{"id":933868,"date":"2021-10-28T17:44:27","date_gmt":"2021-10-28T21:44:27","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=933868"},"modified":"2021-10-28T17:44:29","modified_gmt":"2021-10-28T21:44:29","slug":"biden-looks-to-beef-up-americas-most-detested-federal-agency-to-underwrite-infrastructure-bill","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-looks-to-beef-up-americas-most-detested-federal-agency-to-underwrite-infrastructure-bill\/","title":{"rendered":"Biden Looks To Beef Up America\u2019s Most Detested Federal Agency To Underwrite Infrastructure Bill"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/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%2Fbiden-looks-to-beef-up-americas-most-detested-federal-agency-to-underwrite-infrastructure-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=933868&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><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/10\/rsz_gettyimages-470401587.jpg\" class=\"ff-og-image-inserted\" \/><\/div>\n<p>With a wealth tax on the rich off the table, Democrats are relying on a far less popular funding mechanism to fund their infrastructure bill: beefed-up IRS enforcement.<\/p>\n<p>According to a proposal released Thursday by the White House, increasing the funding for the IRS by $80 billion would net $400 billion in revenue. That $80 billion would boost the IRS&#8217;s budget by over 70 percent over the next 10 years when compared with the last decade and lead to a hiring spree of agents.<\/p>\n<p>After a plan to tax the assets of billionaires collapsed Thursday due to bipartisan opposition, Democrats are left scrambling to find ways to raise enough revenue to pay for President Joe Biden&#8217;s budget reconciliation package. But the move to boost IRS funding, congressional Republicans say, will put ordinary Americans under the tax agency&#8217;s microscope and subject them to needless audits.<\/p>\n<p>&#8220;The truly wealthy don&#8217;t get a paycheck, so when we start talking about who we&#8217;re going after, the answer is everybody,&#8221; Rep. Mike Kelly (R., Pa.)&nbsp; told the <em>Washington Free Beacon<\/em>. &#8220;Every single American will be affected by this. Every single American. They&#8217;re not looking for a few pennies.&#8221;<\/p>\n<p>To reach the $1.85 trillion in total cost, some of the biggest proposed tax hikes include a 15-percent global minimum tax, which the White House says will raise $350 billion. A 5-percent surtax on income above $10 million and an 8-percent surtax on income above $25 million, the White House says, will raise an additional $230 billion.<\/p>\n<p>The White House&#8217;s revenue estimation is dramatically larger than what the Congressional Budget Office concluded in September. According to the CBO report, $80 billion in new IRS funding would raise just $120 billion in net revenue over the next decade. At $400 billion, the White House&#8217;s revenue estimation is substantially larger than the $316 billion the administration predicted before the release of the CBO report.<\/p>\n<p>&#8220;This is an exercise on paper [by Democrats] to say they&#8217;re going to close the tax gap,&#8221; Rep. Drew Ferguson (R., Ga.) told the <em>Free Beacon<\/em>. &#8220;We don&#8217;t know how they arrived at those numbers. They won&#8217;t tell us how they arrived at those numbers. And we don&#8217;t think that really adds up; as a matter of fact, we know they don&#8217;t add up.&#8221;<\/p>\n<p>Following outrage from members of both parties, Democrats this week ditched a plan to compel financial institutions to submit annual reports on all American bank accounts that see $10,000 or more in inflows a year. That proposed rule was supposedly critical to the IRS&#8217;s enforcement tools, although nixing it appears to have made no difference in the White House&#8217;s revenue projections.<\/p>\n<p>Should the CBO again find smaller revenue estimates, the White House and congressional Democrats would be forced to trim the $1.85 trillion spending plan or come up with other offsets. Among the variety of spending proposals in the bill are $555 billion in funding for climate-change initiatives, six years of funding for a universal pre-K program, and a one-year extension of the enhanced child tax credit.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With a wealth tax on the rich off the table, Democrats are relying on a far less popular funding mechanism to fund their infrastructure bill: beefed-up IRS enforcement. According to &#8230;<\/p>\n","protected":false},"author":7,"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-933868","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\/933868","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=933868"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/933868\/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=933868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=933868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=933868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}