As a response to the inflation and recession, President Joe Biden and Senate Democrats have come to the conclusion that a revised version of BBB that includes increases in both spending and taxes is the best course of action. First and foremost, this is how we put ourselves into this predicament.
Doing so would be beneficial from a political standpoint.
Start with the massive increase in spending that Biden has wanted for the Internal Revenue Service from the very beginning.
That comes to a total cost of $80 billion to hire 87,000 additional IRS agents. sufficient to fill each and every seat in Nationals Park twice. sufficient to fill the ancient Roman Colosseum 1.70 times over.
That is more new IRS agents than are now serving on all of the United States aircraft carriers combined.
The Internal Revenue Service (IRS) will receive money from taxpayers to purchase new vehicles, in addition to receiving additional funding for “office rent.”
According to the Treasury Inspector General for Tax Administration, the Internal Revenue Service already possesses a greater number of vehicles than it requires for its operations.
And that the Internal Revenue Service is unable to demonstrate that its employees are restricting their use of those cars to official business only.
And why does the Internal Revenue Service need more office space when they have been forced to admit that more than half of their staff members never set foot in an office? They need to reduce the amount of office space they use.
With an additional $80 billion at its disposal, one might speculate that the Internal Revenue Service (IRS) will invest in additional firearms and ammunition.
The findings of the Inspector General’s investigation indicate that IRS special agents frequently misuse their firearms, as evidenced by the fact that they accidentally discharge their weapons more frequently than they do so on purpose.
And the Internal Revenue Service would frequently try to conceal these misfires, but the Inspector General would eventually find out about them.
The Inspector General would then note that “in three of the four accidental discharges that were not reported, the accidental discharges may have resulted in property damage or personal injury.”
The specifics of the property damage and injuries sustained by individuals have been redacted. Why?
What is the Internal Revenue Service doing with firearms? The Internal Revenue Service had amassed 4,600 firearms and five million rounds of ammunition, according to the most recent count.
This includes a total of 3,282 handguns, 621 shotguns, 539 rifles, 15 fully automatic firearms, and four revolvers. How many more will they purchase with the money that comes from your taxes?
According to the findings of yet another report by an IRS watchdog, the Internal Revenue Service (IRS) deliberately destroyed 30 million tax statements that were sent in by the people of the United States.
The Internal Revenue Service did not inform anyone about it. The only reason they were discovered was because of a drop-in inspection.
If you were to stack 30 million documents, you would have a mountain that is two miles high. These paper documents were disposed of by either burning them or putting them in the trash. The IRS has refused to comment. But they have disappeared. There is no responsibility.
Imagine explaining to the Internal Revenue Service that your tax documents have vanished. How would people react to that?
And when someone within the IRS gave or allowed the private taxpayer files of thousands of Americans over 15 years to be stolen, the Biden administration promised to investigate the matter thoroughly.
The individual tax returns were provided to a left-leaning news organization, which then published details of the documents in the hope that they would assist Democrats in their efforts to impose higher tax rates.
However, here we are 14 months later, and neither the IRS nor the administration of former Vice President Joe Biden has provided us with any answers.
Is it rational to give an organization with such inefficiency access to tens of billions of dollars in additional funding?
The labour union that represents IRS employees is responsible for collecting labour union dues from its members. This is an interesting fact that you should be aware of and feel free to share. The political action committee (PAC) contributions made by the union are all given to just one party: the Democratic Party.
The Democratic party and Democratic candidates will receive more money in the form of dues and cash if there are more IRS agents.
Which members of the House and Senate will support allocating additional funding to an agency that is so riddled with inefficiency? Let’s take a look at the candidates who have been supported financially by the IRS union’s political action committee.
the Democratic Congressional Campaign Committee will receive $30,000 in donations. thirty thousand dollars to be given to the Democratic Senatorial Campaign Committee And an additional thirty thousand dollars to the Democratic National Committee Services Corporation, an organization tasked with “coordinating party organizational activities.”
Coincidentally, the IRS union is known to contribute financial support to Democrats running for key Senate seats. Maggie Hassan, a Democrat from New Hampshire, received $10,000, Catherine Cortez Masto, also a Democrat from Nevada, and Raphael Warnock each received $5,000. These are just some examples (D-Ga.)
Businesses that invest heavily in new jobs, buildings, and training would be subject to higher tax rates under the Manchin bill, which also includes these provisions.
As a result of the current economic climate, businesses that reinvest all of their profits into expanding their operations (by, for example, increasing the number of employees they employ) will now be subject to a tax of 15% on those investments.
The goal is to inflict as much damage as possible on the most prosperous and rapidly expanding businesses that are investing money in their operations. It would be difficult to come up with a tax that is even more ridiculous.
The investment tax credit and full expensing have been supported by both Republican and Democrat congressmen and administrations. However, these policies would be undermined by the tax hike that is more than $300 billion and is included in this tax and spending bill.
This version of BBB will have a dampening effect on economic growth, job creation, and new investment. Additionally, it will redistribute the money that you have already paid in taxes to Democratic politicians through the government.
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In addition, the bill will put price controls on potentially life-saving medications that will NOT be developed throughout the following generation.
In addition to the price controls, a federal excise tax of 95% will be imposed on manufacturers in the United States.
According to the CBO’s estimates, this will result in the withdrawal of 15 new pharmaceutical products from the market. Who knows what future treatments will not be possible because of this irresponsible policy?
One can only hope that at least one Democrat senator out of the 50 will vote against a bill that taxes investments in the United States, subsidizes the Internal Revenue Service and the Democrat party, establishes a government-dependent network of subsidized “energy” companies while taxing real energy, and impedes the advancement of medical science.
