Billionaire Elon Musk dreads nearly $80 billion overhaul of the Internal Revenue Serviceincluded inDemocratic-backed appropriations bill. I am one of those people who are hiding. It passed the Senate on Sunday.
"Seems expensive," tweeted Musk, who is the richest individual in the world.
Musk's reaction to the IRS funding was in response to a report by the Washington Free Beacon, which found that a large number of tax officials' jobs were being replaced by the Department of Defense, the State Department. I found that it would be bigger than FBI, and Customs and US Border Patrol combined.
Funds contained in an adjustment bill called the "Reduction of Inflation Act" would allow the IRS to employ up to 87,000 additional agents, potentially double his size. The IRS plans to use the funds to strengthen tax enforcement efforts and modernize technology to maximize federal tax revenue.
"Investing in automation?" Musk added in another tweet.
President Biden and other Democratic supporters of his IRS expansion claim the initiative will help close the "tax gap" . what was actually collected. But Republican lawmakers and other critics say the funding will put a heavy strain on individual taxpayers and small businesses.
As The Post reported last week., the bipartisan Joint Taxation Commission estimates that up to 90% of the $200 billion in additional tax revenue the IRS is expected to collect will come from smaller countries. Companies with an annual income of 20 million or less.
On the other hand, only 4% to 9% brought to you by a company that raises $500,000 per year.
Republican agitator Rep. Marjorie Taylor Greene took her criticism of the IRS plan a step further in her Twitter thread.
"When the Senate settlement bill passes this weekend, 87,000 of her IRS agents will be hired for her $80 billion taxpayer dollars," says Georgia representative said last Friday. "And they're also buying more guns&ammunition. Low- to middle-income American&small businesses will be prime targets for the Democratic Party's new IRS force.
The Democrat-controlled Senate passed the Inflation Control Act on Sunday by a 51-50 vote, with Vice President Kamala Harris serving as a tiebreaker.$740 billion in spending. The bill also includes tax increases for businesses and major investments related to climate change.
