“In a country rift with larcenous souls filing their tax returns, …the biggest bang for the buck comes from spending auditor’s time perusing the returns of the wealthy.”
Nice thought but …not true. The middle class has once again been lied to and will be paying the price for this monstrous bill.
https://nypost.com/2022/08/15/inflation-reduction-act-will-c…
https://gop-waysandmeans.house.gov/cbo-new-irs-audits-will-g…
https://legalinsurrection.com/2022/08/cbo-confirms-at-least-…
Nice thought but …not true. The middle class has once again been lied to and will be paying the price for this monstrous bill.
I hope everyone is sitting down, because I would hate to think someone gets hurt falling over when they find out that the NY Post (or other biased groups) made an error.
Treasury Secretary Janet Yellen directed IRS officials not to use new funding secured for the agency in Democrats’ Inflation Reduction Act to increase audits on households making under $400,000 annually.
In a Wednesday letter to IRS Commissioner Charles Rettig, Yellen reaffirmed a commitment “that audit rates will not rise relative to recent years for households making under $400,000 annually,” which she described as a “guiding precept of the planning” for the agency.
https://thehill.com/policy/3597316-yellen-tells-irs-not-to-u…
AW
“I hope everyone is sitting down, because I would hate to think someone gets hurt falling over when they find out that the NY Post (or other biased groups) made an error.”
It seems that there are many reputable folks making the same error.
https://www.atr.org/cbo-analysis-at-least-20-billion-from-ne…
https://www.kusi.com/cbo-inflation-reduction-act-will-cost-m…
https://headtopics.com/ca/cbo-confirms-at-least-20-billion-f…
https://www.whitehousedossier.com/2022/08/12/cbo-finds-spend…
https://www.legitgov.org/democratic-led-house-passes-737-bil…
Well you get the idea.
It seems that there are many reputable folks making the same error.
Never heard of any of these.
atr.org - run by Grover Norquist
Headtopics - According to MediaBias: A questionable source exhibits one or more of the following: extreme bias, consistent promotion of propaganda/conspiracies, poor or no sourcing to credible information, a complete lack of transparency and/or is fake news.
legitgov.org - According to Media Bias: Sources in the Conspiracy-Pseudoscience category may publish unverifiable information that is not always supported by evidence. These sources may be untrustworthy for credible/verifiable information; therefore, fact-checking and further investigation is recommended per article basis when obtaining information from these sources.
Well, you get the idea.
AW
Treasury Secretary Janet Yellen directed IRS officials not to use new funding secured for the agency in Democrats’ Inflation Reduction Act to increase audits on households making under $400,000 annually.
The other guys will pervert that and aim the resources at poor black districts as soon as they get their hands on it. Wasting the IRS resources is done purposely by one persuasion. That can be fully documented, Prefect Legal 2008 or there abouts and a recent piece from prior to 2020. Anything to shield the wealthy and screw people.
Reputable?
I guess being sucked into lies over and over again you see them as reputable.
“Never heard of any of these.”
?“Now, the nonpartisan Congressional Budget Office has come out with a report that found the Inflation Reduction Act will cost middle class Americans and small business $20 Billion in new taxes.”
That really doesn’t matter. Your gripe if you will is with the non partisan CBO wrote the report. If you have detected an error on the CBO’s part in the report that they have released, you have a responsibility to inform them of your findings in order that they can correct their error that you have found. Please let us know their response.
That really doesn’t matter. Your gripe if you will is with the non partisan CBO wrote the report.
I have no “gripe” with the non-partisan CBO report. I believe they calculated it in good faith.
However, Yellen’s response was to tell the IRS not to increase audits on households earning under $400,000 AFTER the CBO report was issued. Yellen did this to ensure that the original intention of the Inflation Reduction Act remained intact.
The news sources you linked failed to report the whole set of facts.
AW
Yellen did this to ensure that the original intention of the Inflation Reduction Act remained intact.
Yellen lip synced that so that it would appear to jive with such claims.
Tomorrow is another day. It is how one plays the game.
YR
Yellen lip synced that so that it would appear to jive with such claims.
That’s your opinion.
I prefer to deal with facts.
Here are the exact words of the Secretary of the Treasury:
“Specifically, I direct that any additional resources — including any new personnel or auditors that are hired — shall not be used to increase the share of small business or households below the $400,000 threshold that are audited relative to historical levels.”
Crystal clear.
AW
Yellen is also a compadre of the European Central Bank and the International Monetary Fund.
All are synced to maintain (ahem) order.
Bloody well believe they go to the same cocktail parties to schmooze and scheme what to do.
Christine Lagarde is a member of ‘The Fabian Society’.
Crystal clear
Well, you have to run it through the spring-loaded, tinfoil decoder to understand what it really means
“Now, the nonpartisan Congressional Budget Office has come out with a report that found the Inflation Reduction Act will cost middle class Americans and small business $20 Billion in new taxes.”
It isn’t the CBO report. It’s how biased media distorts and spins the CBO report.
Of the several links posted above, the Canadian site is the closest to the truth.
CBO Confirms at Least $20 Billion From New Audits Will Come From Those Making Less than $400K
See the difference? The $20B is from people below $400K that were caught cheating on their taxes by the audit, not “new taxes”.
The first link posted, from the “Americans For Tax Reform” site, has a link, not to the CBO report, but to an openly politically biased site. The article on the biased, political site, has a link to another article on that same biased, political, site. Following the links, finally, the fourth article, is the actual CBO report. The actual CBO report says:
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.
https://www.cbo.gov/publication/57444
In recent years, the audit scrutiny has been focused on lower income people, as the “JCs” have enjoyed a much greater immunity from audits. The increase in funding for audits will result in greater enforcement at all levels of income, but the “JCs”, who have been increasingly ignored by the IRS, will see the greatest increase in scrutiny, with audit rates increasing to where they were ten years ago. While $20B will come from middle income tax cheats, another $180B will come from “JC” tax cheats. Read the actual report.
So, who here wants to stand up and defend tax cheats? They are the only ones who will pay more tax.
Steve
If you actually read the CBO analysis, it shows an estimated $124 billion in additional taxes, of which only $20B would come from tax cheats making less than $400K per year.
That looks to me like the first attempt by Congress in years to make billionaire tax cheats pay taxes.
Yellen’s directive would further force them to focus entirely on the richest tax cheats.
That would be a step in the right direction in my opinion.
"Here are the exact words of the Secretary of the Treasury:
“Specifically, I direct that any additional resources — including any new personnel or auditors that are hired — shall not be used to increase the share of small business or households below the $400,000 threshold that are audited relative to historical levels.”
Crystal clear."
Yellin may not even be Treasury Secretary by the time the first new auditors are hired on. Her policy as such is not a binding policy on her successors.
Your gripe if you will is with the non partisan CBO wrote the report.
Sheesshhh!
As sure as hell the middle class will pay at least $20 billion more in taxes. Actually a hell of a lot more than that.
You have any clue what that means?
It means the middle class is going to be making more money. Making more money means paying more in taxes.
One of the reasons the budget will move towards balancing.
You keep assuming we are going on to the wrong track. Far from it. It is called building the nation. I wont be backing off doing things that are extremely good for our nation just because you swallow endless lies.
CBO Confirms at Least $20 Billion From New Audits Will Come From Those Making Less than $400K
Thanks Steve,
I continue to maintain the middle class is going to pay a hell of a lot more in taxes…without taxes rising…over the next decade.
It is called faster real GDP growth and a much larger wealthier middle class.
Yes we have a recession at hand for now.
Yellin may not even be Treasury Secretary by the time the first new auditors are hired on. Her policy as such is not a binding policy on her successors.
That is exactly true. Twice before during this century the IRS has been directed to waste their resources auditing poor black people so that wealthy people are not audited. Lawyers have been put on the phone system to deal with auditing poor people during those two periods instead.“It means the middle class is going to be making more money. Making more money means paying more in taxes.”
Not really, the purpose of an audit is to try and recoup taxes on money previously earned. CBO has said that the middle class will provide…at least…20 Billion dollars as a result of these new audits.
“I wont be backing off doing things that are extremely good for our nation just because you swallow endless lies.”
Yipee for you, except the non partisan CBO projections are facts not lies.
Twice before during this century the IRS has been directed to waste their resources auditing poor black people so that wealthy people are not audited.
++++++++++++++++
Please cite the directives that directly indicate audits were race based.
YR