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Biden’s IRS ‘will have to target small and medium businesses because they won’t fight back’

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“The IRS will have to target small and medium businesses because they won’t fight back” is a direct quote from Joe Hinchman, executive vice president at National Taxpayers Union Foundation. That is what the American people are up against, and President Joe Biden has just emboldened the sickness.

The Foreign Desk News reports that the Joint Committee on Taxation (JCT),  a nonpartisan watchdog group has found “taxes will increase by $16.7 billion on American taxpayers earning less than $200,000—a nearly $17 billion tax targeted solidly at low and middle-income earners next year.”

Additionally, “at least half of all new tax revenue raised next year would come from those earning under $400,000, and by 2031, those earning below $400,000 are projected to bear as much as two-thirds of the burden of the additional tax revenue collected.”

Going after vulnerable, middle-class Americans is nothing new for the IRS. Hinchman also stated  “The IRS says ‘We’re going after the rich’ but when you’re trying to raise that much money, the rich can only get you so far… The rich have their lawyers and fight it — that’s why the poor are easier to go after.”

Last year alone, the IRS audited “Americans earning less than $25,000 a year at five times the rate of other groups, according to a study by Syracuse University’s Transactional Records Access Clearinghouse (TRAC), a nonpartisan, nonprofit data research center.”

Analysis of the new spending for the IRS showed that Americans who earn less than $75,000 per year are slated to receive 60 percent of the additional tax audits. According to this analysis, the IRS would conduct more than 1.2 million additional annual audits of Americans’ tax returns.

The watchdog group also estimated that “between 78 and 90 percent of the estimated additional $200 billion the IRS will collect will come from small businesses making less than $200,000 annually.”

The IRS has insisted their target is higher income individuals, but, according to the JCT, “only 4-9 percent of additionally collected funds will come from businesses making north of $500,000 a year.”

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Economy

Biden spends $1.65 trillion taxpayer dollars while vacationing in St. Croix

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Joe Biden

While vacationing in the island of St. Croix for the holidays, President Joe Biden on Thursday signed into law the massive $1.65 omnibus spending package.

The whopping 4,155 pages was supported by only nine House Republicans and 13 Senate Republicans. Majority of criticism from the GOP includes concerns that the bill was rushed and crammed with wasteful spending by a lame-duck Democratic-dominated Congress. The recourse will punish American families by adding to the national debt and exacerbate inflation.

“Today, I signed the bipartisan omnibus bill, ending a year of historic progress. It’ll invest in medical research, safety, veteran health care, disaster recovery, VAWA funding — and gets crucial assistance to Ukraine,” Biden tweeted. “Looking forward to more in 2023.”

Senate minority leader Mitch McConnell “praised the bill on the grounds that it represents a real decrease in discretionary spending. He presented it as a positive that nondefense spending jumped by only 5.5 percent, from $730 billion to $772.5 billion, amid an inflation rate of 7.1 percent” writes National Review.

“The bipartisan government-funding bill that Senators Shelby and Leahy have finished negotiating does exactly the opposite of what the Biden administration first proposed,” he said. “This bill provides a substantial real-dollar increase to the defense baseline . . . and a substantial real-dollar cut to the non-defense, non-veterans baseline,” McConnell insisted as negotiations were wrapping up.

House minority leader Kevin McCarthy, however, stated his strong disapproval of the bill before it even advanced. Affirming a letter from 13 House Republicans, McCarthy demanded the bill is reckless, irresponsible, and a “purposeful refusal to secure and defend our borders.”

For example, it failed to incorporate protections for Title 42, the pandemic policy that allows illegal immigrants to be expelled on a public-health basis, which currently hangs in the balance at the Supreme Court.

National Review adds, “The funding in the bill, which averted a federal government shutdown before the new year, includes an allocation of $45 billion in defense assistance to Ukraine. Some Republican priorities, such as Electoral Count Act reform and a bigger military budget, were nested in with Democratic appropriations, such as increased funding for Medicaid and food stamps.”

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