The Democrats' wonderfully named "Inflation Reduction Act," which passed in the Senate on Sunday, includes a massive expansion of the IRS. President Joe Biden wants to hire 87,000 new agents, and of course, this is for totally non-nefarious reasons, like cracking down on all those evil billionaires committing tax fraud.
Financial expert and author of "The War on Small Business" Carol Roth joined Glenn Beck on the radio program to explain who she believes this expansion will really target.
\u201cBiden isn't trying to hire 87,000 new IRS agents to go after 800 or 900 billionaires.\n\nEnjoy your audits.\u201d— Carol Roth (@Carol Roth) 1659117049
"The Democrats like to pretend that they are the party of the middle and working class, and the Biden administration has continued to find ways to extract wealth from the middle and working class," Carol began. "We saw it in the American Rescue Plan, where they raised the reporting threshold for any sort of hobby site you might have ... down to $600. Now, and this was part of Build Back Better which we thought was dead but now is just coming back in pieces, and this piece has survived — $80 billion for the IRS. Half of that ... is going to hire 87, 000 agents for 'enforcement,' okay? We don't need 87, 000 agents to go after what was 800 or 900 billionaires ... so, who do you think they're coming after?" she added.
"They're going to come after you," Carol warned. "You should pay your taxes that are due, but that doesn't mean you're not going to get audited, and that doesn't mean you're not going to have to justify every single thing that you do and waste your time and money so they can try and extract a few more dollars from you."
Glenn mentioned that the IRS has recently purchased nearly $700,000 worth of guns and ammo to go along with these 87,000 new "enforcers."
"That is really frightening," Glenn said. "They're not going after the rich ... they're going to go after anyone who disagrees with them. And because it's now public-private partnerships, any business that doesn't agree with them."
\u201cRemember that the govt and IRS doesn\u2019t have a revenue collection problem. They collected more than $4 TRILLION last year. They have a spending problem, and a power and control complex.\u201d— Carol Roth (@Carol Roth) 1659965663
\u201c@caroljsroth Why audit people that can afford good lawyers and accountants when you can audit those that can\u2019t?\u201d— Carol Roth (@Carol Roth) 1659117049
\u201c@perspectvortex @caroljsroth Statistically, taxpayers, earning less than $25,000 annually, have an audit rate of 0.69%, more than 50% higher than the overall audit rate. It also means low-income taxpayers are more likely to get audited than any other group, except Americans with incomes of more than $500k\u201d— Carol Roth (@Carol Roth) 1659117049
\u201c@caroljsroth The democrats would never weaponize a government agency against their political foes.\n\nWould they?\u201d— Carol Roth (@Carol Roth) 1659117049
"Yeah, this is really really scary," Carol agreed. "And the crazy thing is the number of people who gave feedback and said, 'Well, if you're not a tax cheat, what do you have to worry about?' You've hit the nail on the head, Glenn. The politicization of this is they're going to come after people, they're going to harass you, they're going to tie up your time, they're going to tie up your money, regardless of whether you have followed the rules or not."
\u201cI've been warning you about this IRS middle class cash grab since last year...\u201d— Carol Roth (@Carol Roth) 1659898668
Watch the video clip below to catch more of the conversation. Can't watch? Download the podcast here.
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