Thursday July 28, 2022 – Have the Democrats finally come together to double the size of the IRS? Senator Joe Manchin and Senator Chuck Schumer announced a deal today they are calling the Inflation Reduction Act of 2022.
How will this bill reduce inflation? Easy, the IRS will be granted more power, and more money, to squeeze American Businesses to pay for climate change, health care, prescription drugs and pre-K schooling.
The IRS portion of this spending bill is more than $80 Billion with a promise to collect more than $700 Billion to narrow the tax gap.
Attorney Steven A. Leahy will take a close look at this bill on Today’s Tax Talk.