Tax Day reminds us that the only things guaranteed in life are death and taxes. And if Joe Biden gets his way, there will be a lot more taxes.
In addition to proposing $3 trillion in tax hikes that will shrink the economy, Biden wants to turn the IRS loose on the American people by giving them $80 billion for “increased tax enforcement.” He claims this will raise $700 billion over 10 years, but even liberal experts admit it is “very unlikely” it will raise the amount Biden promises.
Even Obama’s IRS chief, John Koskinen, said Biden’s $80 billion proposal is overkill, and called for less than one-third of the new funding Biden wants.
Biden’s proposal would also mean that his IRS is coming for you. Biden’s IRS on steroids would “create new headaches for banks, financial institutions, and anyone who uses them,” and would “require banks and other third-parties to report more information on taxpayers.”
Under the Obama-Biden administration, the IRS admitted to targeting conservative groups, and now Biden wants to increase the power of unelected bureaucrats to collect huge amounts of additional information.
The end result? According to Johns Hopkins Economist Steve Hanke the “hidden costs” of giving the IRS more money will fall on taxpayers, and if history repeats itself, it will fall more on those that don’t share Biden’s liberal ideology.
One thing is for sure: Tax Day will be a lot worse if Biden gets his way.
