Since January, it has been the unrelenting focus of the GOP House — including Mike Johnson — to demand higher penalties on Hunter Biden for not paying all his taxes. Just last month, for example, Johnson claimed that people were seeing “the DOJ, of course, aggressively prosecuting President Biden’s chief political rival, Mr. Trump, while at the same time, they see slow-walking and special treatment given to the President’s son. That’s just a fact that everybody can see with their own two eyes.”
But as one of the first acts under Speaker Johnson, he will respond to a terrorist attack by trying to help rich tax cheats. His plan pays for funding for Israel by cutting funding to the IRS by $14.3 billion, funding that more than pays for itself.
Johnson’s move to cut IRS funding comes weeks after the IRS made headlines for the amounts it is collecting from tax cheats who are far richer than Hunter Biden.
A month after announcing it would crack down on 1,600 millionaires who were far behind on their taxes, the Internal Revenue Service said Friday it has collected $122 million in 100 of these cases.
That’s on top of $38 million in back taxes the IRS has already collected from 175 other millionaires. It brings the recent rake-in of back taxes from wealthy households to $160 million, IRS Commissioner Danny Werfel said.
“The funds that we’ve collected should give you a fairly good idea of how much money is on the table for us,” Werfel told reporters, highlighting how the IRS is using money from the Inflation Reduction Act.
The IRS is using Inflation Reduction Act to ensure that the super rich no longer get treated better than Hunter Biden.
And in one of his first moves as Speaker, Mike Johnson is moving to make sure that only Hunter Biden must pay his taxes.
Update: Fixed billion/million.
Update: The IRS Commissioner claims that the IRS “offset” would cost $90 billion.
Update: CBO says Johnson’s bill would add $12.5B to the deficit by cutting $26.8B in revenues.