In this file:

 

·         WSJ: The IRS Is About to Go Beast Mode

The Schumer-Manchin bill has $45.6 billion to audit the middle class.

 

·         WSJ editorial board slams Schumer-Manchin bill for unleashing ‘beast mode’ IRS to ‘target’ the middle class

… "The Joint Committee on Taxation, Congress’s official tax scorekeeper, says that from 78% to 90% of the money raised from under-reported income would likely come from those making less than $200,000 a year" …

 

 

The IRS Is About to Go Beast Mode

The Schumer-Manchin bill has $45.6 billion to audit the middle class.

 

By The Editorial Board, The Wall Street Journal (WSJ)

Aug. 2, 2022

 

Progressives want Joe Biden to unleash what they call “beast mode” executive power, and the Schumer-Manchin tax bill supplies the cash to turn the Internal Revenue Service into Wolverine.

 

The pact between Sen. Joe Manchin and Majority Leader Chuck Schumer includes $80 billion in new funding for the tax man. Democrats claim this “investment” will yield more than $200 billion in revenue. That estimate is highly speculative, but if it’s anywhere close to right IRS auditors will soon be coming after tens of millions of Americans...

 

more, with subscription

https://www.wsj.com/articles/the-irs-is-about-to-go-beast-mode-chuck-schumer-joe-manchin-audit-taxes-middle-class-joe-biden-11659477320

 

 

WSJ editorial board slams Schumer-Manchin bill for unleashing ‘beast mode’ IRS to ‘target’ the middle class

Sen. Joe Manchin, D-W.Va., announced Wednesday he came to an agreement with Senate Majority Leader Chuck Schumer on a reconciliation bill

 

By Joe Silverstein, Fox News

Aug 2, 2022

 

The Wall Street Journal editorial board argued Tuesday the Inflation Reduction Act will greatly enhance the IRS's power to audit citizens and this auditing power will adversely affect the middle class. The article, titled "The IRS Is About to Go Beast Mode," contended that this constitutes a government scheme to take more taxpayer money.

 

"The Schumer-Manchin bill has $45.6 billion to audit the middle class," the article's subtitle read. They noted that Democrats believe that the bill will yield an additional $200 billion in government revenue and argued that this means "IRS auditors will soon be coming after tens of millions of Americans."

 

The aforementioned $45.6 billion in the bill is designated for "enforcement" purposes, but the legislation gives a total of $80 billion in new funds to the tax collecting agency. "The $80 billion is more than six times the current annual IRS budget of $12.6 billion," the editorial board noted.

 

"The main targets will by necessity be the middle- and upper-middle class because that’s where the money is," they wrote.

 

"The Joint Committee on Taxation, Congress’s official tax scorekeeper, says that from 78% to 90% of the money raised from under-reported income would likely come from those making less than $200,000 a year," the board continued...

 

more

https://www.foxnews.com/media/wsj-editorial-board-slams-schumer-manchin-bill-unleashing-beast-mode-irs-target-middle-class