Connect with us

Hi, what are you looking for?

DailyflyDailyfly

National News

Crapo Offers Amendment to Protect Middle Class, Small Businesses from Supersized IRS

WASHINGTON, D.C.–U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) filed an amendment to the Democrats’ misleadingly-named “Inflation Reduction Act of 2022” to prevent the IRS from using its massive, $80 billion cash infusion on enforcement actions designed to squeeze more revenue out of American taxpayers who earn less than $400,000 per year.  

“My colleagues claim this massive funding boost will allow the IRS to go after millionaires, billionaires, and so-called rich ‘tax cheats,’ but the reality is a significant portion raised from their IRS funding bloat would come from taxpayers with income below $400,000,” said Crapo. “Otherwise, why would the legislative text say the funding isn’t intended to target taxpayers below that threshold? My colleagues and Americans know the real answer: small business owners, cash-heavy businesses, and those who can’t afford legal teams are easy targets for the new IRS agents and their audits. My amendment would ensure the Democrats’ supersized-IRS proposal cannot violate the President’s pledge to not raise taxes on those making less than $400,000.”

Senator Crapo’s amendment would prevent the IRS from using any of the supersized $80 billion of funding for audits on hard-working American taxpayers, including individuals and small businesses, with taxable incomes below $400.000. 

Senate Democrats voted the amendment down along party lines, 50-50.