One-sixth of Biden's new income tax revenue will come from the Middle Class.
When Republicans raised concerns that Joe Biden's so-called Inflation Reduction Act would sic the IRS on those earning less than $200,000.
Democrats still refused to vote for an amendment specifically barring the IRS from doing so.
Instead, they had Treasury Secretary Janet Yellen pinky-swear not to increase audits on middle- and low-income workers.
Although the bill's corporate minimum tax nominally penalizes mega-corporations like Amazon, that tax burden is simply passed through to consumers.
Meanwhile, the benefits of the IRA are disproportionately accessible to the rich. Sure, the bill offers all consumers a $7,500 tax credit on electric vehicles
but when the average EV costs $66,000 according to Kelly's Blue Book, whom does that favor?
But now, CBO confirms that Biden will be squeezing those making less than $200,000.but when the average EV costs $66,000 according to Kelly's Blue Book, whom does that favor?
CBO confirms that Biden will be squeezing those making less than $200,000.
And remember, this revenue gain comes at the cost of nearly $90 billion in extra funding for the IRS.