The Democrats’ “Inflation Reduction Act” is set to squeeze $20 billion from working and middle class Americans with new funding for increased Internal Revenue Service (IRS) audits, the Congressional Budget Office (CBO) estimates.
On Friday, House Democrats passed the Inflation Reduction Act after Senate Democrats passed the bill earlier this week.
Hours before its passage in the House, lawmakers received the bill’s CBO score — revealing that billions will be taken from working and middle class Americans as a result of billions in new funding for IRS audits.
Specifically, the CBO estimates that the Democrats’ $80 billion for new IRS audits will take at least $20 billion from working and middle class Americans earning less than $400,000 a year. These billions are in addition to the billions already taken from this income group via IRS audits.
The revelation comes as Democrats and President Joe Biden’s administration have falsely claimed that the Inflation Reduction Act does not go after Americans earning less than $400,000.
In fact, no such language exists in the bill prohibiting the IRS from going after working and middle class Americans with the new funding. This has resulted in Treasury Secretary Janet Yellen begging the IRS not to use the $80 billion to target Americans earning less than $400,000.
Senate Democrats actually voted down an amendment by Sen. Mike Crapo (R-ID) that would have banned the new IRS funding from being used to go after working and middle class Americans — ensuring that additional audits would only target high-income earners.
The Democrat deal is seemingly a violation of a promise Biden made to American taxpayers in his State of the Union (SOTU) address in March.
“And under my plan, nobody earning less than $400,000 a year will pay an additional penny in new taxes. Nobody,” Biden said at the time.
John Binder is a reporter for Breitbart News. Email him at [email protected]. Follow him on Twitter here.
