Tesla and SpaceX CEO Elon Musk sent a tweet on Thursday, joking about the expansion of the Internal Revenue Service (IRS) under the so-called “Inflation Reduction Act” — currently under negotiation in Congress, which is set to increase the budget of the IRS by $80 billion leading to an additional 87,000 agents being hired.
The multi-billionaire posted an image to Twitter, with a laughing British red coat and the caption: “When the country that revolted over taxes hires 87,000 new IRS agents.”
Fate 🖤 Irony pic.twitter.com/RHZ9BEws7k
— Elon Musk (@elonmusk) August 11, 2022
Musk also said he gets IRS audited every year by default, due to his many businesses, immense wealth and public persona.
This isn’t the first time Musk has spoken out against Biden’s fiscal and tax policy decisions.
Earlier this year, the billionaire tweeted, “True national debt, including unfunded entitlements, is at least $60 trillion – roughly three times the size of the entire US economy. Something has got to give.”
True national debt, including unfunded entitlements, is at least $60 trillion – roughly three times the size of the entire US economy. Something has got to give.
— Elon Musk (@elonmusk) February 11, 2022
Other prominent billionaires have also attacked the Biden Administration with even Amazon Executive Chair Jeff Bezos tweeting in references to Biden blaming gas prices on gasoline stations: “Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics.”
Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics. https://t.co/XgKfEICZpk
— Jeff Bezos (@JeffBezos) July 3, 2022
While the administration has been hit repeatedly with criticism from some of America’s most successful innovators, everyday more citizens are set to be hit harder with increased tax burdens and additional auditing.
For the fiscal year 2021, the IRS had nearly 79,000 full-time employees with current operating costs of around $13.7 billion. Meaning the Democrats’ reconciliation bill will more than double the number of employees the agency has and also give it an influx of over four times its current budget in extra financing.
In addition to the expansion of the IRS, the nonpartisan Joint Committee on Taxation released an analysis last week estimating that 78 to 90 percent of the taxes raised via the increased auditing — would be derived from tax fliers making less than $200,000. Hardly the “one percent,” the nation hears so much about.
Meanwhile, only 4 to 9 percent of additional taxes would come from those making more than $500,000 a year.
Democrats, who claim the bill won’t raise taxes for those making under $400,000 a year, have shown that such claims are just not true.
The bill itself is set to raise taxes on all Americans, putting the heaviest net tax burden on those earning less than $200,000. Americans making less than $75,000 a year will pay an additional $135.9 billion in taxes.
Americans making between $75,000 and $200,000 a year will pay $151.8 billion in additional taxes, approximately 29.6 percent more burden. Those making between $200,000 and a million will pay $123.7 billion in net taxes or 24.1 percent and finally, those making over a million dollars a year will pay $101.6 billion in additional taxes or 19.8 percent of the burden, according to an analysis by The Heritage Foundation.
Musk’s joke may be funny for some, but it draws attention to the reality that increased rates on United States taxpayers will harm families everywhere. Not to mention the fact that it fundamentally clashes with the principles this country was founded on.
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