CBO: Yes, Americans Making Under $400K Will Get Audited By The IRSJohn Hugh DeMastri
Contributor
August 26, 2022 5:41 PM ET
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White House Press Secretary Karine Jean-Pierre made an inaccurate statement when she told reporters “No. Very clear. No.” in response to a question about whether “anyone making under $400,000” would face new audits.
The Congressional Budget Office estimates that about $4 billion in revenue over the next 10 years can be traced in part to new auditing efforts funded by the Inflation Reduction Act targeting taxpayers that report less than $400,000.
“Some taxpayers reporting income of less than $400,000 on their tax return … will be found to have more income than they reported,” the CBO said.
Despite claims from Biden administration officials that new funding for the Internal Revenue Service (IRS) will not increase the auditing burden on individuals and small businesses, a Friday letter from the Congressional Budget Office (CBO) reveals new auditing activity targeting taxpayers who report less than $400,000 per year will be expected to contribute to about $4 billion in revenue.
Treasury Secretary Janet Yellen on Aug. 10 directed the IRS to not use the $79 billion funding increase granted to the organization in the Inflation Reduction Act to increase the “share of small business or households below the $400,000 threshold that are audited relative to historical levels.” White House Press Secretary Karine Jean-Pierre told reporters “No. Very Clear. No.” when asked if there would be new audits on “anyone” making less than $400,000 per year, and Yellen herself said that “small business[es] or households making less than $400,000 per year will not see an increase in the chances that they are audited,” in the directive’s announcement.
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https://dailycaller.com/2022/08/26/agency-confirms-billions-audits/
