Joe Hinchman, executive vice president of National Taxpayers Union Foundation, said, "The IRS will target small and medium businesses because they won't fight back." This is what the American people face, and Joe Biden has encouraged it.
The Joint Committee on Taxation (JCT), a nonpartisan watchdog body, projected "taxes will increase by $16.7 billion on American taxpayers earning less than $200,000" in 2019.
By 2031, people earning less $400,000 are predicted to carry two-thirds of the additional tax money collected.
The IRS regularly targets middle-class Americans. Hinchman said, "The IRS claims 'We're going after the rich,' but when you need that much money, the rich can only get you so far… The rich have lawyers, therefore the poor are easier to target.
According to a study by Syracuse University's Transactional Records Access Clearinghouse (TRAC), the IRS audited Americans earning less than $25,000 five times more than other categories last year.
Analysis of the IRS's new spending found that Americans earning less than $75,000 will receive 60% of the additional tax audits. According to this research, the IRS would audit 1.2 million extra tax returns annually.
Between 78% and 90% of the additional $200 billion the IRS would collect will come from small businesses making less than $200,000.
According to the JCT, only 4-9 percent of additionally collected funds will come from businesses making north of $500,000 a year.”
The preceding is a summary of an article that originally appeared on SARA.