Commentary The next time Republicans control all three branches of government they may wish to visit an old idea—the flat tax. When magazine publisher and Republican Steve Forbes ran for president in 1996, the flat tax was at the heart of his campaign. Forbes lost the nomination to Bob Dole, who lost the election to…
Critics Aren’t Buying Biden’s Pledge That Americans Earning Under $400,000 Won’t Pay a ‘Penny More’ in Taxes
August 17, 2022
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Business & MarketsDemocratseconomyExecutive BranchinflationInflation Reduction ActJoe BidenPoliticsRepublicanstaxesUSUS News
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President Joe Biden said after signing the Inflation Reduction Act that no Americans making under $400,000 per year will pay more taxes despite the bill giving the IRS a massive cash injection for enforcement, prompting a flurry of criticism arguing that Biden’s pledge holds no water and that the tax agency will squeeze middle-income households…
An IRS That’s Armed and Dangerous
Commentary The Biden administration has a lot of nerve proposing to double the budget of the Internal Revenue Service and add 87,000 employees. This plan is set to become law as part of the soon-to-be-enacted Inflation Reduction Act. And it comes around the same time as the outrageous FBI raid of former President Donald Trump’s…
Top Ways and Means Democrat Suggests Openness to Further Raising Taxes
House Ways and Means Committee Chair Richard Neal (D-Mass.) told reporters on Aug. 12 as the House considered the $700 billion Inflation Reduction Act that Democrats would be open to further tweaking the tax code after November. Specifically, Neal said that further tax code changes than those included in the Inflation Reduction Act would target…
Democrats Open to Raising Taxes More After Midterm Elections: Top Lawmaker
House Ways and Means Committee Chair Richard Neal (D-Mass.) told reporters on Aug. 12 as the House considered the $700 billion Inflation Reduction Act that Democrats would be open to further tweaking the tax code after November. Specifically, Neal said that further tax code changes than those included in the Inflation Reduction Act would target…
It’s ‘Guaranteed’ Americans Earning Less Than $400,000 Will Be Hounded by IRS: Rep. Scalise
August 15, 2022
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Business & Marketseconomic policieseconomyenforcementIRSpersonal financePoliticsRepublicanstaxesUSUS News
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Rep. Steve Scalise (R-La.) said that the Democrat spending bill that boosts IRS funding is “guaranteed” to squeeze more tax revenue from middle- and lower-income Americans despite Biden administration insistence that households making less than $400,000 won’t face higher taxes or audit rates. Scalise, who is the House Republican whip, made the remarks on the…
Along With Trump’s Home, Biden Wants to Raid Your Bank Account
Commentary How self-destructive can the Democratic Party be? In control of the White House, Senate, and House of Representatives, they’re not satisfied with bearing the blame for the highest inflation in four decades; a recession that has only just begun; a bloody debacle in Afghanistan last year that left 13 of our servicemen and women…
How the IRS Expansion Would Empower Ruling Elites to Target Americans
Commentary “He has erected a multitude of new offices, and sent hither swarms of Officers to harass our people and eat out their substance.” Those were the words of Thomas Jefferson in the Declaration of Independence, referring to the depredation of King George III. The sentence was part of a long list of grievances that…
IRS Commissioner Says Agency Is ‘Absolutely Not’ Increasing Audit Scrutiny on Small Businesses, Middle-Income Americans
August 10, 2022
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Business & MarketsCompanieseconomic policieseconomyIRSPolicies & ImpactsSmall BusinessestaxesUSUS News
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The IRS has said it will “absolutely not” be increasing audit scrutiny on small businesses or middle-income Americans amid concerns over Democrats’ Inflation Reduction Act, which provides nearly $80 billion in IRS funding, including $45.6 billion for “enforcement.” IRS Commissioner Charles Rettig made the comments in a letter to members of the Senate on Aug. 4 (pdf) in…
So-Called Inflation Reduction Act Would Make Stagflation Worse
Commentary After more than a year of expressing his concerns about the impact of inflation, Sen. Joe Manchin (D-W.Va.) has signed off on a massive tax and spending bill that only would push prices for working families even higher. The deal, which Manchin made with Senate Majority Leader Chuck Schumer (D-N.Y.) was reached only hours before the…
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