White House Remains Ambiguous over whether or not IRS will Perform New Audits on Income under $400,000
Yesterday, the White House press secretary held a press conference and attempted to cover for this administration’s miscommunication regarding the expansion of the IRS.
The Inflation Reduction Act that was recently passed by the Senate will grant $80 billion in funding to the Internal Revenue Service. The bill also grants the IRS the ability to hire 87,000 more employees.
This massive expansion of the IRS prompted White House correspondent Peter Doocey to ask the following question: “No new audits on anybody making under $400,000 a year?” Karine Jean-Pierre responded “No. Very clear. No.”
This statement will NOT age well. In 2021, 51% of IRS exams were on taxpayers who earn less than $75,000. With half of the IRS’s $80 billion expansion being allocated for enforcement purposes, it is likely we will see a bigger crackdown on people with an annual income well below $400,000.
According to the New York Post, The Joint Committee on Taxation estimates that under the provisions of the new bill, the IRS will receive an additional $200 billion, and 78% – 90% of that income will be collected from small businesses making less than $200,000 a year.
Of course, the Biden Administration can’t even coordinate their statements. Here is President Biden’s economic advisor refusing to state that individuals making under $400,000 will be audited:
To help “fight inflation,” the federal government is going to crack down on YOU, the average American trying to make a livable wage during a time of economic turmoil.
