Despite the Congressional Budget Office reporting that between 78 and 90 percent of news revenue from the audits in the so-called “Inflation Reduction Act” would come from families making less than $200,000 a year, the White House and Congressional Democrats continue to maintain that the added funding and IRS agents will only target “billionaires.”
But according to former investment banker Carol Roth, the author of the book “The War on Small Business,” the assurances from the IRS and the White House ring hollow.
Roth told Fox News that the IRS began targeting small businesses last year as part of the “American Rescue Plan.” She said it isn’t the wealthiest Americans who are being targeted. Instead, the IRS is targeting people who sell on eBay or Etsy.
In short, those who are self-employed.
On average, those listed as self-employed earn less than $70,000 a year.
According toGabriella Hoffman, a senior fellow with the Independent Women’s Forum, freelancers and small businesses will likely be the IRS’s primary target.
Hoffman told Fox News that it will be the self-employed, freelancers, and gig workers who will likely be affected by the $80 billion in additional funding and 87,000 new agents because theIRS views them as a kind of “wild workforce that has to be reined in.”
Carol Roth added that some of those additional agents could be specifically targeting e-commerce businesses. She said those who sell things online as a hobby or for extra income may discover that they’re suddenly getting flagged by the IRS.
Roth told Fox News that the IRS enforcement in the Inflation Reduction Act is designed to keep Americans dependent on the government because “taxing is meant to influence behavior.” So pursuing more taxes from productive businesses will cause those businesses “to fare worse.”
Both Hoffman and Roth warn that the Biden administration is trying to weaponize the IRS to target and punish wealth creators and entrepreneurs.
The IRS has claimed the additional $80 billion is going to “taxpayer services.”
But according to the breakdown in the bill, only $3.18 billion is going to “taxpayer services”while more than half,$45.6 billion is going to “enforcement.”
And when you consider that there are fewer than 900 billionaires in the country, it’s a sucker’s bet to believe that “enforcement” is all for targeting them.