The IRS received $80 Billion over the next ten years that will go toward enforcement; and people making less than $200k will likely bear the brunt.
In a move typical of most lawmakers, the “Inflation Reduction Act” being signed into law by the Biden administration has much more to it once you “pop the hood” and take a look.
In fact, this single act has climate funding, health funding, and tax funding all wrapped up in a nice-sounding package.
It’s that tax funding we’re going to talk about today…
Tucked neatly inside this giant “burrito” of a bill that Biden is boasting about on the airwaves is more than $80 billion in funding for the IRS over the next decade.
And just in case you might have thought the funding was mostly for sorely needed computer upgrades or customer service reps, more than half of that funding is earmarked for one thing and one thing only: enforcement.
That means more auditors, more audits, and more (armed) IRS agents are on the way over the next ten years of operation.
Any sane person can safely conclude that also means more audits for both the middle and upper-middle classes of U.S. citizens. Of course, the IRS Commissioner denied this in a recent comment reported on CNBC:
IRS Commissioner Charles Rettig said the $80 billion in funding would not increase audits of households making less than $400,000 per year.
“The resources in the reconciliation package will get us back to historical norms in areas of challenge for the agency — large corporate and global high-net-worth taxpayers.”
But the Joint Committee on Taxation said otherwise in a Wall Street Journal article written by the WSJ editorial board:
“The Joint Committee on Taxation, Congress’ official tax scorekeeper, says that from 78–90% of the money raised from underreported income would likely come from those making less than $200,000 a year. Only 4–9% would come from those making more than $500,000.”
So much for going after the wealthy, I guess. It also looks like the IRS “Goon Squad” will be well-funded for at least a little while.
On top of that, apologists for the tax collectors at the IRS collectively known as the Tax Policy Center claim the agency is underfunded and it can’t “cover operations.” (Boohoo.)
Then they finished a recent piece with a desperate-sounding question…
“Can a Battered Agency Do Its Job?”
In spite of this plea for pity, I don’t feel sorry for the IRS in the slightest.
Besides the fact that taxation is theft…
- The IRS makes simple mistakes more often than is reported in the mainstream media, even with the funding they have. They have been known to mistype social security numbers, fail to apply extensions, confuse you with a relative, or even lose your return altogether.
- They also commit outright malfeasance. One recent example is when they singled out anyone in the “Tea Party” and other conservatives for their tax-exempt status and personal returns in 2012-2013. After the typical Congressional “show trial,” Lois Lerner was only found in contempt of Congress.
Of course, there are a litany of other reasons to hate the IRS, but just these two alone should make any talk of additional funding sound foolish.
The problem is, President Joe Biden has already signed a fresh round of funding from American taxpayers into law.
That means you should consider taking the appropriate steps with your own money starting today…
Before the IRS “Goon Squad” Snoops on Your Business (Do This)
If Uncle Sam comes knocking, the resulting audit could be a huge threat to both your privacy and your wealth.
And it’s likely to be enforced by newly armed thugs at the IRS.
That’s why I strongly recommend you safeguard your money before they try to put their grubby little paws on it..
Good news: I’ve written a detailed report that contains information about keeping your money safe that you won’t find on blogs, mainstream media, or from listening to podcasts.
This report is written from years of research and real-world experience working with active businesses and high net worth individuals.
And I’ve distilled everything down to just over 40 pages of hard-hitting information.
That means every page is bursting with actionable advice that will help you navigate the world of offshore banking like a professional.
I usually don’t let this much information outside of my inner circle, not even when I’m interviewed by people.
In fact, normally this stuff is reserved exclusively for my GWP Insiders community, but for a limited time you can grab a copy for yourself so you can gain the same advantage.
Inside the 2022 edition of my Offshore Banking Report you’ll discover:
- The 9 best licensed offshore banks for 2022, plus my commentary.
- How thousands get caught in a devious IRS trap without knowing it.
- How to start banking in the US without visiting a single branch.
- How to leverage “Fintech” institutions like the wealthy elite do.
- How FATCA could “trap” you even if you aren’t a U.S. Citizen.
- The Top 5 Traditional U.S. Banks that accept non-residents.
- Little-known Bank accounts that you can open in 10 minutes.
- And a whole lot more…
The report is easy to read and will give you the information that you need to keep your money in a safe place, and away from economic insanity and government overreach.
You’ll immediately be able to start banking with some of the most elite institutions that exist in 2022.
You’ll also be able to set up an account from anywhere in the world, and in most cases, on the same day…
To live freely is divine,
Location Independent Entrepreneur
P.S. Any little error on your tax return could cost you big if you get audited, and filing electronically doesn’t decrease the chances of getting put under the microscope.
That’s a great reason to have some of your assets tucked away in a safe place…
I wrote a report that can help you do just that: