Middle-class Americans to bear brunt of IRS audits under Dem inflation bill, analysis shows

[B-Man]

 

 

End thread.

 

  They are lying.

 

 

.

[Over 29 years of fanhood]

4 minutes ago, B-Man said:

 

 

End thread.

 

  They are lying.

 

 

.

she must have gotten her talking points crossed up. 

[B-Man]

 

Thanks democrats.

 

 

[ChiGoose]

18 minutes ago, ArdmoreRyno said:

 

Let me ask you... 

 

Do you guarantee that it will be false? 100% never going to happen?

 

I cannot guarantee anything but I am very willing to bet that the middle class will not be bled dry by the new IRS auditors.

 

17 minutes ago, Boatdrinks said:

Who’s complaining about elites? They pay lawyers who understand every loophole. So be it. The IRS should be smaller or even abolished. Taxes should be simplified for the vast majority of taxpayers and should only take maybe a half hour to complete. 

 

What they should do is just have the IRS prepare the returns for most Americans. Employers provide the information to the IRS anyway but we have to guess what they have because lobbyists won't let congress simply the process. If you are not a contractor and get a W-2 every year, the IRS basically already has everything they need. You should be able to just view it and either approve or change it.

[Over 29 years of fanhood]

26 minutes ago, ChiGoose said:

 

Ok, so a law that mandates that the IRS use additional resources to go after the elites means they won't do it? So are you saying that it is impossible to enforce the tax law against the elites and we shouldn't even try?

thank you, that’s exactly what I am saying. The corrupt elites are the ones making the rules, you don’t think they are gonna win? 
 

I’ve seen this movie before. 
 

Once they realize the elites are actually off limits they coming for me, and those like me…. actual working taxpayers to put us through some arduous expensive painful audit We don’t have time for only to find out some tubotax flaw caused a $14 dollar underpayment in 2017. 

[ChiGoose]

37 minutes ago, Over 29 years of fanhood said:

thank you, that’s exactly what I am saying. The corrupt elites are the ones making the rules, you don’t think they are gonna win? 
 

I’ve seen this movie before. 
 

Once they realize the elites are actually off limits they coming for me, and those like me…. actual working taxpayers to put us through some arduous expensive painful audit We don’t have time for only to find out some tubotax flaw caused a $14 dollar underpayment in 2017. 

 

So wanting to make the elites comply with the law is an elitist position and opposing any attempt to make the elites comply with the law is the anti-elitist positions? Do I have that right?

[aristocrat]

 

[Big Blitz]

Those 87,000 new agents aren't going after the wealthy or big corporations.  They'll still be able to cheat the tax code, work around it, or be fine with paying a bit more because inevitably these tax hikes stifle competition - of which there is becoming less and less of.  

 

 

 

 

They're going after everyone that makes under 200K (this number to libs means you're rich) in every way possible.  

 

Congrats everyone!  This helps......just the super wealthy - the people behind this crap. 

[Steve O]

On 8/9/2022 at 3:18 PM, Tiberius said:

Polls are for losers. He isn't on the ballot now

 

Go Biden! 

And take Harris, Schumer and Pelosi with you (low hanging fruit, couldn't resist.)

[Tiberius]

24 minutes ago, Steve O said:

And take Harris, Schumer and Pelosi with you (low hanging fruit, couldn't resist.)

The majority ain't going nowhere 

[OrangeBills]

On 8/9/2022 at 3:28 PM, ChiGoose said:

 

The law as crafted is to give the IRS resources to target high wealth individuals and corporations with complicated tax structures. I am absolutely in favor of ensuring that all Americans are subject to our tax laws, not just the poor and middle class. If they use the funds improperly, they should be punished for it.

 

So I will ask you for a third time: Do you think the IRS should enforce tax laws against the elite?

 

The poor and most of the Middle Class pay Zero Federal Income Taxes....and most GET money from the gov't each year.  Clueless.

[JaCrispy]

Only way to reduce inflation is to pull actual dollars out of circulation…that way, that buying power of each remaining dollar goes up, causing prices to go down…

[Tenhigh]

If you really want to get everyone to pay their fair share, it absolutely must begin with a drastically simplification of the federal tax code. Otherwise this is just scum bag lawyers extorting loopholes and scumbag IRS agents using audits as a political tool for the current administration.  

[ChiGoose]

29 minutes ago, Tenhigh said:

If you really want to get everyone to pay their fair share, it absolutely must begin with a drastically simplification of the federal tax code. Otherwise this is just scum bag lawyers extorting loopholes and scumbag IRS agents using audits as a political tool for the current administration.  

A simple change that would go a long way would be Return Free Filing. 
 

For most Americans who are wage earners with simple deductions, the government already knows all of their info. The IRS can provide them with a return and they can either agree to it or submit their own. 
 

If your employer already provides a W-2 to the IRS, this would make filing a hell of a lot easier. Lots of other countries do it and we could too if it wasn’t for the lobbyists. 

[Tenhigh]

8 minutes ago, ChiGoose said:

A simple change that would go a long way would be Return Free Filing. 
 

For most Americans who are wage earners with simple deductions, the government already knows all of their info. The IRS can provide them with a return and they can either agree to it or submit their own. 
 

If your employer already provides a W-2 to the IRS, this would make filing a hell of a lot easier. Lots of other countries do it and we could too if it wasn’t for the lobbyists. 

Sort of. But concepts like SALT and AMT need to be eliminated too.  If taxes are easy to calculate we wouldn't need a 150k strong army of IRS agents to see if people are paying their share or not.  

Plus, there would be a need for less lawyers in the country,  which would be beneficial to pretty much everyone except lawyers.

[Buffarukus]

On 8/9/2022 at 4:23 PM, ChiGoose said:

 

I cannot guarantee anything but I am very willing to bet that the middle class will not be bled dry by the new IRS auditors.

 

 

id really love to know how the US gov has earned so much trust from such a large group of people.

 

very optimistic to put politely. ill side with those that scrutinize every move they make regardless who is in charge.

[B-Man]

 

 

 

 

OOPS.

 

Congressional Budget Office: Actually, the "Inflation Reduction Act" will cause more audits for working class

 

 

A disturbing pattern has emerged when it comes to the messaging we’re seeing out of the White House in general and the Press Secretary in particular. They seem to believe that if you keep saying something that’s wrong over and over again, it will eventually either become true, or at least people will start to believe it. That’s truly been the case with the so-called “Inflation Reduction Act” that just passed in the House on a party-line vote.

 

‘This bill will lower inflation.’ (No, it will probably increase inflation or possibly not affect it.)

 

‘The bill will reduce the deficit.’ (Nope. That’s not what the models show.)

 

‘This bill will raise GDP.’ (Care to try again?)

 

And then there’s the latest claim that the massive army of new IRS agents, many of them heavily armed but not trained in firearms handling very well, will not result in more audits of working-class people and will only impact those making more than $400k. They’ve said it over and over again. But the Congressional Budget Office begs to differ. 

 

https://gop-waysandmeans.house.gov/cbo-new-irs-audits-will-grab-at-least-20b-from-lower-middle-income-families/

 

https://hotair.com/jazz-shaw/2022/08/13/cbo-actually-the-inflation-reduction-act-will-cause-more-audits-for-working-class-n489425

[Orlando Tim]

On 8/9/2022 at 4:23 PM, ChiGoose said:

 

I cannot guarantee anything but I am very willing to bet that the middle class will not be bled dry by the new IRS auditors.

Bled dry is a personal belief, I felt NYS was bleeding me dry and therefore I moved to Florida. I have saved over $250k in income and property taxes in the past 20 years simply by living in FL. I know that you have a different level for that but the new IRS will increase the overall people who believe it

[The Frankish Reich]

On 8/9/2022 at 2:23 PM, ChiGoose said:

 

I cannot guarantee anything but I am very willing to bet that the middle class will not be bled dry by the new IRS auditors.

 

 

What they should do is just have the IRS prepare the returns for most Americans. Employers provide the information to the IRS anyway but we have to guess what they have because lobbyists won't let congress simply the process. If you are not a contractor and get a W-2 every year, the IRS basically already has everything they need. You should be able to just view it and either approve or change it.

Correct. We have the worst and least efficient tax collection system of any developed country. 
By the way: we do need to audit more lower income earners too. I previously worked in a field where I saw a lot of tax returns from lower earners. “Refundable” tax credits (a euphemism for “the government gives you “back” money you never paid in) — the earned income tax credit, additional child credits—are out of control. We saw this type of thing bigly too in the PPP fraudulent claims. I get that everyone hates the IRS, but you gotta hate the game, not the player. And for people like me who don’t cheat on our taxes, we’ll, if kinda like to see other people not getting “back” thousands of dollars that weren’t even withheld in the first place. 

[Big Blitz]

List of Tax Hikes Just Passed by Democrats - middle and lower incomes hardest hit - but we saved earth!

 

 

Below is the list of tax increases included in Democrats’ tax-and-spend spree now passed by both the Senate and House:

 

 

My personal favorite:

 

$74 Billion Stock Tax Which Will Hit Your Nest Egg — 401(k)s, IRAs and Pension Plans

 

When Americans choose to sell shares of stock back to a company, Democrats will impose a new federal excise tax which will reduce the value of household nest eggs. Raising taxes and restricting stock buybacks harms the retirement savings of any individual with a 401(k), IRA or pension plan.

 

Union retirement plans will also be hit.

The tax will put U.S. employers at a competitive disadvantage with China, which does not have such a tax.

 

Stock buybacks help grow retirement accounts. Raising taxes and restricting buybacks would harm the 58 percent of Americans who own stock and more than 60 million workers invested in a 401(k). An additional 14.83 million Americans are invested in 529 education savings accounts.

 

Retirement accounts hold the largest share of corporate stocks, accounting for roughly 37 percent of the outstanding $22.8 trillion in U.S. corporate stock, according to the Tax Foundation.

 

In 2017, corporate-sponsored funds made up $4.45 trillion in market value; union-sponsored funds accounted for $409 billion; and public-sponsored funds, which benefit teachers and police officers, added up to $4.25 trillion.

 

When companies perform stock buybacks, these investors are the ones who benefit. A tax on buybacks could dissuade companies from conducting this action and negatively impact retirement savings.

 

https://www.atr.org/list-of-tax-hikes-just-passed-by-democrats/