Capito: The IRS Does Not 'Need $80 Billion Worth Of Agents Knocking On Everybody's Door'

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my colleagues have been very eloquent in in stating why this is not just a bad provision but a bad bill. Uh I would remind everybody that this morning we heard that the requested level of raising on the debt limit is two point five trillion dollars expected to take us past November of 20 twenty-two. When you load that on on top of this huge tax and spend bill, it's just it's in the, as my father would say, it's in the nosebleed section. Uh, when when you start getting up to those numbers. When you look at small businesses, we have a hundred and 000 small businesses in in West Virginia that would be impacted by this. Many of you know that I started a physical infrastructure, negotiations with the president. We tried to get him to help us do a fee. It's something on an electric vehicle since they pay gasoline taxes. No, no, no. We can't do anything that would impact anybody making under four, making under $400, 000 a year. This hits right at the belly of those small businesses and individuals and I think that 80, you know, we have a record. I've heard a lot about how the distrust of the IRS. Uh the IRS and and I guess this is no surprise. There's a 37% approval rating among the American people has that history of targeting not just organizations but individuals by using their power and as Senator Scott said, putting information out into the public sector in in in illegal fashions to the news media. So, I I think that they can move the numbers around and take out the fact that they're not going to look at your bank account if you make $600. I'm not sure that's totally out. Maybe they move the figure up to 1 000 or some other way. Uh the invasion of privacy into individuals and small businesses is something that we hear about every day and I think would devastate our economies and think of the cost that this is going to be to small business. It's not only just being audited but the time and energy and money it takes to answer and what and you know, let's say, when you saw the average amount of of reef or recouped tax in some of the smaller businesses in the summer and some of the lower incomes, it's twenty dollars, twenty-five dollars. It's going to cost them thousands of dollars to be able to answer this. Um I was also the funder for the IRS when I was on chair of that subcommittee in in appropriations. This is what the IRS needs. Their computer system was created in nineteen sixty-two. The writing off of old code. So, they do need improvements but they do not need $80 billion dollars worth of agents knocking on everybody's door. Thank you. Thank you. Senator Boseman.
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Channel: Forbes Breaking News
Views: 10,353
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Length: 2min 44sec (164 seconds)
Published: Sun Dec 19 2021
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