The Biden Administration’s Build Back Better Plan (BBB) includes a massive increase in the size and scope of the IRS. The plan provides an additional $80 Billion Dollars and 80,000 more “tax cops..” The IRS will use these additional resources to expand IRS Audits on “small businesses and households of modest means.”
The Bank Statement Reporting was not included in the house version of the Bill, but is expected to be added on the Senate side. Many Democrats in Congress have come out against that scheme, but there really is no other way to pay for BBB without increasing tax collection from American Taxpayers.
Attorney Steven A. Leahy goes though the latest news on Build Back Better to inform the public on exactly what Congress has in mind. And it isn’t good.