Under Biden, Every Day Is Tax Day

87,000 More Reasons To Dislike Tax Day

BIDEN'S TAX HIKES HURT ALL AMERICANS

• Today marks one of the most stressful and frustrating days of the year for many Americans: Tax Day.
• As taxpayers deal with bureaucracy at the IRS, worry about the possibility of an audit, and struggle to find a way to make ends meet as they pay their taxes, it's a reminder that Biden and Democrats want to make things even worse.
• Biden is putting the IRS on steroids, hiring 87,000 more IRS agents and going after Americans who run a side hustle or are self-employed gig workers – all in an effort to shake down the middle class.
• On top of the billions in tax hikes included in Biden and Democrats' so-called "Inflation Reduction Act" that have already taken effect, Biden's latest budget proposal includes $4.7 trillionin new and expanded taxes.
• Not only will Biden's outright tax hikes hurt American families, but Biden's hidden tax of inflation has already cost families an estimated $10,000.

BIDEN WANTS TO MAKE AMERICANS' TAX BURDEN WORSE

• Biden's latest budget would slam Americans with at least a dozentax hikes totaling "$4.7 trillion in new and expanded taxes."
  • This would be one of the largest tax increases in modern history. 
• Biden's budget would increase the business tax rate to 28 percent, which the Tax Foundation estimates will kill 129,000 jobs, shrink the economy, and cut wages for low-income Americans.
  • Biden's tax hike would lead to the U.S. having a higher business tax rate than communist China.
  • American workers would bear the brunt of Biden's business tax increase.
  • By raising the business tax rate, American families would be hit with increased utility bills due to increased costs for utility providers.
  • Total business taxes would jump by 56 percent to "their highest sustained share of the economy since the 1970s."
  • When including state taxes, corporate taxes would jump to the second highest in the OECD, after Colombia.
• Despite high gas prices, Biden's budget proposes $31 billion in tax hikes on U.S. oil and gas production.
• As a part of his plan, Biden proposed a likely unconstitutional tax on Americans' property and businesses.
  • Biden's plan would tax some Americans for "unrealized" capital gains, meaning they would have to pay taxes on property that increased in value even if they didn't sell it.  

BIDEN IS SUPERSIZING THE IRS

• While Americans get crushed with higher taxes, Biden gave $80 billion to the IRS for additional audits and an army of 87,000 new IRS agents.
  • Over the next three years, the IRS is set to hire 30,000 more agents – that's larger than the entire current number of Border Patrol agents.
• This IRS expansion would lead to an estimated 710,000 new audits of people making less than $75,000 per year.
• By supersizing the IRS, "" would be subjected "to more scrutiny and greater audit risk."
  • The CBO found that increased funding for IRS enforcement leads to "higher audit rates" for all taxpayers, including those who ultimately do "not…owe any additional taxes."
• These new IRS agents would disproportionately target poorer Americans.
  • In 2021, the IRS audited Americans earning $25,000 a year at five times the rate of other groups and directed "more than half" of its audits at those making less than $75,000.
  • A 2019 study found that the five counties with the highest audit rates are all predominantly Black.

BIDEN IS GOING AFTER YOUR VENMO ACCOUNT

• Biden is even going after Americans who earn just $600 on payment apps like Venmo – resulting in as many as four million new tax forms for small businesses.
  • The old threshold was earning $20,000 over 200 transactions.
• Small business owners are concerned the extra paperwork could lead to mistakes and prompt costly penalties.
  • Maryland furniture maker Dennis Turbeville: "Small businesses don't have the resources to understand how to do things properly … A $2,500 penalty for a business that's doing $2 million a year, not a big deal. For somebody like me, that's a big deal."
• Experts are "expecting the worst," warning that this form could mistakenly be sent to people that use Venmo for personal transfers.
  • Compounding the problem, 47 percent of Americans say they are using apps like Venmo more frequently to split bills because of Bidenflation.

BIDEN'S HIDDEN INFLATION TAX

• Inflation is a "hidden tax" that is hitting Americans' pocketbooks and leading to smaller paychecks.
• For two straight years, inflation has wiped out real wages and made American families poorer.
  • Real wages have fallen every monthsince Biden and Democrats passed their wasteful $1.9 trillion "stimulus."
  • For 23 consecutive months, inflation has been at or above 5 percent –well above the Fed's average target of 2 percent.
• Moody's found that the typical American family is spending roughly $372 more a monthon the same goods and services as they were last year.
  • Manhattan Institute Senior Fellow Brian Riedlestimates inflation has cost households an extra $10,000, and that household costs will continue rising even if the inflation rate normalizes.