Washington, D.C.–U.S. Senate Finance
Committee Republicans, led by Ranking Member Mike Crapo (R-Idaho), introduced a
bill
to prevent the Internal Revenue Service (IRS) from using its massive, $80
billion infusion of taxpayer dollars to squeeze more revenue out of American
taxpayers who earn less than $400,000 per year.
“Democrats cannot
achieve their desired tax revenue goals without targeting the middle
class, small businesses and taxpayers earning under $400,000 per
year–taxpayers who cannot afford teams of lawyers and legal fees–which is why
they rejected my original amendment,” said Crapo. “While advocates
promise they do not intend to increase audits on people making less than
$400,000, the best way to protect those taxpayers is to turn that promise into
law.”
The legislation would
prevent the IRS from using any of the supersized $80 billion of funding for
audits on hard-working American taxpayers, including individuals and small
businesses, with taxable incomes below $400,000. The bill has teeth, in
contrast to unenforceable, nonbinding statements of intention or unenforceable,
vague Treasury Department edicts to not squeeze more revenue out of the middle
class.
The bill is
co-sponsored by all Senate Finance Committee Republicans.
For bill text, click here.