Economy & Business, Politics

What to Know About New IRS Audits

Tax experts are sounding the alarms about Biden’s new 87,000 IRS agents.

They believe that despite the White House’s claims, the Inflation Reduction Act will, in fact, target small business owners earning less than $200,000 per year.

The nonpartisan watchdog Joint Committee on Taxation estimates that “between 78% and 90% of the estimated additional $200 billion the IRS will collect will come from small businesses making less than $200,000 annually.”

Just 4% to 9% would come from businesses making north of $500,000 a year — meaning the legislation is in sharp contrast to President Biden’s longstanding claim that he wouldn’t raise taxes on anyone making less than $400,000…

Again, this completely contradicts what President Biden has been saying about the new Inflation Reduction Act. Which “throws an extra $80 billion to the IRS to improve the agency’s collection of under-reported income.” Read more…

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