U.S. Senator Mike Crapo (R-Idaho), Ranking Member of the Senate Finance Committee, today led a press conference with Republican members to highlight concerns with a proposal in the Democrats’ tax-and-spend legislation that would nearly double the budget of the Internal Revenue Service (IRS) with a massive $80 billion boost in funding.
An increase in funding means an increase in audits for the middle class:
“What we’ve found from the Joint Committee on Taxation is that the vast majority of those dollars will come from the middle class, the very group that the president and Democrats say will not be targeted.
“The President continues to pledge that no one making less than $400,000 will see a penny in tax increases, but the JCT shows that of the ‘tax gap’ the IRS dollars would go toward collecting—78-90 percent of that tax gap falls on income below $200,000.
“The IRS cannot generate the money that the Democrats claim they will from this funding, unless it focuses the target right on the middle class. That’s what the data shows, and what they don’t want to say. This supersized IRS will create an army of auditors to come out and go after the tax gap, which lies primarily in income categories under $400,000.”
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