Senate Bill: IRS Funding Hypocrisy
Chris EdwardsThe Senate ’s Inflation Reduction Act includes an $80 billion increase in the Internal Revenue Service budget over a decade, which would roughly double the agency’s budget by 2031.It ’s nearly impossible for taxpayers to contact the IRS for timely answers to filing questions, but the Senate bill devotes just $3.2 billion of the new spending to “taxpayer services.” The lion’s share—$46 billion—goes toward jacking up IRS enforcement. The thrust of the bill is against t he people, not for the people to understand the code and voluntarily comply.Senators supporting the bill talk about “tax cheats” and “closing tax loopholes. ” But this is a huge hypocrisy. The Senate bill itself creates new loopholes and tax breaks, and complicated breaks drive noncompliance with the tax system. The Senate bill would expand a slew of special‐interest credits and other breaks within a $370 billion orgy of green subsidies and cor porate welfare.This chart illustrates the relationship between politicians and special ‐interest tax breaks:TheCBO summary of the Senate bill lists tax credits for electricity produced from renewable resources, solar facilities in low‐income communities, carbon oxide sequestration, nuclear power production, sustainable aviation fuel, nonbusiness energy property, residential clean energy, energy efficient homes, c lean vehicles, previously‐owned clean vehicles, alternative fuel refueling property, advanced energy ...
Source: Cato-at-liberty - Category: American Health Authors: Chris Edwards Source Type: blogs
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