Today, Congressman Bill Huizenga (R-MI) released the following statement after the non-partisan Joint Committee on Taxation (JCT) confirmed that an average of 87 million American taxpayers earning less than $400,000 would have their account information reported to the Internal Revenue Service (IRS) under President Biden’s IRS targeting proposal. This letter indicates that an average of 59% of taxpayers would be impacted by this misguided proposal with the potential for as many as 134 million taxpayers, or 90% of taxpayers, making under $400,000 to be impacted.
“This report by the non-partisan Joint Committee on Taxation confirms that President Biden and Nancy Pelosi’s scoop and snoop proposal would provide the private financial data of millions of hardworking middle-class taxpayers to the IRS despite claims from Democrats that it would not,” said Congressman Bill Huizenga. “The IRS and the Biden Administration should not be targeting middle class families, small businesses, and family farms who have done nothing wrong. Instead of expanding the power of the IRS to invade the privacy of millions of American taxpayers, President Biden and Nancy Pelosi should be focused on ending the waste, fraud, and abuse currently happening on their watch.”
In a letter to Congressman Jason Smith (R-MO), the top Republican on the Budget Committee, the Joint Committee on Taxation wrote, “Given the terms of the proposal and the uncertainty with respect to the efficacy of the exclusion, we estimate the number of taxpayers reporting less than $400,000 who would have their account information reported to be greater than 40 million (27 percent) and less than 134 million (90 percent). The average of this estimated range is 87 million (59 percent) and represents a reasonable point estimate.” The full letter from the JCT is available here.
The Joint Committee on Taxation is a nonpartisan committee of the United States Congress, originally established under the Revenue Act of 1926. The Joint Committee operates with an experienced professional staff of Ph.D economists, attorneys, and accountants, who assist Members of the majority and minority parties in both houses of Congress on tax legislation.
Original source can be found here.
