‘Not Just The Rich People’: Tax Expert Picks Apart Biden Admin’s IRS Talking Points

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U.S. President Biden signs the CHIPS and Science Act of 2022, in Washington

‘Not Just The Rich People’: Tax Expert Picks Apart Biden Admin’s IRS Talking Points

Harold Hutchison on August 10, 2022

Grover Norquist, founder and president of Americans for Tax Reform, ripped into claims by the Biden administration that an expanded Internal Revenue Service would not target average Americans in a Wednesday Fox News appearance.

“The president lied his way into office when he said he would not raise taxes on people who made less than 400,000,” Norquist told host Sandra Smith. “This bill raises taxes on coal, crude oil, what they make gasoline out of, and natural gas. That’s energy. That’s everybody in the country, the poorest person and the richest, everybody is being whacked by that. It’s going to increase the cost of energy for people.”

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“When you look at all the various taxes that they are putting on this, it’s going to reduce the value of stocks, which has already dropped as a result of Biden’s policies, this 1% tax on buybacks and so on will make your shares of stock in your 401(k), your IRA, your union pension all worth less,” Norquist said. “So they will reduce the value of your life savings. And half the country is in the 401(k) and IRA business. That’s not just the rich people.”

Norquist then turned his attention towards the expanded IRS, which will receive $80 billion in new funding over the next nine years to hire up to 87,000 agents in legislation passed by the Senate Sunday. The agency has been under fire over the targeting of conservative groups like the Tea Party as well as leaks to ProPublica, a left-wing media outlet, in 2013 and 2021.

“And the new audits, they will have 1.2 million new audits,” Norquist said. “There are less than 1,000 billionaires and there are only 500 companies in the Fortune 500. The rest of them is us. That’s who they are auditing, and they know that, and Bernstein knows that.”

The White House did not immediately respond to a request for comment from the Daily Caller News Foundation.

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