White House Economic Advisor Won’t Confirm Whether IRS Will Audit Those Making Under $400K

The White House economic adviser Jared Bernstein appeared on CNBC's Squawk Box on Monday. He was interviewed by Brian Sullivan, who asked him about the impact of the Inflation Reduction Act on taxpayers.

The Act

If passed by the House of Representatives and signed into law by Joe Biden, this piece of legislation would add 87,000 new IRS agents and would raise taxes on most Americans. Although the Act promises not to raise taxes on those making less than $400,000.

Non-commital

Sullivan asked Bernstein, “I want to be clear, is the president guaranteeing nobody making under $400,000 will be audited [by the new agents]?”

This was Bernstein's response: “No, no, no. That's not what I said. Nobody making under $400,000 will pay higher taxes under the Inflation Reduction Act.”

Sullivan then asked who the new agents would be going after. Bernstein had no response to that.

The Lies That Divide

Fox News reported that according to the Joint Committee on Taxation, the claims Bernstein made were, in fact, false. According to the JCT, Americans making less than $10,000 a year will see a .3% tax increase beginning in 2023. For all Americans making less than $200,000, taxes will raise by a collective $16.7 billion.

Saved by the Green

Bernstein is arguing that the legislation's stimulus of so-called green energy sources will help with economic growth and help reduce the debt-to-GDP ratio. He said, “By investing and standing up a clean energy industry, manufacturing as the act does, that's going to generate more economic growth, spin off more revenues.”

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This article was produced by C Nation and syndicated by Wealth of Geeks.

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