The Democrats claim the Manchin-Schumer spending bill that passed the House Friday, and will no doubt be shipped directly to President Biden’s vacation home in South Carolina, will not raise taxes on those making less than $400,000.
The Congressional Budget Office, which is independent, says this is a lie. Who would have guessed?
According to Fox Business:
FOX has confirmed that the Congressional Budget Office informed lawmakers that audits of taxpayers making under $400,000 accounts for about $20 billion in revenue for the Inflation Reduction Act.
FOX has obtained the CBO’s score of a Senate amendment proposed by Republican Idaho Sen. Crapo that would have prevented any additional IRS funds to audit taxpayers making less than $400,000 a year. The CBO says with this amendment, the Inflation Reduction Act would lose $20 Billion dollars in revenue.
Republicans on the House Ways and Means committee say that this proves that the CBO — and Democrats counting on CBO estimates for how much money increased IRS audits would raise — proves that about $20 billion dollars in revenue will be raised from increasing audits on anyone making less than $400,000.