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A former lawyer for the Internal Revenue Service (IRS), who accused the agency of going after elderly Americans, says President Joe Biden’s “Inflation Reduction Act” will undoubtedly target working and middle class Americans with new IRS audits.
Biden’s Inflation Reduction Act, signed into law on Tuesday, includes $80 billion for new IRS audits on American taxpayers. The Congressional Budget Office (CBO) estimates that at least $20 billion will be taken from working and middle class Americans earning less than $400,000 a year as a result of the increased IRS audits.
William Henck, a former IRS lawyer, told Fox Business Network that executives at the biggest corporations and billionaires are “sitting back laughing right now” as Biden signs the Inflation Reduction Act.
“The idea that they’re going to open things up and go after these big billionaires and large corporations is quite frankly bulls–t. It’s not going to happen. They’re going to give themselves bonuses and promotions and really nice conferences,” Henck said:
“The big corporations and the billionaires are probably sitting back laughing right now,” he continued. [Emphasis added]
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“There will be considerable incentive to basically to shake down taxpayers, and the advantage the IRS has is they have basically unlimited resources and no accountability, whereas a taxpayer has to weigh the cost of accountants, tax lawyers — fighting something in tax court,” Henck told FOX Business. [Emphasis added]