Scott, Finance Committee Republicans Introduce Bill to Protect Middle Class, Small Businesses from Supersized IRS
WASHINGTON – U.S. Senator Tim Scott (R-S.C.), a member of the Senate Finance Committee, joined Ranking Member Mike Crapo (R-Idaho) and all other committee Republicans in introducing a bill to prevent the Internal Revenue Service (IRS) from using the Democrats’ massive, $80 billion infusion of taxpayer dollars to squeeze more revenue out of Americans earning less than $400,000 per year.
“The Democrats’ plan to supersize the IRS flies in the face of President Biden’s promise not to increase taxes on middle-class and low-income Americans. The truth is: The majority of taxes gained from IRS audits come from individuals making less than $200,000 a year,” said Sen. Scott. “The American people are tired of this administration’s vague, misleading messages. This bill would hold President Biden to his word and ensure hard-working Americans are not forced to pay for yet another broken promise.”
“Democrats cannot achieve their desired tax revenue goals without targeting the middle class, small businesses and taxpayers earning under $400,000 per year–taxpayers who cannot afford teams of lawyers and legal fees–which is why they rejected my original amendment,” said Sen. Crapo. “While advocates promise they do not intend to increase audits on people making less than $400,000, the best way to protect those taxpayers is to turn that promise into law.”
The legislation would prevent the IRS from using any of the $80 billion of funding for audits on hard-working American taxpayers — including individuals and small businesses — with taxable incomes below $400,000.
For bill text, click here.