Thursday, February 2, 2023

How Joe Biden Is Making You More Susceptible to an IRS Audit Than Ever Before

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The recent report from Republican members of the House Ways & Means Committee reveals that Americans are more than twice as likely to experience an IRS audit during Joe Biden’s “tax and spending spree.”

The Committee says that the  $1.75 trillion Build Back Better Act includes the hiring of 87,000 more IRS agents which will result in 1.2 million new federal tax audits each year!

According to the report – 

Democrats’ tax and spending spree will more than double Americans’ chances of being audited as it targets lower and middle-income earners. The proposal will lead to an additional 1.2 million IRS audits each year, nearly half of which will hit middle class families making less than $75,000. All this so Democrats can wring an extra $200 billion out of the American people, particularly from middle-class families and small businesses.

The report goes on to further say that 

Nearly half of these audits — over 583,000 — would be on Americans making up to $75,000 a year. Even the lowest income Americans would see more audits with a quarter of these audits — over 313,000 — hitting Americans making up to $25,000 per year. This also will mean more than 800,000 more federal tax liens on taxpayer property such as homes and vehicles.

The actions of the Biden administration have led many economists to warn of the devastating impact it will have on small businesses who may not have the resources to meet the new demands. 

Accoding to ​​the president of Americans for Tax Reform – 

“The IRS has said they’re going to increase going after small businesses 50%,” Norquist asserted. “Biden gives speeches about how they’re going to go after big corporations and rich people. We know that’s not true. Large corporations are already audited regularly; rich people get audited. Where they’re planning to go, and where the IRS is telling us ahead of time, is to go after smaller businesses.”

“A lot of them deal in cash; restaurants, nail salons, beauty salons, barber shops, food trucks; all of your neighborhood grocery stores. This is where the IRS is going to go after and harass small businesses,” he continued. “Even an audit can bankrupt a small business because of the time it takes away from actual work getting done.”

Biden’s robust spending spree has not only thrust the US into an inflationary nightmare, but now will put more pressure on small business owners.  

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