Inflation Reduction Bill

[Blkfyre]

It's a matter of an over-reaching and bloated government bureaucracy. When you add 87,000 new agents to the existing 25,000 that equals 1 IRS agent for every 2982 Americans.

Those are valid reasons. But that's not what you first said:

If you think these 87,000 new IRS agents will only going after people making over $400,000 then you are naïve.
They will be auditing anyone who uses a money app and trades crypto, not to mention those who are self-employed.

[Romanticlover]

My statements go hand-in-hand because the Democrats sold this as only those making over $400,000 will have to pay more taxes and the IRS will only be auditing rich people. The IRS has broad powers and can audit anyone and the burden of innocence lies on the taxpayer.

https://law.jrank.org/pages/7730/Internal-Revenue-Service-Duties-Powers.html#:~:text=The%20IRS%20has%20the%20power,detailed%20financial%20and%20personal%20information.

[bats]

IRS Deletes Job Posting Seeking Applicants Willing to 'Use Deadly Force'

Another words, the Biden administration just created an American Gestapo targeting those who don't agree with his administration and the Democrat party!!!

This comparison with the Gestapo, which was a political police force that operated without restraint and participated in the roundup of millions of Jews and other "undesirables" in Nazi Germany, is insulting, offensive, and wildly exaggerated. In short, it's ridiculous.

The job posting was to recruit special agents for the IRS's Criminal Investigation team. This is not a new job category. They're civil servants, not political appointees, and they act within the laws that require due process for all Americans.

[Blkfyre]

IRS Deletes Job Posting Seeking Applicants Willing to 'Use Deadly Force'

Another words, the Biden administration just created an American Gestapo targeting those who don't agree with his administration and the Democrat party!!!

https://www.nationalreview.com/news/irs-deletes-job-posting-seeking-applicants-willing-to-use-deadly-force/

Wow. Really? Are you actually comparing some job posting to people who deliberately and with forethought participated in the SLAUGHTER of millions of Jewish people?

That is...wow.. just...wow...

[Romanticlover]

If Democrats control Congress next year they will raise taxes on everyone.

https://www.foxnews.com/politics/democrat-promises-more-taxes-party-stays-power

[Blkfyre]

If Democrats control Congress next year they will raise taxes on everyone.

https://www.foxnews.com/politics/democrat-promises-more-taxes-party-stays-power

Except, not so much: https://nymag.com/intelligencer/2022/08/biden-manchin-raise-taxes-middle-class-400000-campaign-promise-corporations-rich.html

https://www.nytimes.com/2020/10/31/opinion/republicans-biden-taxes.html

https://apnews.com/article/joe-biden-business-ap-fact-check-personal-taxes-congress-ae7ad0e5a1cb575b73933674b5ae74d9

MCCARTHY: "Joe Biden said: 'No one making under $400,000 will see their federal taxes go up.' That's a lie: In fact, under his plan, an average family who earns over $50,000 will see a tax increase." — news conference Thursday.

BIDEN: "I give you my word as a Biden: If you make under $400,000 a year, I'll never raise your taxes one cent. But, I'm going to make those at the top start to pay their share in taxes." — tweet Sunday.

RONNA MCDANIEL, head of the Republican National Committee, replying to Biden's tweet: "Not true — according to the Joint Committee on Taxation, Biden's plan will hike taxes on families making $50K or more a year." — tweet Monday.

THE FACTS: Biden's pledge defies simple analysis. Republicans can legitimately ding the president for violating his campaign pledge to not raise taxes on anyone making less than $400,000. But Republican leaders also rely on an economic model in which any tax that clearly targets companies and wealthy stockholders can be interpreted as a middle-class tax hike.

But is McCarthy right that an average family earning $50,000 will see a tax increase? Not quite.

The Tax Policy Center has released an extensive analysis by income quintile. It found that the middle 40% to 60% of earners will get on average a cut of $630. This is true even though 70% of the tax units in this group would get a slight tax increase averaging about $230. How is that possible?

Well, the increases largely reflect how corporate tax hikes could reduce wages. But Biden's plan also includes an expanded child tax credit that would help households with dependents under the age of 18. The tax credit ranges from $3,000 to $3,600 per child. This credit only goes to people with children. The credits are so large that the entire package nets out as a tax cut for people who think of themselves as middle class.

The Tax Policy Center analysis also makes clear that the increases are targeted at the wealthy. The top 0.1% of earners would owe an additional $1.1 million next year, enough to raise a total of $132.2 billion.

[Danno]

the Republicans already did, Trumps plan all along

What will the tax bracket be in 2026?
Unless Congress votes to extend the TCJA, 2017 tax rates will go back into effect on January 1, 2026, For example: 12% tax rate goes back up to 15% 22% tax rate goes back up to 25% 24% tax rate goes back up to 28%

If Democrats control Congress next year they will raise taxes on everyone.

https://www.foxnews.com/politics/democrat-promises-more-taxes-party-stays-power

[Romanticlover]

November can't come soon enough so we stop the tax and spend lunacy.

[HighStepper]

November can't come soon enough so we stop the tax and spend lunacy.

"Tax and Spend" is the mantra that goes back to President Franklin D. Roosevelt. We use this term against Democrats. Unfortunately Republicans since Bush has been "cut tax and spend" driving up the deficit.

[Bande]

Except, not so much: https://nymag.com/intelligencer/2022/08/biden-manchin-raise-taxes-middle-class-400000-campaign-promise-corporations-rich.html

https://www.nytimes.com/2020/10/31/opinion/republicans-biden-taxes.html

https://apnews.com/article/joe-biden-business-ap-fact-check-personal-taxes-congress-ae7ad0e5a1cb575b73933674b5ae74d9

MCCARTHY: "Joe Biden said: 'No one making under $400,000 will see their federal taxes go up.' That's a lie: In fact, under his plan, an average family who earns over $50,000 will see a tax increase." — news conference Thursday.

BIDEN: "I give you my word as a Biden: If you make under $400,000 a year, I'll never raise your taxes one cent. But, I'm going to make those at the top start to pay their share in taxes." — tweet Sunday.

RONNA MCDANIEL, head of the Republican National Committee, replying to Biden's tweet: "Not true — according to the Joint Committee on Taxation, Biden's plan will hike taxes on families making $50K or more a year." — tweet Monday.

THE FACTS: Biden's pledge defies simple analysis. Republicans can legitimately ding the president for violating his campaign pledge to not raise taxes on anyone making less than $400,000. But Republican leaders also rely on an economic model in which any tax that clearly targets companies and wealthy stockholders can be interpreted as a middle-class tax hike.

But is McCarthy right that an average family earning $50,000 will see a tax increase? Not quite.

The Tax Policy Center has released an extensive analysis by income quintile. It found that the middle 40% to 60% of earners will get on average a cut of $630. This is true even though 70% of the tax units in this group would get a slight tax increase averaging about $230. How is that possible?

Well, the increases largely reflect how corporate tax hikes could reduce wages. But Biden's plan also includes an expanded child tax credit that would help households with dependents under the age of 18. The tax credit ranges from $3,000 to $3,600 per child. This credit only goes to people with children. The credits are so large that the entire package nets out as a tax cut for people who think of themselves as middle class.

The Tax Policy Center analysis also makes clear that the increases are targeted at the wealthy. The top 0.1% of earners would owe an additional $1.1 million next year, enough to raise a total of $132.2 billion.

ChinaBIDEN Lied imagine that... Lots of taxes will be coming from under 400.000 thousand earners. Imagine that..

[HighStepper]

ChinaBIDEN Lied imagine that... Lots of taxes will be coming from under 400.000 thousand earners. Imagine that..

Yup, that's what it is imagination.

Let's consider a hypothetical family that consistently earns $200,000 a year over two decades: Taxes  wouldn't rise for this household over that time. However, the following year, what if the same family sells a highly appreciated business for $2 million? This would likely trigger a higher tax rate on capital gains that year. Link

[Bande]

[HighStepper]

So people cheat on their tax returns and Florida is going protect them. Most Americans pay their taxes without cheating. I say go IRS get those that are cheating, it's only fair to us that don't cheat.

[dogwalker]

Very few providers pay taxes.  Those that do almost never report their full earnings.  Lock them up!

[bats]

When it comes to a bill like this, nobody should listen to partisans on either side if they want good information. Instead, go to a nonpartisan source.

Here's a quick summary of what the Congressional Budget Office reported last year about how this bill would affect taxpayers:

Effects on Taxpayers
The proposed increase in spending on the IRS's enforcement activities would result in higher audit rates than those underlying CBO's baseline budget projections. Between 2010 and 2018, the audit rate for higher-income taxpayers fell, while the audit rate for lower-income taxpayers remained fairly stable. In CBO's baseline projections, the overall audit rate declines, resulting in lower audit rates for both higher-income and lower-income taxpayers. The proposal, by contrast, would return audit rates to the levels of about 10 years ago; the rate would rise for all taxpayers, but higher-income taxpayers would face the largest increase. In addition, the Administration's policies would focus additional IRS resources on enforcement activity aimed at high-wealth taxpayers, large corporations, and partnerships. CBO estimates that if the proposals were enacted, tax compliance would be improved, and more households would meet their obligation under the law.

Higher audit rates would probably also result in some audits of taxpayers who would later be determined not to owe additional taxes. However, the Administration's proposal for more information reporting, as well as additional spending on IRS technology, might reduce the burden on compliant taxpayers by allowing the IRS to better target noncompliant ones and to reduce the number of audits that resulted in no change in tax assessment.

https://www.cbo.gov/publication/57444