle-class-americans-bear-brunt-irs-audits-analysis-shows Middle-class Americans to bear brunt of IRS audits under Dem inflation bill, analysis shows Americans making less than $75,000 will be subject to 710,863 additional audits, according to the analysis Americans who earn less than $75,000 per year are slated to receive 60% of the additional tax audits expected under Democrats' spending package, according to an analysis released by House Republicans. The analysis, which is a conservative estimate based upon recent audit rates and tax filing data, shows that individuals with an annual income of $75,000 or less would be subject to 710,863 additional Internal Revenue Service (IRS) audits while those making more than $1 million would receive 52,295 more audits under the bill. The legislation, the Inflation Reduction Act, would roughly double the IRS' budget to increase enforcement and, therefore, federal tax revenue. "Value shoppers at Walmart and other retailers, already struggling with higher prices and more expensive fuel to drive to the store, will get hit with 710,000 additional audits thanks to the Manchin-Biden Democrat bill," House Ways and Means Committee ranking member Kevin Brady, R-Texas, said in a statement after releasing the study. "Every retailer in the U.S. who cares about their hard-hit customers should be fighting to block this unnecessary harassment of hard-working Americans," he added. Overall, the IRS would conduct more than 1.2 million more annual audits of Americans' tax returns, according to the analysis. Another 236,685 of the estimated additional audits would target individuals with an annual income between $75,000 and $200,000. To boost tax enforcement, the Inflation Reduction Act would appropriate more than $79 billion in additional funds to the IRS over the next decade, nearly doubling the agency's current budget. The IRS is expected to hire tens of thousands more agents to enhance enforcement efforts that are projected to increase revenue by $124 billion. In response to criticism about the expected uptick in tax audits under the bill, IRS Commissioner Charles Rettig said Thursday that "audit rates" will not increase relative to recent years. The legislation doesn't explicitly guarantee that Americans making under $400,000 won't see tax increases under the IRS provision. The bill states that it is not "intended" to increase rates for taxpayers who aren't in the top 1% of earners. "There is language in this bill that provides some guidelines, but it's not at all a guarantee," William McBride, the vice president of federal tax and economic policy at the nonpartisan Tax Foundation, told FOX Business in an interview. "It indicates that the intent of the increased spending is not to target those earning less than $400,000. But intent is a somewhat squishy word." "The fact of the matter is most returns report income under $100,000," he continued. "That's where the money is, so to speak." McBride added that middle-class Americans aren't able to afford the same resources as wealthy individuals to avoid scrutiny. "There are certainly more resources as you go up the income scale, or more expertise, and the IRS knows it," he told FOX Business. "They will need to increase the audit rates on middle-class and low-income folks to get the sort of revenues they're claiming from this," McBride said. "People who don't have the resources get a letter in the mail from the IRS threatening them – what are they going to do? It might be an increase of a few bucks, a few hundred bucks that the IRS is requesting. Rather than go out and try to get a lawyer to fight it, they generally pay it." The White House referred FOX Business back to Rettig's comments. This is the most transparent thing I’ve seen in a while. The taxpayers are the enemy of the bureaucracy. Taxpayers are not dependent on the state and question, in some case even wish to minimize, the theft of their earnings. Be certain for these numbers, if you are a net tax payer and know 5 other households like you, one of you will be audited next year. They’ve got a mandate now to find a way to steal more of you money. Luckily federal worker are lazy and apathetic. This will really just result in doubling the cost per audit, not doubling the productivity of a federal bureaucracy 😂 Edited August 9, 2022 by Over 29 years of fanhood 1
ChiGoose Posted August 9, 2022 Posted August 9, 2022 1 minute ago, Over 29 years of fanhood said: Be certain for these numbers, if you are a net tax payer and know 5 other households like you, one of you will be audited next year. They’ve got a mandate now to find a way to steal more of you money. Well this will almost certainly prove to be false. But I'm sure by then we'll be on to the next big conspiracy. 1
Boatdrinks Posted August 9, 2022 Posted August 9, 2022 Just now, ChiGoose said: Well this will almost certainly prove to be false. But I'm sure by then we'll be on to the next big conspiracy. No conspiracy. When your party’s goal is spend spend spend, destroy the middle class and force non elites to lower their standard of living somebody has to pay for it! Somebody ELSE of course, and that’s the middle class. They will try to bleed every cent out of us. 1
Over 29 years of fanhood Posted August 9, 2022 Posted August 9, 2022 (edited) 14 minutes ago, ChiGoose said: Well this will almost certainly prove to be false. But I'm sure by then we'll be on to the next big conspiracy. conspiracy?? What do you think they are hiring an army of auditors for? You think people in the $75k bracket are adept tax evaders? Most of them filed standard exemption. you don’t think they require they produce audit findings and revenue ? do you not understand what auditors do? face it chi- you stoop for the party of big government and corporate elites. Embrace it, it’s your moment! Edited August 9, 2022 by Over 29 years of fanhood 1 1
Tommy Callahan Posted August 9, 2022 Posted August 9, 2022 Most of that bill is just corporate welfare . those IRS agents are not for the elite.
ChiGoose Posted August 9, 2022 Posted August 9, 2022 4 minutes ago, Over 29 years of fanhood said: conspiracy?? What do you think they are hiring an army of auditors for? You think people in the $75k bracket are adept tax evaders? Most of them filed standard exemption. you don’t think they require they produce audit findings and revenue ? do you not understand what auditors do? face it chi- you stoop for the party of big government and corporate elites. Embrace it, it’s you moment! They are bringing in auditors because without more resources, all they can do is audit wage earners on W-2's. High wealth individuals have incredibly complicated tax returns that make it difficult to audit. If you want the IRS to be able to audit them as well, you should want it to have more resources. However, if you would like to starve the IRS of resources, then all they will do is audit middle class Americans because it's easier. Also, big government is a bipartisan thing, buddy. Administrations of both parties have increased government spending, but at least the Dems don't run up the massive deficits that the GOP does. 1
Wacka Posted August 9, 2022 Posted August 9, 2022 12 minutes ago, ChiGoose said: Administrations of both parties have increased government spending, but at least the Dems don't run up the massive deficits that the GOP does. 🤣🤣🤣🤣 🤣🤣🤣🤣 🤣🤣🤣🤣 🤣🤣🤣🤣 🤣🤣🤣🤣 🤣🤣🤣🤣 🤣🤣🤣🤣 🤣🤣🤣🤣 2
Boatdrinks Posted August 9, 2022 Posted August 9, 2022 (edited) 19 minutes ago, ChiGoose said: They are bringing in auditors because without more resources, all they can do is audit wage earners on W-2's. High wealth individuals have incredibly complicated tax returns that make it difficult to audit. If you want the IRS to be able to audit them as well, you should want it to have more resources. However, if you would like to starve the IRS of resources, then all they will do is audit middle class Americans because it's easier. Also, big government is a bipartisan thing, buddy. Administrations of both parties have increased government spending, but at least the Dems don't run up the massive deficits that the GOP does. All government spending isn’t created equal. How about doubling the size of the border patrol? Nope. Massive expansion of the regulatory state ie DOUBLING the manpower of the IRS is intended to target the middle class. Yes, elites have complex returns but notice they aren’t currently the bulk of the IRS focus. There’s just not enough of them and they have lawyers to fight it out. Middle class taxpayers don’t - they settle and pay. The focus will be Uber drivers and others with a “ gig” side job , waiters , waitresses etc etc. Somebody has to pay for the lefty dream boondoggles this administration has cooked up for us. The middle class is the enemy of this administration not the elites. Edited August 9, 2022 by Boatdrinks
Recommended Posts