Inflation Reduction Act will cost middle class $20B in new taxes: CBO

[SrsTwist]

>> Nice of them to officially confirm what we all already knew.

Inflation Reduction Act will cost middle class $20B in new taxes: CBO

Inflation Reduction Act will cost middle class $20B in new taxes: CBO

An analysis by the CBO estimates those earning less than $400,000 will pay an estimated $20 billion more in taxes over the next decade as a result of the Democrats’-pushed $740 billion packag…

nypost.com

 

[PhulesAu]

Where's the Ray Charles " I didn't see that coming "?

 

[Guardian3]

It has been my observation that Congress names the Act in a manner that distracts you from its actual purpose. As evidence, I submit to you the "Affordable Care Act."

 

[striker55]

Don't pee on my leg and tell me it's raining!

 

[Wudidiz]

The new “Inflation Reduction Act” provides higher taxes, more spending, higher prices, and an army of IRS agents. The bill includes $80 billion in mandatory appropriations to the IRS. The annual budget of the IRS is only about $12.6 billion. That’s nearly six times the current annual budget of the IRS. Of this, $45.6 billion is for enforcement purposes. So, almost 60 percent of this $80 billion is for enforcement purposes.

The $46 billion will allow the IRS to hire 87,000 new enforcement agents. That will make the IRS one of the largest federal agencies, larger than the Pentagon, State Department, FBI, and Border Patrol combined.

This bill requires raising around $200 billion of more tax revenue from Americans by auditing them. History tells us they won’t get it from the over-lawyered big corporations or the rich. If they thought they could do that they wouldn’t need to hire 87,000 agents. They will be coming after Americans making less than $400k.

 

[ATN2]

I'm glad I make more than $400K then

 

[oldag]

Where is Z? Sleeping in this morning?

 

[Vaquero]

Merged threads

 

[Shady]

glad I will get 7500 back when my ford lightning comes in

 

[TheDan]

It has been my observation that Congress names the Act in a manner that distracts you from its actual purpose. As evidence, I submit to you the "Affordable Care Act."

Yep. If the intent was to actually reduce inflation, it would have massive spending cuts, not expansion.