80% Of New IRS Revenue Will Come From Small Businesses Earning Under $200K: Tax Experts

Biden and the Democrats are not done destroying us yet. They have decided to beef up the IRS in order to bankrupt small businesses with litigation. Businesses who cannot afford tens of thousands in legal practice fees will be destroyed (and probably forced to pay the IRS thousands for court fees).

Welcome to the prosperity of DNC America.

Signed: Ben Dover

nypost.com...

Just 4% to 9% would come from businesses making north of $500,000 a year — meaning the legislation is in sharp contrast to President Biden’s longstanding claim that he wouldn’t raise taxes on anyone making less than $400,000.

Small business owners may soon be in for a lengthy and expensive battle with the IRS, tax experts warn.

A key provision in the Inflation Reduction Act — which throws an extra $80 billion to the IRS to improve the agency’s collection of under-reported income — will end up targeting small business owners to pay for the legislation, according to nonpartisan watchdog the Joint Committee on Taxation.

“The IRS will have to target small and medium businesses because they won’t fight back,”

“We’ve seen this play out before … the IRS says ‘We’re going after the rich’ but when you’re trying to raise that much money, the rich can only get you so far.”

In fact, going after the lower and middle class can actually be more lucrative for IRS auditors than trying to get more money from the wealthy. “The rich have their lawyers and fight it — that’s why the poor are easier to go after,” Hinchman adds.

Accordingly, tax experts warn that the IRS’s audits will be far more painful and costly for small business owners

“The approach here is to double the IRS workforce, take the leash off, and see how much they can collect,” Hinchman adds. “I think they’ll collect it but it will be quite painful.”

I sincerely hope Karma hits home and a ton of DNC voters who own small businesses get to feel the burn of their poor choices when their party unjustly sends the IRS after them.

a reply to: infolurker

No no no no no no!

Biden said, "No new taxes!".

a reply to: infolurker

Venezuela made self employment illegal for a long time.

originally posted by: infolurker


I sincerely hope Karma hits home and a ton of DNC voters who own small businesses get to feel the burn of their poor choices when their party unjustly sends the IRS after them.

Democrats do not own small businesses. It’s the party of government, Not the party of free enterprise

This is the Democrats going after their enemies: capitalists

.

originally posted by: tovenar

originally posted by: infolurker


I sincerely hope Karma hits home and a ton of DNC voters who own small businesses get to feel the burn of their poor choices when their party unjustly sends the IRS after them.

Democrats do not own small businesses. It’s the party of government, Not the party of free enterprise

This is the Democrats going after their enemies: capitalists

.

You summed it up. Remember Obama and his "you didn't build it" rant? The Dems despise entrepreneurs and small business owners, but they have a special hatred for the ones who are successful.

originally posted by: DBCowboy
a reply to: infolurker

No no no no no no!

Biden said, "No new taxes!".

He did lie; they won't be enforcing "new" taxes.

a reply to: DBCowboy

Here's an idea, "If a Governmental SES can be canned for loss of candor, then couldn't the POTUS too?"