President Joe Biden is seeking $80 billion to double the collection potential of the Internal Revenue Service, which is charged with getting money from taxpayers to pay for controversial spending on supposedly planned infrastructure.
This budget would increase the investigative and audit capabilities of the U.S. Treasury Department’s Internal Revenue Service (IRS), which is required to collect nearly $700 billion over the next decade, according to the April 27 Daily Wire.
The IRS mechanisms and strategies would force small business owners and higher-income taxpayers to turn over money the administration assumes they are evading.
They would also impose that banks and other payment providers report to the IRS the amount of money flowing in and out of individual and business accounts each year, putting even more pressure on taxpayers.
In this regard, the question arises whether tax burdens will not be increased excessively and whether privacy issues will be created in the face of citizens’ income gains.
Additionally, for Pete Sepp, president of the National Taxpayers Union, a conservative taxpayers’ rights group, proper oversight of the IRS is essential, given its explosive growth as an institution.
“No one has properly assessed the risks of this proposal, thinking that it’s some magical pot of gold at the end of the rainbow,” Sepp said according to The Wall Street Journal.
He added: “They’re not ready for it. The taxpayer rights protection structure is not ready for it. They have not adequately thought through how and where this money can be best spent.”
Among the targets for Biden’s tax increase would be citizens earning income starting at $200,000 a year if they live as a couple, higher corporate taxes, and a doubling of the capital gains tax rate, which could significantly impact investment.
As revealed in a representative poll conducted by Just the News Daily with Scott Rasmussen last month, most Americans reject a tax increase by President Joe Biden’s administration, whatever the funds are earmarked for.
Biden will make the largest tax increase in 30 years, cornered by rising government spending and thinking about the long-term economic program designed as a follow-up to his controversial $1.9 trillion pandemic aid bill.
On the other hand, many warn that behind the application of the money raised in taxes lie many goals sought by the radical left, such as a strong insertion of unions into the industry and new “labor protections” that will work against sustainable economic development.
One of his critics is Republican Senator Marsha Blackburn, who harshly condemned Joe Biden’s $1.9 trillion-plus plan, noting how little of the budget is being spent on infrastructure while warning that its implementation is a “Trojan horse for the radical left.”
“Not even six percent of President Joe Biden’s massive $2 trillion ‘infrastructure’ bill would be used to build roads and bridges,” Blackburn asserted in a statement.
She further warned that “Biden’s plan includes the largest tax hike in nearly three decades, but of course, coastal elites will have their taxes slashed. It will strip Americans of their right to work by forcing them to join Democrat-backed unions. This ‘infrastructure’ plan is another Trojan horse for the radical left.”