Joe Biden and his left-wing party insisted that bloating the IRS’s budget with an $80 billion bump would bring in a massive return in taxes from “the rich.” Well, so far, they have lied. Not only are they not exactly targeting “the rich,” but they also haven’t even recovered 1/16th of their budget in missing taxes.
The IRS recently boasted that it has recovered an additional $360 million in taxes from “the rich” with billions in new budget dollars.
They bragged that the agency’s enhanced enforcement ability, aided by that monstrous budget bump of $80 billion (yes, billion with a “b”), has been a great boon to the federal treasury.
The IRS is claiming that it has been able to squeeze out an additional $360 million in taxes.
Will this presidential election be the most important in American history?
And the Associated Press was happy to help the IRS toot its horn — AND warn about evil Republican budget cutters — with a story that featured a headline screaming, “IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet again.”
Gosh darn it, that wonderful IRS is punishing the evil rich and bringing in much-needed tax dollars, and could do more if it weren’t for those meddling Republican budget cutters!
But let’s step back from the AP’s biased headline and the IRS’s sunny claims of great success, OK?
Let’s just look at the Return on Investment (ROI) here, shall we?
We, the people, just put a hefty $80 BILLION into the IRS, and they got us an ROI of $360 million in taxes.
That tax take isn’t even a 1/16th of the bloated bump in the IRS budget!
If you were running a business and put up an $80 billion budget and only made an extra $360 million above and beyond your past profits, you would be on the verge of bankruptcy in a shorter time than it takes to read this sentence!
So, how is this a great success, AP? How is this something we want to continue, Joe Biden? How is this a victory, Democrats?
The GOP is right. The IRS neither needs nor deserves such an outlandish budget hike.
Time to start canceling budget payment installments.
Then there is Biden’s lie that he is targeting “the rich” with his IRS lackeys. The fact is, it just isn’t true. In Sept., the Washington Examiner noted that, despite Biden’s claims, the IRS was not doing much to step up audits and collection efforts on those making $400,000 and up. A review of the IRS’s auditing history shows that 75 percent of audits are visited upon people making less than $200,000 annually.
Follow Warner Todd Huston on Facebook at facebook.com/Warner.Todd.Huston or Truth Social @WarnerToddHuston.
Cross-posted with The Lid
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