Hate to say: “I Told You So” but the new 87,000 audit agents, armed and now funded by your tax dollars are about to descend on the America taxpayer and there’s nowhere to hide! But wait a minute, we were told only the top 1% of the wealthiest taxpayers would be audited! Ops! Looks like Congress lied to the American people again! Let is be noted that nothing in the IRS 90-billion-dollar funding orgy describes, limits, or targets on any specific tax group. What this means is what America hear is ‘hear-say’ and NOT in the bill which was passed!
On Point: Congress said something which was not codified in writing in the passed legislation, got it! It is ‘open-season’ on ALL taxpayers!
But it doesn’t stop there! Given the current inflation rates, individuals who receive any form of salary increase may be perceived as affluent, despite the fact their purchasing power may have actually decreased. In other words more dollars don’t mean more wealth!
Amidst the current economic challenges, the Internal Revenue Service (IRS) has revealed its intentions to expand its examination of taxpayers and businesses, indicating a substantial rise in audit rates by an astonishing 50 percent! OMG!
This decision is being made as the IRS prepares to spend their orgy funds provided by the Inflation Reduction Act, a law signed by President Biden in 2022. The decision demonstrates a focused initiative to reinforce tax enforcement in light of increasing worries about revenue deficits worsened by the economic consequences of the pandemic.
Based on IRS projections, the audit rate for taxpayers with incomes exceeding $10 million is expected to increase from 11 percent in 2019 to a strong 16.5 percent by 2026. In addition, the agency has announced plans to significantly increase audit rates for small to large corporations. They also intend to intensify scrutiny on businesses and sole proprietors.
But wait! I didn’t make $10 million dollars last year! Are you sure? The IRS just has to check to see if you are telling the truth! OBTW – I wonder what they will find we they go through your records! Ops!
However, in the midst of these ambitious plans, the IRS has attempted to spin a narrative for middle-class Americans by stating households earning less than $400,000 annually do not need to worry about increased chances of being audited.
However, failed to state there may be a substantial audit increase but the wording clearly shows ‘not to worry’ does not mean you won’t be audited!
However, the facts seem to show a different side of the IRS narrative! There is a prevailing sense of doubt, especially within conservative circles, as some express concerns the IRS's increased enforcement measures may still target middle-class Americans. Opponents highlight the recent surge in tax penalties and the substantial growth of the IRS workforce, as reports shows the agency has added a staggering 87,000 new audit agents to its ranks.
Despite the government officials' reassurances, there are lingering questions about the broader implications of the IRS's audit expansion. Skeptics contend while strengthening tax enforcement may result in immediate increases in revenue, the potential long-term effects on economic growth and taxpayer compliance are still uncertain.
In addition, there are ongoing concerns about the possibility of excessive authority and unfair focus on specific political groups, but failed to answer the question of which political groups may be targeted.
Final Word: Do you trust the IRS? Do you think the IRS has been weaponized? Would the Progressives give a break to conservative taxpayers?
Never forget: “I'm from the Government, and I'm here to help. "…(myself to your money)
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