Democrats just passed the Inflation Reduction Act, which will make prescription drugs and health insurance cheaper, invest in clean energy, curb climate change and reduce the deficit. Paid for by raising taxes on the wealthy.
Democrats are looking out for non-wealthy Americans. Can’t have that. The Republican response? Clutching their pearls. “Bigger government, more taxes and regulation. Be afraid! 87,000 IRS agents to squeeze more out of you and me.”
What’s forgotten is how drastically Republicans slashed IRS funding. Forced to work with a sparse budget, it’s pretty tough to hire professional agents who can audit Washington millionaires.
The majority of Americans prepare a tax return via their W-2 or 1099. There is little chance for fudging there. The IRS already has a copy. Mortgages? Investment interest? All verifiable. Hardly need additional staffers to audit those returns.
What does the IRS not have? Verifiable information from, say, real estate moguls who declare property values depending on the purpose for the value. Higher value for a loan, lower value for taxing purposes.
New agents will replace retirees and will provide enhanced tax enforcement measures. With new, up-to-date technology, the IRS will be better resourced to target tax-dodgers and flat-out cheaters who hire professionals to deliberately complicate their returns, making them harder to audit. The IRS needs agents with the same or better expertise to evaluate those returns.
U.S. Sen. Tammy Duckworth, U.S. Reps. Bill Foster, Sean Casten, Dan Schneider, Lauren Underwood and Jan Schakowsky voted for us.
Now we need to vote for them.