Will the Inflation Reduction Act help middle-class taxpayers?
The Inflation Reduction Act gives the IRS $79.6 billion to be spread over 10 years. Some $45.6 billion of that would be directed towards enforcement of corporations and wealthy individuals. Put bluntly, that means more audits.
Of the $79.6 billion, only $3.2 billion would be directed towards taxpayer services, like helping you out on the phone when you have questions or a problem. The White House says the Inflation Reduction Act will result in $124 billion savings over 10 years, generated from collecting taxes “already owed by wealthy people and large corporations, according to the Congressional Budget Office. And no family making less than $400,000 will see their taxes go up a penny.”
The act primarily targets big business and the wealthy. “Over the long run, the Inflation Reduction Act would raise marginal income tax rates faced by higher earners and corporations,” according to the right-leaning Tax Foundation, a Washington, D.C.-based think tank.
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