U.S. Senator Marsha Blackburn (R-Tenn.), along with Ranking Member of the Senate Finance Committee Mike Crapo (R-Idaho) and all Senate Finance Committee Republicans, introduced legislation to prevent the Internal Revenue Service (IRS) from using its $80 billion infusion of taxpayer dollars included in the Inflation Reduction Act (IRA) to squeeze more revenue out of hardworking taxpayers who earn less than $400,000 per year.
This bill would help protect hardworking Tennesseans from being subjected to increased IRS audits due to Biden’s Inflation Reduction Act. According to the U.S. Census Bureau, the median household income for Tennesseans is $58,516.
“Instead of hunting for more money to steal from hardworking Tennesseans, President Bident should be focused on cutting the federal deficit and slashing spending,” said Senator Blackburn. “Under President Biden’s watch, federal spending has increased by over $6 trillion and our deficit has increased by over $4.8 trillion. Biden spent $80 billion alone to supersize the IRS and $400 billion for his Green New Deal. It’s time for this administration to stop forcing hardworking families to finance the left’s socialist agenda.”
BACKGROUND
- Estimates from the Congressional Budget Office confirmed increased audits would result in billions of dollars in additional revenue being collected from working Americans.
- Other estimates from the non-partisan Joint Committee on Taxation have shown a large portion of uncollected tax revenue comes from small businesses and sole proprietors, many of whom make less than $400,000 per year.
- The legislation, which Senator Crapo and Senate Finance Committee Republicans also introduced in the 117th Congress, would codify the Treasury Secretary’s unenforceable pledge to not use IRA funding to increase audits on anyone making less than $400,000 per year.
For bill text, click here.
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This is a companion discussion topic for the original entry at https://www.blackburn.senate.gov/2023/2/blackburn-finance-republican-colleagues-committed-to-protecting-hardworking-taxpayers-from-heavy-handed-irs