CLAIM: President Joe Biden, who signed the Inflation Reduction Act on Tuesday, said that “no American earning less than $400,000 a year will pay a penny more in federal taxes” as a result of the billion-dollar Internal Revenue Service (IRS). ) revisions.
DECISION: Wrong. The Inflation Reduction Act does not contain any provisions requiring the IRS to refrain from conducting new IRS audits of working and middle-class Americans. In fact, the Congressional Budget Office (CBO) estimates that about $20 billion could be withheld from Americans earning less than $400,000 a year as a result of checks.
“I am fulfilling my obligations in the election campaign. No one … who earns less than $400,000 a year will overpay a penny in federal taxes,” Biden said, referring to his 2020 campaign vision, promising not to tax these working and middle-class Americans. .
Despite this announcement, Senate Democrats voted against Sen.’s amendment. Mike Crapo (R-ID) on the Inflation Reduction Act, which would prohibit the IRS from targeting working-class and middle-class Americans with $80 billion plans. Including yourself for new controls. .
The CBO estimates that the new IRS checks will require at least $20 billion from working and middle-class Americans earning less than $400,000 a year, in addition to the billions already received from that group.
Working-class and middle-class Americans are very likely to be targeted by the IRS as a result of the Inflation Reduction Act, where Treasury Secretary Janet Yellen begged the agency not to pursue those who earn less than $400,000 a year.
Jared Bernstein, a member of the White House Council of Economic Advisers, said the administration could not guarantee that any American earning less than $400,000 a year would not be audited by the IRS in new ways.
Bernstein’s statement contradicts that of White House press secretary Karine Jean-Pierre, which is wrong argued He said the plan would not allow new IRS audits on Americans earning less than $400,000.
Source: Breitbart
