“If you like your doctor, you can keep your doctor” was the promise made to the American people by former President Barack Obama and echoed by Democrats and their media allies to sell Obamacare. President Obama’s promise became PolitiFact’s’ lie of the year as millions of Americans lost their healthcare plans.
Democrats’ reckless tax and spend spree includes $80 billion in new funding for the IRS to increase enforcement and hire 87,000 new IRS agents. Democrats believe the increased audits will shake loose an extra $200 billion in new revenue to help fund their bill.
On Tuesday, White House Press Secretary Karine Jean-Pierre unequivocally stated that the IRS would perform “no” new audits on anybody making under $400,000 per year.
Biden’s top economic adviser Jared Bernstein followed up on Wednesday, claiming “resources will not add to audits for households under $400,000 and those same households will not see one penny increase in their taxes.”
The truth is that Democrat’s reckless tax and spend spree will more than double Americans’ chance of being audited while targeting low and middle-income individuals.
Distributional estimates from the non-partisan Joint Committee on Taxation (JCT) show that 78 to 90% of money raised from under-reported income would likely come from those making less than $200,000 a year, while only 4 to 9% would come from those making more than $500,000.
JCT’s analysis track’s neatly with the IRS’s own