August 12, 2022 12:55pm EDT
Democrat promises more taxes if the party stays in power: Report
Rep. Richard Neal said Democrats will look to raise corporate and individual tax rates next year
By Kyle Morris | Fox News
Democratic Rep. Richard Neal of Massachusetts suggested that the House would increase tax rates if his party remains in power following the upcoming midterm elections this fall, according to a congressional reporter.
Neal, the chairman of the House Ways and Means Committee, said Democrats, should they keep power in the House, will look to raise corporate and individual tax rates in 2023, according to a Bloomberg reporter.
The Inflation Reduction Act, a social spending and tax increase measure that is expected to pass through the House Friday, includes a proposed expansion of the Internal Revenue Service (IRS).
The expansion includes an $80 billion boost to the IRS over a 10-year period, with more than half intended to help the agency crack down on tax evasion.
If the bill is passed, the money allotted would go toward filling 87,000 IRS positions, more than doubling the agency's current size. The Treasury Department says some of the new hires would replace 50,000 employees who are expected to retire in the next five years.
The measure passed in the Senate Sunday along party lines, with Vice President Kamala Harris casting a tie-breaking vote, after it was introduced last month and agreed upon by Sen. Joe Manchin, D-W.Va., and Senate Majority Leader Chuck Schumer.
President Biden repeatedly pledged on the campaign trail to not raise taxes on Americans earning less than $400,000.
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https://www.foxnews.com/politics/democrat-promises-more-taxes-party-stays-power 
