On the recordAugust 12, 2022
Madam Speaker, does anyone actually believe this bill is going to reduce inflation? I didn't think so. Those of you that know me know that I am not afraid to work across the aisle on important legislation that helps Americans, whether it was the 21st Century Cures Act, the CHIPS Act, the veterans' PACT Act, or the infrastructure bill. Unfortunately, the bill that we are debating right now was not created in that same bipartisan manner. Our economy is in a fragile state as we emerge from this pandemic. We have seen decades-high inflation that is crushing Main Street and squeezing the middle class. Now is not the time to raise taxes to the tune of over $16 billion on middle-income folks around the country. The Inflation Reduction Act does nothing to fix the insidious problems at the IRS. Instead, they are going to throw more than $80 billion to hire more agents who are going to be tasked with hounding taxpayers who report passthrough business income through Schedule C and Schedule E. These folks are, by and large, middle-income, family-owned small business owners who busted their butts to keep their doors open through the pandemic, and now we are sending the cavalry after them, leading to higher compliance costs and time wasted that will increase costs for all Americans. The IRS needs to be focused on clearing the backlog of millions of personal and business returns. I have literally helped hundreds of constituents who have been waiting 1 to 2 years for their tax refunds.…





