A new CBO report out today reveals that Joe Biden’s spending bill, the one that both he and Democrats claim won’t raise taxes on individuals making less than $400, will do exactly that.
Here’s the report from the NY Post:
The Inflation Reduction Act sent to President Biden’s desk will end up forcing working-class Americans to pay billions of dollars in new taxes, according to the nonpartisan Congressional Budget Office.
An analysis by the CBO estimates those earning less than $400,000 — the group on which Biden promised not to raise taxes — will pay an estimated $20 billion more in taxes over the next decade as a result of the Democrat-pushed $740 billion package, which also sets aside $80 billion to hire 87,000 IRS agents.
The bill has yet to be scored in its entirety by the CBO — which typically gives each piece of legislation a price tag before it is voted on — but the agency scored the impact of the IRS expansion on middle-class taxpayers on Aug. 12 after a provision from Sen. Mike Crapo (R-Idaho) sought to exempt those making under $400,000 from increased IRS scrutiny.
Crapo’s proposed amendment would have kept those taxpayers from being targeted by the new IRS hires, but his provision was shot down 51-50 in the bill passed by the Senate last week.
On Friday, the House approved the bill. Biden is expected to sign it in the coming days.
The CBO analysis confirms an earlier report from the Joint Committee on Taxation that found that throwing an extra $80 billion at the IRS to improve the agency’s collection of under-reported income will end up targeting small business owners to pay for the legislation.
Biden, his White House and Democrats have been lying about their new spending bill from the get go, claiming it lowers inflation and only raises taxes on those making more than $400k.
But this new CBO report reveals the ugly truth and should keep Biden from signing it. He should veto the bill and send it back to be fixed, perhaps by demanding that Crapo’s amendment be passed.
But he won’t, because he doesn’t care if the bill raises taxes on you or the new IRS agents come after you. That’s just the kind of guy he is…who will lie to your face and then steal your money while his tax goons hold you down.
The media should be outraged over this new revelation, but I doubt they will put any pressure on Biden to reject the bill. They’ll ask the White House about it but won’t hold them accountable.