Get ready to pay more taxes, even if, like most of us out here in the real world, you make less than $400,000 a year. And you also should know that come 2022, if Congress doesn’t stop him, President Joe Biden will have weaponized the IRS against you and doubled the federal tax agency’s workforce.
This is yet another in the long train of examples from the nation’s capital of what the Founders meant when, in the Declaration of Independence, they pointed out that the tyrannical King George III had “erected a multitude of new offices and sent hither swarms of officers to harass our people, and eat out their substance.”
Only this time, it’s the doddering president and his allies in both political parties who are doing it to us today rather than a distant king with a compliant Parliament who cared only about preserving power.
On the tax issue, you will recall Biden said over and over before and after he was elected this country’s chief executive that “nobody making less than $400,000 will see their taxes go up.” That was a lie.
The non-partisan Joint Committee on Taxation in Congress released a report today that makes clear just how big a lie Biden was telling when he made that claim over and over again.
The “report” consists of five charts laying out from multiple angles how much more each income level of Americans will pay if the House version of Biden’s $3.5 trillion “Build Back Better” spending plan and associated tax measures become law.
“The Tax Cuts and Jobs Act cut taxes across all income groups, especially for the middle class,” said committee member Sen. Mike Crapo (R-Idaho). “This nonpartisan analysis shows that less than a third of all Americans will benefit from Democrats’ tax plans, with more than two thirds either experiencing no benefit or facing immediate tax hikes. The middle class and small businesses in particular will be getting very little—except for more taxes.”
Related: The Stunning Implosion of Joe Biden
Crapo further pointed out that:
“In 2023, more than two thirds of all taxpayers will get essentially no benefit from the House Tax Bill or will experience a meaningful tax increase. By 2027, more than 85 percent of all taxpayers will fall into this category.
“These results apply across the income spectrum, including with respect to nearly 60 percent of those earning between $20,000 and $30,000 and nearly three quarters of all taxpayers earning between $30,000 and $100,000.
“Even those on the very bottom are more likely to get no benefit, with 64 percent of Americans earning less than $10,000 no better off than they currently are.”
And it gets worse. In 2023, taxpayers of every income level will see meaningful tax increases, including:
- Nearly five percent of taxpayers earning between $40,000 and $50,000
- Nine percent of those earning between $50,000 and $75,000
- 18 percent of those earning between $75,000 and $100,000
- 35 percent of those earning between $100,000 and $200,000
- 59 percent of those earning between $200,000 and $500,000
Along with the higher taxes, Biden wants to double the size of the IRS workforce by authorizing it to hire 87,000 additional agents and greatly expand their authority to dig into your bank records without telling you.
In fact, Biden wants to require your bank or savings and loan to report to the IRS every single time you spend or deposit $600 or more. The precedent here is the existing $10,000 threshold Congress gave the IRS under the Bank Secrecy Act to enable the tax agency to cooperate effectively with other federal law enforcement operations against drug cartels, terrorist cells and the mafia.
Nice to know Biden’s IRS will now treat the final records of everyday Americans the same way drug cartels, terrorist cells, and organized crime syndicates are treated under the Bank Secrecy Act!
Sen. John Boozman, an Arkansas Republican, is aghast at Biden’s plans for the IRS, telling the Epoch Times earlier this week that “they want this new authority to look at transactions of $600 or more rather than $10,000 or more because they have a $3.5 trillion, or some say up to a $5 trillion bill, depending on how you score it, so they desperately need pay-fors. This shows how desperate they are.”
Just to put that $600 into an economic and historical perspective, Boozman pointed out that:
“Today, $600 is such a small amount of money. To put this in perspective, this law was passed several decades ago and when they did this, $10,000, if you tied inflation to it, it would be $50,000 today. What they’ve done is taken what perhaps was a good idea at the time and weaponizing it such that they can get into your bank account.”
Biden also wants to give the Department of the Treasury new authorities to issue additional regulations regarding what the IRS can do in opening and examining your financial records. Put simply, the $600 limit is little more than window dressing.
Let’s see now, what was it Benjamin Franklin said? Something about “those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety.”