Howestreet.com - the source for market opinions

ALWAYS CONSULT YOUR INVESTMENT PROFESSIONAL BEFORE MAKING ANY INVESTMENT DECISION

September 1, 2022 | CBO Confirms Inflation Reduction Act Will Target Everyone

Martin Armstrong

Martin Arthur Armstrong is current chairman and founder of Armstrong Economics. He is best known for his economic predictions based on the Economic Confidence Model, which he developed.

The Congressional Budget Office (CBO) conducted a study that proves claims that the middle class will not face tax increases under the Inflation Reduction Act are unfounded. This comes after the CBO said that the act would have little if no impact on inflation. Treasury Secretary Janet Yellen urged the IRS not to target the “share of small business or households below the $400,000 threshold that are audited relative to historical levels.” She knew that was not possible.

The truth of the matter is that everyone will be targeted. The CBO estimates that those earning under $400,000 annually will contribute to $4 billion in collected revenue over the next decade. That is nearly the size of a care package embezzlement to Ukraine. The CBO stated:

“Some taxpayers reporting income of less than $400,000 on their tax return, for whom the proposed amendment would have barred audits using the new funding, will be found to have more income than they reported—in some cases, income greater than $400,000—if they are audited.”

The billionaires they claim to be targeted have teams of lawyers and accountants, as do large corporations. The average person or small business owner does not have the option of eclectic accounting or hiring a team to take on the IRS. I have no idea why people still think the Democrats are the party of the working and middle class when their policies do nothing but harm the average American.

STAY INFORMED! Receive our Weekly Recap of thought provoking articles, podcasts, and radio delivered to your inbox for FREE! Sign up here for the HoweStreet.com Weekly Recap.

September 1st, 2022

Posted In: Armstrong Economics

Post a Comment:

Your email address will not be published. Required fields are marked *

All Comments are moderated before appearing on the site

*
*

This site uses Akismet to reduce spam. Learn how your comment data is processed.