CBO: “Inflation Reduction Act” Costs Middle-Class $20 Billion in New Taxes
As President Biden today signs the so-called Inflation Reduction Act, tax hiker Jay Chen couldn’t be happier as the bill gives the IRS $80 billion for 87,000 new agents and hikes taxes on middle-class families, small businesses and first generation Americans.
From a news report yesterday:
“An analysis by the CBO estimates those earning less than $400,000 — the group on which Biden promised not to raise taxes — will pay an estimated $20 billion more in taxes over the next decade as a result of the Democrat-pushed $740 billion package, which also sets aside $80 billion to hire 87,000 IRS agents.
“…The CBO analysis confirms an earlier report from the Joint Committee on Taxation that found that throwing an extra $80 billion at the IRS to improve the agency’s collection of under-reported income will end up targeting small business owners to pay for the legislation.”
Chen’s support for 87,000 IRS agents and tax hikes follows his earlier support of doubling taxes on all California families to fund his plan for single-payer healthcare in the state.
“Indoctrinating America’s children with Communist propaganda via Confucius Institutes isn’t enough for Jay Chen – he wants to massively grow the IRS to target first generation Americans, small business owners and middle-class families in order to feed his socialistic appetite for more government spending,” said Michelle Steel Spokesperson Lance Trover.