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How Democrats' beefed-up IRS could hurt low-income Americans
Former Trump adviser warns Biden about raising taxes during recession: ‘It’s mind-numbing’
Former Council of Economic Advisers chairman Kevin Hassett analyzes the president’s Inflation Reduction Act on “Cavuto: Coast to Coast.”
The newest health care and climate spending bill from Democrats includes an $80 billion boost to the Internal Revenue Service that is intended to help the agency crack down on wealthy tax cheats. However, Republican critics say that a bigger IRS could ultimately hurt lower-income Americans.
Providing the IRS with an influx of funding has been a top priority for President Biden. It has emerged as one of the most prominent financiers of the Inflation Reduction Act that Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., unveiled last week.
The Democrats projected that enhancing IRS funding could add an extra $124 billion in federal revenue over the next decade by hiring more tax enforcers who can limit tax evasion by rich individuals and corporations. Roughly $1 trillion in federal taxes goes unpaid yearly because of errors, fraud and a lack of resources to adequately enforce collections, according to an estimate from IRS Commissioner Chuck Rettig last year.
But GOP lawmakers have sounded the alarm over the proposal, warning that it could have serious ramifications for lower-income workers.
DEMOCRATS' MINIMUM CORPORATE TAX WOULD HIT THESE INDUSTRIES THE HARDEST
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