National

Democrat promises more taxes if the party stays in power: Report

Democratic Rep. Richard Neal of Massachusetts suggested that the House would increase tax rates if his party remains in power following the upcoming midterm elections this fall, according to a congressional reporter.

Neal said Democrats, should they keep power in the House, will look to raise corporate and individual tax rates in 2023, according to a Bloomberg reporter.

The Inflation Reduction Act, expected to pass through the House Friday, includes a proposed expansion of the Internal Revenue Service (IRS).

The expansion includes an $80 billion boost to the IRS over a 10-year period, with more than half intended to help the agency crack down on tax evasion.

If the bill is passed, the money allotted would go toward filling 87,000 IRS positions, more than doubling the agency’s current size. The Treasury Department says some of the new hires would replace 50,000 employees who are expected to retire in the next five years.

The measure passed in the Senate Sunday along party lines, with Vice President Kamala Harris casting a tie-breaking vote.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button