Oklahoma U.S. Sen. James Lankford wants to make sure small businesses, including those in the energy industries, as well as taxpayers who earn less than $400,000 a year are not targets of the IRS under the Biden administration.
Senator James Lankford (R-OK) today joined Senate Finance Committee Ranking Member Mike Crapo (R-ID) and all Finance Committee Republicans to introduce a bill to prevent the Internal Revenue Service (IRS) from using its massive, $80 billion infusion of taxpayer dollars to squeeze more revenue out of American taxpayers who earn less than $400,000 per year.
President Biden’s so-called Inflation Reduction Act included adding 87,000 more agents to the IRS.
“With their so-called ‘Inflation Reduction Act,’ the Democrats just gave the IRS $80 billion to hire thousands of new IRS enforcement agents to squeeze more money from taxpayers’ pocketbooks,” said Lankford. “Democrats needed billions to pay for their progressive Green New Deal climate-change policies in their bill, and their gimmicks and games are going to worsen our economic tailspin and cause higher costs for taxpayers in all income levels. I support letting Oklahomans keep more of the money they earn, not giving more of it to the government for who knows what at this point.”
“Democrats cannot achieve their desired tax revenue goals without targeting the middle class, small businesses and taxpayers earning under $400,000 per year–taxpayers who cannot afford teams of lawyers and legal fees–which is why they rejected my original amendment,” said Crapo. “While advocates promise they do not intend to increase audits on people making less than $400,000, the best way to protect those taxpayers is to turn that promise into law.”
The legislation would prevent the IRS from using any of the supersized $80 billion of funding for audits on hard-working American taxpayers, including individuals and small businesses, with taxable incomes below $400,000. The bill has teeth, in contrast to unenforceable, nonbinding statements of intention or unenforceable, vague Treasury Department edicts to not squeeze more revenue out of the middle class.
After strongly opposing the Democrats’ so-called “Inflation Reduction Act,” Lankford spoke on the Senate floor following time in Oklahoma during the August state work period, in which Oklahomans shared their dissatisfaction with Biden’s economic blunders and the hardships they face. Oklahomans continue to share that they are very wary of the potential increases in IRS audits coming for families at all income levels. Lankford published an op-ed in the National Review about the huge influx of IRS workers and what that spells for Americans at all income levels and their federal taxes.
Source: press release