One of the top priorities for the incoming Trump administration will be to stop Democrats from weaponizing powerful government agencies against taxpayers and companies they don’t like. Nothing could be more harmful than a partisan vote to fund this mission to the Internal Revenue Service (IRS). Approximately $80 billion and hire tens of thousands New Tax Snoop’s.
By the way, according to the IRS Press Office, additional audits have revealed that less than 2 billion, far less than the additional spending. So how does this program “pay for itself”? (Related: John Stossel: Politicians always want to do more… with your money)
This was in no way a pursuit of tax fairness as liberals advocate. It was an aggressive, persistent, and unchecked enforcement assault on American taxpayers in order to rake in more taxes for liberal political agendas. Americans voted to end this madness, and now the IRS is ignoring the Biden administration’s 11th-hour efforts to force hugely costly new rules and regulations on its way out. and should act accordingly immediately.
Progressive leaders have grossly erroneously claimed that a super-large IRS would raise nearly $1 trillion over 10 years by tightening its crackdown on high-income earners and businesses. And they sought to justify their proposals by painting entrepreneurs, small businesses, private family businesses, and the wealthy broadly as tax fraudsters.
This entire exercise was aimed at harassing legitimate taxpayers and blackmailing them as guilty until they can prove their innocence.
Fortunately, most voters saw their efforts for what they were. It is a liberal fantasy extortion of other people’s money and an attempt to assert greater control over their own livelihoods. Democratic leaders didn’t help themselves by immediately oversteering their cars. This includes efforts to force the IRS to monitor personal bank accounts and require income reporting for basic Venmo payments between friends, as well as punitive actions against people who earn income from tips and other types of transactions. It was.
Another target of IRS harassment is business partnership. Such businesses are one of the most common and practical ways to build a private enterprise of any size. A simple analogy might be one party owning available tractors and the other party owning available land, and they go into business together to farm that land. .
In total, there are an estimated 4.5 million business partnerships in America. Collectively, these partnerships generate more than $12 trillion in revenue and employ millions of workers in the United States.
But the IRS is now quietly introducing new rules that threaten the future viability of such partnerships before President-elect Donald Trump returns to office. These proposed tax law changes affect so-called “.basis shift” – a routine and legal practice used by business partners to adjust the tax basis of their respective assets. In short, the proposed rules would intentionally incorporate uncertainty and subjective IRS interpretations about how taxable assets are treated when transferring or selling an interest in a business partnership. . This is basically the opposite of tax fairness.
Meanwhile, the billions in bounties that the Biden administration claimed the newly armed IRS would secure through additional enforcement and new tax rules have not fully materialized. The IRS recently revealed that only $1 billion has been recovered since an aggressive campaign was launched two years ago, but there is no way to know whether that was or was not. (Related: David Bossie: Pam Bondi will clean up the Justice Department and restore justice for everyone)
It’s good for taxpayers to know that the $80 billion the Democrats gave the IRS is on track to become a huge cost to the U.S. Treasury rather than recover or find new “savings.” How ironic and sad.
The last thing voters want right now is for the IRS to impose yet another costly, last-minute tax change that will make matters worse for taxpayers, workers, and employers. Therefore, the Biden team and the IRS should put down their pencils.
And if they stick with these Q4 rule changes, the Trump team should be ready to repeal them immediately in January.
It would bring true joy to America.
Stephen Moore is a Visiting Fellow at the Heritage Foundation. His new book, co-authored with Arthur Laffer, is “The Trump Economic Miracle.”
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.
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