Dem Lawmaker Says Tax Increases Coming if Party Keeps Power After Midterms: Report
Rep. Richard Neal (D-Mass) said that Americans will likely see increased corporate and individual taxes in 2023. The lawmaker’s comments were tweeted by Bloomberg reporter Erik Wasson who said that the lawmaker…
Rep. Richard Neal (D-Mass) said that Americans will likely see increased corporate and individual taxes in 2023.
The lawmaker’s comments were tweeted by Bloomberg reporter Erik Wasson who said that the lawmaker indicated a Democratic-controlled House of Representatives could try to enact major tax reform.
“@RepRichardNeal says if Dems keep the House will look to raise corp and individual tax rates next year,” Wasson’s tweet stated. “He says there could be a chance to do fundamental tax reform along lines of last year W&M proposal if election goes Dem way.”
Tax increases could be facilitated by the increase in hiring of Internal Revenue Service agents, which was budgeted for the Inflation Reduction Act, according to Fox News.
The publication described the act as a social spending and tax increase measure which is believed likely to pass the House on Friday.
Republicans have stood firm in their opposition to the bill, with multiple members of Congress sounding the alarm about the potential impact on middle-class Americans.
“The Democrats’ reckless IRS funding increase would raise enforcement funding by nearly 70 percent above what IRS is currently projected to get,” Sen. Mike Crapo (R-Idaho), ranking member of the Finance Committee from the Senate floor last weekend, according to The Hill.
Sen. Ted Cruz (R-Texas) said in a Monday statement, “There are a lot of bad things in this bill. But few are worse than the proposal by Democrats in this bill to double the size of the IRS and create 87,000 new IRS agents.”
“I guarantee you, citizens, in every one of our states, if you ask them, what do they want, they don’t want 87,000 new IRS agents,” the Texas senator went on.
The publication reported that Sen. Lindsey Graham (R-S.C.) held a press conference Tuesday with South Carolina Gov. Henry McMaster, where the senator took aim at the legislation.
Graham said, “If you think the federal government is out of control now, God help us when you get 87,000 new IRS agents who are looking under every rock and stone to get money out of your pocket.”