{"id":1603804,"date":"2022-08-12T17:34:09","date_gmt":"2022-08-12T21:34:09","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1603804"},"modified":"2022-08-12T17:34:12","modified_gmt":"2022-08-12T21:34:12","slug":"report-congressional-budget-office-contradicts-white-house-on-irs-expansion-bill","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-congressional-budget-office-contradicts-white-house-on-irs-expansion-bill\/","title":{"rendered":"Report: Congressional Budget Office Contradicts White House on IRS Expansion Bill"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Freport-congressional-budget-office-contradicts-white-house-on-irs-expansion-bill%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1603804&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>A Congressional Budget Office report found that the Internal Revenue Service will collect billions of dollars from auditing low- and middle-income Americans under the White House-backed &#8220;Inflation Reduction Act,&#8221; contradicting Biden administration claims,\u00a0<a href=\"https:\/\/gop-waysandmeans.house.gov\/cbo-new-irs-audits-will-grab-at-least-20b-from-lower-middle-income-families\/\" target=\"_blank\" rel=\"noopener\">according<\/a>\u00a0to Republicans on the House Ways and Means Committee.<\/p>\n<p>Fox News <a href=\"https:\/\/www.foxbusiness.com\/politics\/irs-audits-will-generate-20b-from-those-making-under-400k-under-inflation-reduction-act\" target=\"_blank\" rel=\"noopener\">confirmed<\/a> the report, finding the CBO informed congressional Republicans that, under the act, audits of taxpayers making under $400,000 will account for about $20 billion in additional revenue.<\/p>\n<p>The news comes after high-ranking Biden administration officials, including <a href=\"https:\/\/www.cnn.com\/2022\/08\/10\/politics\/yellen-new-irs-funding-audits\/index.html\" target=\"_blank\" rel=\"noopener\">Treasury Secretary Janet Yellen<\/a> and <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-11096619\/Jean-Pierre-promises-NO-new-IRS-audits-Americans-making-400-000-87-000-new-agents.html\" target=\"_blank\" rel=\"noopener\">Press Secretary Karine Jean-Pierre<\/a>, assured Americans that the IRS would not increase audits of people earning under $400,000. The Inflation Reduction Act, which on Sunday passed the Senate, allows the IRS to hire up to 87,000 new agents, <a href=\"https:\/\/freebeacon.com\/policy\/dems-poised-to-make-irs-larger-than-pentagon-state-department-fbi-and-border-patrol-combined\/\">making<\/a> it larger than the Pentagon, the State Department, the FBI, and the Border Control combined. Democrats <a href=\"https:\/\/www.republicanleader.senate.gov\/newsroom\/research\/democrats-vote-to-sic-a-horde-of-irs-auditors-on-american-families-and-small-businesses\" target=\"_blank\" rel=\"noopener\">shut down<\/a> an amendment that would have prevented agents from increasing audits on middle- and low-income Americans.<\/p>\n<p>The bill is expected to pass the House on Friday.<\/p>\n<p>News of the CBO report also comes as the University of Pennsylvania&#8217;s Wharton School of Business <a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2022\/7\/29\/inflation-reduction-act-preliminary-estimates\" target=\"_blank\" rel=\"noopener\">found<\/a> the bill will have an &#8220;impact on inflation [that] is\u00a0statistically indistinguishable from zero&#8221; even as it raises taxes on Americans and decreases GDP for the next decade.<\/p>\n<p>Republican lawmakers have pushed back against the bill, with Sen. Tom Cotton (Ark.) <a href=\"https:\/\/twitter.com\/TomCottonAR\/status\/1554153132783017984\" target=\"_blank\" rel=\"noopener\">saying<\/a> that &#8220;only the Democrats would call a bill that doubles the size of the IRS, raises taxes, and spends billions on a green energy slush fund the \u2018Inflation Reduction Act.'&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Congressional Budget Office report found that the Internal Revenue Service will collect billions of dollars from auditing low- and middle-income Americans under the White House-backed &#8220;Inflation Reduction Act,&#8221; contradicting<\/p>\n","protected":false},"author":894,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1603804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1603804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/894"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1603804"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1603804\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1603804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1603804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1603804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}