Legislation would codify Crapo amendment to prevent IRS funding from targeting Americans earning below $400,000
Washington, D.C.–U.S. Senate Finance Committee Republicans, led by Ranking Member Mike Crapo (R-Idaho), introduced a bill to prevent the Internal Revenue Service (IRS) from using its massive, $80 billion infusion of taxpayer dollars to squeeze more revenue out of American taxpayers who earn less than $400,000 per year.
“Democrats cannot achieve their desired tax revenue goals without targeting the middle class, small businesses and taxpayers earning under $400,000 per year–taxpayers who cannot afford teams of lawyers and legal fees–which is why they rejected my original amendment,” said Crapo. “While advocates promise they do not intend to increase audits on people making less than $400,000, the best way to protect those taxpayers is to turn that promise into law.”
The legislation would prevent the IRS from using any of the supersized $80 billion of funding for audits on hard-working American taxpayers, including individuals and small businesses, with taxable incomes below $400,000. The bill has teeth, in contrast to unenforceable, nonbinding statements of intention or unenforceable, vague Treasury Department edicts to not squeeze more revenue out of the middle class.
The bill is co-sponsored by all Senate Finance Committee Republicans.
For bill text, click here.