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President Biden claims the Inflation Reduction Act will not increase IRS audits or raise taxes on Americans making less than $400,000.
The truth:
- Despite Biden’s promise, analysis by the non-partisan Joint Committee on Taxation (JCT) confirmed the Inflation Reduction Act will raise taxes on Americans making less than $400,000.
- President Biden and Congress have committed $80 billion of taxpayer money to the IRS, with $46 billion aimed at increasing enforcement.
- Treasury Secretary Yellen’s letter to the IRS requesting that new IRS funds “shall not be used to increase the share of small business or households below the $400,000 threshold that are audited relative to historical levels” does not mean fewer audits for these earners.
- Senate Democrats voted “no” on an amendment offered by Senator Crapo to prohibit the IRS from using new funds to audit families and businesses earning less than $400,000.
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AFP's Elizabeth Patton joined Representative Ron Estes (KS-04) in his office in Wichita to discuss how the federal government should be approaching some of the most important issues of the day including inflation, the proper role of Congress, and much more.
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