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.