Biden Administration Counters GOP Criticism Of Inflation Reduction Act

The United States Treasury Department has issued a statement with an accompanying article from Time magazine countering a Republican suggestion that the Schumer-Manchin Inflation Reduction Act will fund a bloated IRS, leading to increase in tax investigations on working voters.

• House Minority Leader Kevin McCarthy (R-CA): “Democrats’ new army of 87,000 IRS agents will be coming for you—with 710,000 new audits for Americans who earn less than $75k.”
• Treasury Department: "Yesterday, TIME published an article debunking attacks on resources in the Inflation Reduction Act to modernize the IRS. As the Commissioner of the IRS reiterated in a recent letter, audit rates on households making under $400,000 won't go up relative to recent years – in fact, they will likely see the chance of an audit decline. Instead, new funding will crack down on tax evaders among the wealthy and large corporations..."
• Democrat strategists will be aware that, while the Inflation Reduction Act has broad bipartisan support, the measure to funnel USD$80 billion to the IRS for improved enforcement is only supported by 45% of voters, according to Morning Consult.
• Ahead of the midterms this issue is likely to become a struggle over the narrative. Democrats will argue that additional IRS funds will be used to close loopholes and enforce tax on wealthy corporations, the GOP will argue that provided enhanced resources to the IRS will inherently lead to an increase in tax investigations.