CBOO says taxpayers with under $400,000 accounts for $20 billion in revenue

CBOO says taxpayers with under $400,000 accounts for $20 billion in revenue

The Congressional Budget Office told lawmakers that taxpayers making under $400,000 accounts for about $20 billion in revenue for the Inflation Reduction Act.

FOX has gotten the CBO's score of a Senate amendment proposed by Republican Idaho Sen. Crapo that would have prevented any IRS funds from auditing taxpayers making less than $400,000 a year. The CBO says the Inflation Reduction Act would lose $20 billion in revenue because of this amendment.

This CBO score was just emailed to Senate offices this morning and was not ready for the Senate vote on the IRA.

The Republicans on the House Ways and Means Committee say that this proves that the CBO and Democrats counting on CBO estimates for how much money IRS audits would raise, prove that $20 billion dollars in revenue will be raised by increasing audits on anyone making less than $400,000. Republicans say this directly contradicts the promise of the President and other Democrats that no one in the middle and lower income brackets would get increased audits.

The House Ways and Means Committee and the House Ways and Means Committee had the following takeaways from the email sent by the Congressional Budget Office.

Democrats have been relying on the CBO for an estimate of how much they d collect. CBO has been clear that it is non-corable in asterisks at the bottom of their estimates, but Democrats have counted it anyway. When they talk about non-scorable revenue, that is what they are talking about.