In case you haven’t heard, the Democrat’s new Climate and Health Bill, with the robust price tag of $700 billion, is something that contains a whole lot of fine print.
And if you are a middle-class American making $75,000 or under, be prepared for the IRS to come breathing down your neck with the $79 billion attached to them. The Inflation Reduction Act (what a clever name, as if people are genuinely that stupid) will double the IRS’s budget. And according to William Henck, a former IRS lawyer whistleblower who was forced out of his job for pointing the spotlight on some shenanigans that went on, the tax man has a big target on the middle class.
Henck said the increased budget and manpower for the IRS will mean there will be 711,000 new audits aimed at the non-rich. Contrast that to people making more than $500,000 per year, who are estimated to be subjected to an additional 95,000 audits thanks to this bill.
Here’s what Henck told Fox Business.
“There will be considerable incentive to basically to shake down taxpayers, and the advantage the IRS has is they have basically unlimited resources and no accountability, whereas a taxpayer has to weigh the cost of accountants, tax lawyers — fighting something in tax court.”
Henck said the influx of hiring would focus on agents assigned fairly simple cases, specifically small businesses.
“If you own a roofing company, you better count on getting audited because that’s what they’re going to be doing. They’re going to be going after your car dealerships, roofing companies.”
According to Henck, who is privy to the inner workings of the IRS from his years of alignment with them said billionaires and corporations will be shielded from an intense spotlight because of their ability to hire lobbyists in DC.
IRS Commissioner Charles Rettig claims that audit rates would remain the same even with the influx of cash. Okay. Let’s see what really happens.
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