Inflation Reduction Act will cost MIDDLE CLASS $20B in new taxes

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Inflation Reduction Act will cost the middle class $20B in new taxes
#inflationreductionact #inflation #businessnews

Source:
https://nypost.com/2022/08/15/inflation-reduction-act-will-cost-middle-class-20b-cbo/

The Inflation Reduction Act sent to President Biden’s desk will end up forcing working-class Americans to pay billions of dollars in new taxes, according to the nonpartisan Congressional Budget Office.

An analysis by the CBO estimates those earning less than $400,000 — the group on which Biden promised not to raise taxes — will pay an estimated $20 billion more in taxes over the next decade as a result of the Democrat-pushed $740 billion package, which also sets aside $80 billion to hire 87,000 IRS agents.

The bill has yet to be scored in its entirety by the CBO — which typically gives each piece of legislation a price tag before it is voted on — but the agency scored the impact of the IRS expansion on middle-class taxpayers on Aug. 12 after a provision from Sen. Mike Crapo (R-Idaho) sought to exempt those making under $400,000 from increased IRS scrutiny.

Crapo’s proposed amendment would have kept those taxpayers from being targeted by the new IRS hires, but his provision was shot down 51-50 in the bill passed by the Senate last week.

On Friday, the House approved the bill. Biden is expected to sign it in the coming days. - NYPOST

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