Biden’s Inflation Reduction Act, signed into law on Tuesday, includes $80 billion for new IRS audits on American taxpayers. The Congressional Budget Office (CBO) estimates that at least $20 billion will be taken from working and middle class Americans earning less than $400,000 a year as a result of the increased IRS audits.
William Henck, a former IRS lawyer, told Fox Business Network that executives at the biggest corporations and billionaires are “sitting back laughing right now” as Biden signs the Inflation Reduction Act.
“The idea that they’re going to open things up and go after these big billionaires and large corporations is quite frankly bulls-t. It’s not going to happen. They’re going to give themselves bonuses and promotions and really nice conferences,” Henck said:
“The big corporations and the billionaires are probably sitting back laughing right now,” he continued. [Emphasis added]
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“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 told FOX Business. [Emphasis added]
Billionaires Bill Gates and Tom Steyer have both voiced support for the Inflation Reduction Act, even as the establishment media has admitted the plan will not cut prices for American consumers “anytime soon.”
Henck said that despite claims from Biden and Democrats in Washington, D.C., that the new IRS audits will target the wealthiest of Americans, he warns that it is small business owners who will be hit the hardest — such as mom and pop shops, roofing companies, and local car dealerships.
An analysis from House Republicans projects that the Inflation Reduction Act will open hundreds of thousands of new IRS audits on working and middle class Americans:
The analysis, which is a conservative estimate based upon recent audit rates and tax filing data, shows that individuals with an annual income of $75,000 or less would be subject to 710,863 additional Internal Revenue Service (IRS) audits while those making more than $1 million would receive 52,295 more audits under the bill. The legislation, the Inflation Reduction Act, would roughly double the IRS’ budget to increase enforcement and, therefore, federal tax revenue. [Emphasis added]
Overall, the IRS would conduct more than 1.2 million more annual audits of Americans’ tax returns, according to the analysis. Another 236,685 of the estimated additional audits would target individuals with an annual income between $75,000 and $200,000. [Emphasis added]
Henck was forced out of his position at the IRS in 2017 after spending 30 years at the agency. He has accused the IRS of specifically targeting elderly Americans, including World War II veterans, with audits, while letting big companies off the hook.