WASHINGTON, D.C. – U.S Senator Thom Tillis (R-NC) and Senate Finance Committee Republicans reintroduced a bill to prevent the Internal Revenue Service (IRS) from using its $80 billion infusion of taxpayer dollars included in the partisan Inflation Reduction Act (IRA) to squeeze more revenue out of hardworking taxpayers who earn less than $400,000 per year.
“The Biden Administration’s weaponization of the IRS against hardworking Americans needs to be stopped,” said Senator Tillis. “With the cost of living as high as it is, many Americans are living paycheck to paycheck. This overreach will hurt many middle-class Americans and small business owners who are just trying to get by. I am proud to introduce this legislation to stop this intended IRS overreach and protect the financial privacy of hardworking Americans.”
Estimates from the Congressional Budget Office confirmed increased audits would result in billions of dollars in additional revenue being collected from working Americans. Other estimates from the non-partisan Joint Committee on Taxation have shown a large portion of uncollected tax revenue comes from small businesses and sole proprietors, many of whom make less than $400,000 per year. The legislation, which Senate Finance Committee Republicans also introduced in the 117th Congress, would codify the Treasury Secretary’s currently-unenforceable pledge to not use IRA funding to increase audits on anyone making less than $400,000 per year.
The bill is co-sponsored by all Senate Finance Committee Republicans.
For bill text, click here.
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