Political Quotes

“Mr. Speaker, I include in the Record a Republican Ways and Means Committee release that explains the Congressional Budget Office's determination that it expects over $20 billion in revenue to come from the increased audits on taxpayers--that means families and small businesses making less than $400,000. [From waysandmeans.house.gov, August 12, 2022] CBO: New IRS Audits Will Grab at Least $20B from Lower- & Middle-Income Families Key Point: At least $20 billion of the revenue Democrats hope to collect from taxpayers with a supercharged IRS would come from lower- and middle-income earners and small businesses, according to a new analysis by the nonpartisan congressional scorekeeper. That's in addition to existing audits of these income levels. Explanation: Last weekend, all 50 Senate Democrats voted against an amendment offered by Senate Finance Republican Leader Mike Crapo (R-ID) that would have protected lower- and middle-income American taxpayers against new audits by the IRS. The Congressional Budget Office (CBO) confirms that had this amendment passed and lower- and middle-income taxpayers been protected, revenue in Democrats' bill would have been reduced by at least $20 billion--confirming that at least $20 billion of the $124 billion in new revenue expected by a supercharged IRS will be coming from higher audits on low- and middle-income Americans. This will be in addition to existing audits on these income levels.…”