Inflation Reduction Act

#436
#436
Carl Pickens said:
Former IRS whistleblower says government will target middle class under Dems' inflation bill: It's 'bulls--t'
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Henck said during his time at the agency, he had observed IRS agents specifically targeting elderly taxpayers, some of whom were World War II veterans, because they could easily be forced into settlements.
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"I protested both internally and externally, but I was ignored," he told FOX Business. "In their last days on Earth, these taxpayers were being bullied by the same government they had fought for as young men and no one cared."

"This is the agency that is going to double in size."
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This is absolutely sickening.
 
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#438
#438
utvolpj said:
Yep. As I posted yesterday, Audits of those making <$400k accounts for $20bil in CBO forecasted revenue for the inflation reduction act
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I’m fortunate enough to have multiple lines of revenue (I have rentals like many Americans and VN posters). Also investment income (sometimes).

I get a letter every 3-4 years from the IRS.
I always give it to my CPA.
She always says the same thing.

“It would be cheaper to just pay it, don’t try and fight the IRS”.

These people can go to Hell.
 
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#440
#440
85SugarVol said:
I’m fortunate enough to have multiple lines of revenue (I have rentals like many Americans and VN posters). Also investment income (sometimes).

I get a letter every 3-4 years from the IRS.
I always give it to my CPA.
She always says the same thing.

“It would be cheaper to just pay it, don’t try and fight the IRS”.

These people can go to Hell.
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Unless it's a nominal amount, sounds like you need a new CPA...
 
#443
#443
85SugarVol said:
They aren’t coming after good ole’ Sugar for $100k here…

I imagine they have a pretty good idea what they can get without a fight.
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Their systems are 40-50 years old. You'd be shocked how often they are wrong.

Most of the time if you write a letter to protest, they will drop it if the rationale makes sense.
 
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#444
#444
SpaceCoastVol said:
Who did they back in 2020?
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Democrats rely on misleading messaging to sell Manchin-Schumer bill

According to a December analysis by the Tax Foundation, the most economically damaging provision in the bill that survived the arduous negotiation process is the 15% "corporate alternative minimum tax," which requires businesses with profits over $1 billion to pay a minimum tax rate of 15%.

The minimum tax alone will reduce GDP by 0.1 percent and cost about 27,000 jobs, the Tax Foundation projects. The minimum tax will deal the biggest blow to coal workers, levying a net tax hike of 7.2% on the coal industry’s pretax book income, according to a November analysis by the foundation. The second-hardest hit by the tax, according to the study, is the automobile and truck manufacturing industries, which face a 5.1 percent tax hike, the study said.
 
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#447
#447
rekinhavoc said:
Democrats rely on misleading messaging to sell Manchin-Schumer bill

According to a December analysis by the Tax Foundation, the most economically damaging provision in the bill that survived the arduous negotiation process is the 15% "corporate alternative minimum tax," which requires businesses with profits over $1 billion to pay a minimum tax rate of 15%.

The minimum tax alone will reduce GDP by 0.1 percent and cost about 27,000 jobs, the Tax Foundation projects. The minimum tax will deal the biggest blow to coal workers, levying a net tax hike of 7.2% on the coal industry’s pretax book income, according to a November analysis by the foundation. The second-hardest hit by the tax, according to the study, is the automobile and truck manufacturing industries, which face a 5.1 percent tax hike, the study said.
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Manchin must be retiring.
 
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#450
#450
rekinhavoc said:
Democrats rely on misleading messaging to sell Manchin-Schumer bill

According to a December analysis by the Tax Foundation, the most economically damaging provision in the bill that survived the arduous negotiation process is the 15% "corporate alternative minimum tax," which requires businesses with profits over $1 billion to pay a minimum tax rate of 15%.

The minimum tax alone will reduce GDP by 0.1 percent and cost about 27,000 jobs, the Tax Foundation projects. The minimum tax will deal the biggest blow to coal workers, levying a net tax hike of 7.2% on the coal industry’s pretax book income, according to a November analysis by the foundation. The second-hardest hit by the tax, according to the study, is the automobile and truck manufacturing industries, which face a 5.1 percent tax hike, the study said.
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But this won’t negatively impact anyone making less than $400k 🙄….
 
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