A former Internal Revenue Service (IRS) lawyer, who has accused the agency of preying on older Americans, says President Joe Biden’s ‘Cut Inflation Act’ will undoubtedly target working and middle class America with new IRS audits.
Biden’s Inflation Cut Act, signed into law on Tuesday, includes $80 billion for new IRS audits of U.S. taxpayers. The Congressional Budget Office (CBO) estimates that at least $20 billion will be taken from working-class and middle-class Americans earning less than $400,000 a year due to increased audits of the ‘IRS.
William Henck, a former IRS attorney, told Fox Business Network that top corporate executives and billionaires “are sitting around laughing right now” as Biden signs the cut bill. inflation.
“The idea that they are going to open things up and go after these big billionaires and big corporations is frankly bullshit. It will not arrive. They’re going to give themselves bonuses and promotions and great conferences,” Henck said:
“Big companies and billionaires are probably sitting around laughing right now,” He continued. [Emphasis added]
“There will be a huge incentive to rattle taxpayers, and the advantage of the IRS is that it has virtually unlimited resources and zero liability.whereas a taxpayer has to weigh the cost of accountants, tax lawyers — fight something in tax court,” Henck told FOX Business. [Emphasis added]
Billionaires Bill Gates and Tom Steyer have both voiced support for the Cut Inflation Act, even as establishment media have admitted the plan won’t cut prices for American consumers ‘anytime soon’ .
It’s a monumental day! The most important climate legislation in American history, the Cut Inflation Act, invests in our people, our planet and our economy. This package lowers energy bills, reduces pollution and establishes the framework for businesses to accelerate our transition.
—Tom Steyer (@TomSteyer) August 16, 2022
The passage of the Inflation Reduction Act through Congress is nothing short of extraordinary. The United States is taking a historic step toward saving the clean energy we need to meet our climate goals.
— Bill Gates (@BillGates) August 12, 2022
Henck said that despite claims from Biden and Democrats in Washington, D.C. that new IRS audits will target the wealthiest Americans, he warns that it is small business owners who will be hit hardest – like mom and pop stores, roofing companies, and local car dealerships.
An analysis by House Republicans projects that the Cut Inflation Act will open up hundreds of thousands of new IRS audits of America’s working and middle class:
The analysis, which is a conservative estimate based on recent verification rates and tax return data, shows that people with an annual income of $75,000 or less would be subject to an additional 710,863 Internal Revenue Service (IRS) audits while those earning over $1 million would receive an additional 52,295 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 perform more than 1.2 million additional annual audits of Americans’ tax returns, according to the analysis. Of the estimated additional audits, another 236,685 would target people with annual incomes between $75,000 and $200,000.. [Emphasis added]
Henck was forced out of his job at the IRS in 2017 after spending 30 years with the agency. He accused the IRS of specifically targeting older Americans, including World War II veterans, with audits, while letting big business off the hook.
John Binder is a reporter for Breitbart News. Email him at firstname.lastname@example.org. Follow him on Twitter here.