A congressional reporter quoted Democratic Rep. Richard Neal of Massachusetts as saying that the House would raise taxes if his party wins the forthcoming midterm elections this fall, Fox News informed.
According to a Bloomberg reporter, Neal, the chairman of the House Ways and Means Committee, said Democrats would seek to increase corporate and individual tax rates in 2023 if they retained control of the House.
A proposal to expand the Internal Revenue Service is included in the Inflation Reduction Act, a social spending and tax increase package that is anticipated to pass in the House on Friday (IRS).
Over a ten-year period, the IRS will receive a $80 billion increase as part of the expansion, more than half of which will go toward helping the organization combat tax evasion.
If the plan is approved, the funding would be used to fill 87,000 IRS positions, more than doubling the size of the organization as it stands now.
Some of the new jobs, according to the Treasury Department, would replace 50,000 personnel who are scheduled to retire in the next five years.
Sen. Joe Manchin of West Virginia and Senate Majority Leader Chuck Schumer of New York agreed to the legislation when it was filed last month, and it was approved on Sunday by the Senate on a party-line vote, with Vice President Kamala Harris voting to break a tie.
On the campaign road, President Biden frequently vowed not to raise taxes for Americans making under $400,000.
White House economic adviser Jared Bernstein was questioned earlier this week about the Inflation Reduction Act’s effect on taxpayers and whether the IRS officers hired will examine people making less than $400,000 per year during an interview on CNBC’s “Squawk Box.”
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