A new preliminary assessment from the Congressional Budget Office released today found that at least $20 billion of new revenue from increased IRS audits will come from individuals earning less than $400,000 per year.
CBO’s analysis directly contradicts claims from the Biden White House and Congressional Democrats that the IRS would perform “no new audits” on anybody making under $400,000 per year under their proposal to spend $80 billion to supersize the IRS.
Senate Finance Ranking Member Mike Crapo (R-Idaho) offered an amendment “to prevent the use of additional Internal Revenue Service Funds from being used for audits of taxpayers with taxable incomes below $400,000 in order to protect low- and middle-income earning American taxpayers from an onslaught of audits from an army of new Internal Revenue Service auditors funded by an unprecedented, nearly $80,000,000,000, infusion of new funds.”
The vote failed with all 50 Senate Democrats voting “No.”
Today’s analysis from CBO found that Sen. Crapo’s amendment would have reduced revenue generated by increased IRS enforcement by at least $20 billion over the FY2022-FY2031 period.”
Per CBO’s findings:
“CBO has not completed a point estimate of this amendment but the preliminary assessment indicates that amendment 5404 would reduce the ‘non-scorable’ revenues resulting from the provisions of section 10301 by at least $20 billion over the FY2022-FY2031 period.”