Biden's BBB 'billionaires' targeted for IRS enforcement will be taxpayers earning less than $75,000 a year

Joe Biden is brimming with bee ess and lies. Probably his biggest is the one he's put out about his plan to target all those supposedly cheating billionaires for tax enforcement under his "Build Back Better" porkulus plan. He claims it's all about making them "pay their fair share."

Implicit in his message is a reassurance to the little guy that all those 80,000 new IRS agents he'd like to hire in the BBB plan would only target lazy, shiftless, cheating billionaires. It's got a skeevy smell, given that there are only 630 Americans in the club of billionaires to target. Some 80,000 new agents would amount to 127 IRS agents per billionaire as if a couple of sharp ones couldn't do the trick.

It's garbage and now Reason magazine's Eric Boehm has done an excellent job digging into the particulars and exposing the lie.

As part of Biden's "Build Back Better" plan, the IRS would get $80 billion in additional funding over the next 10 years. The bulk of those new funds, nearly $45 billion, would be directed toward enforcement actions with the goal of doubling the number of annual audits of small businesses. By comparison, the bill spends a relatively meager $1.93 billion on improving taxpayer services, including education and filing assistance.

In short, for every new dollar the IRS will spend helping Americans understand the endlessly complicated federal tax code, the agency will spend roughly $23 new dollars on enforcing those same rules.

He points out that the agency has a gross record of trampling on Americans' rights and a surge of hiring would not fix that. The IRS, he notes, is not just rights-violating, but incompetent -- they "lost" 1,000 computers that may have contained sensitive taxpayer information and rehired 200 rogue agents who had been booted for "conduct or performance issues." More agents, more incompetence.

But the scariest part of the Boehm report is in who the IRS will really target -- not the billionaires, not the millionaires, not the six-figure-salary-aires -- but the really little guys, the ones making less than $75,000 a year who can't afford lawyers to argue with them. Here's the passage, emphasis mine:

As the details of his proposal make clear, enhanced tax enforcement will mean hoovering up more data from crypto wallets, bank accounts, and third-party payment providers such as PayPal and Venmo. And that comes after Biden already ordered the IRS to give greater scrutiny to transactions in the so-called sharing economy. In total, Biden's plan envisions the IRS carrying out 1.2 million more audits each year, according to the House Ways and Means Committee's analysis of the Build Back Better plan. About half of those audits would target households making less than $75,000 annually.

That ought to be an issue as the BBB porkulus spending plan goes to Congress for a vote, held up only by a handful of wary Democrats in the Senate. Should the little guy (and the small business) really be the big target for IRS enforcement? Typically, such people don't even have the money to pay their back taxes, so shaking it out of them to drive them into poverty is going to be a big job, and likely not the best use of government resources -- it certainly won't pay the national debt. There's also nothing in the bill about going after illegal aliens, who work under the table and pay no taxes at all. We'd like to see the law as it is enforced without a new taxpayer to target -- how's that IRS investigation of Hunter Biden's overseas millions going these days? The IRS needs to improve its act already as things stand now.

Simplifying the tax code to a flat tax would draw more revenue and more participation from both the uber-rich and the poor, which is the best way for the government to collect more revenue. Siccing the IRS on the little guy and claiming he's a billionaire should be reason alone to scrap this hideous Biden spending plan.

Republicans should seize on this sneaky mendacious Biden scheme as an election issue and do all possible to scrap it, instituting a flat tax in place instead so it never happens again. And little guys everywhere need to protest, write letters to the editors, and call their congress members immediately.

Image: Pixabay / Pixabay License

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