Politics

Build Back Better Bill Supersizes IRS Auditing By $78 Billion

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The Democrats released their $1.75 Build Back Better reconciliation infrastructure bill, which they hope to pass as part of President Joe Biden’s dual-pronged infrastructure strategy.

Democrats hope to use the proceeds from increased IRS enforcement to pay for their hundreds of billions in welfare and climate change spending.

Democrats had hoped to force financial institutions to transmit more of Americans’ banking information to the IRS to combat alleged tax evasion; however, they will opt instead for giving the IRS $78 billion to increase their enforcement power.

The provision stipulates they will use the tens of billions of funding for increased enforcement and audits, although they claim that it will not impact those making less than $400,000 per year. The provision stipulates:

Matt Whitlock, a Republican communicator, said sarcastically that Democrats get “NO CREDIT” for watering down their IRS spying provision and replacing it with billions of dollars for “increased enforcement and harassment of families and small businesses.”

“Love that they wrote in a line about how this isn’t intended to raise taxes on anyone making below $400K, even though they’ll be the pr… (Read more)

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