Former economic adviser to President Ronald Reagan believes the Biden administration's idea of boosting the Internal Revenue Service with 87,000 additional agents is wrong. I'm here. More taxes from the wealthiest Americans.
"They have a lot of lawyers, accountants, different income professionals," said economist Art Laffer, who served on the Economic Policy Advisory Board. A Reagan-era board spoke of the richest citizens in the country.
``They have a lot of favorite grabbers.Raffer told Just The News.
"They know the tax code inside out and do all these things. We can't get more money.”
President Biden is set to sign the Inflation Control Act into law on Tuesday afternoon.
Biden and Democratic lawmakers said the bill would cost him $737 billion It says it will bring in dollars in revenue. A minimum corporate tax of 15% and a 1% tax on share buybacks. The money will go towards tackling climate change and reducing the cost of prescription drugs.
But Raffer believes that the middle class will bear the brunt of the prescribed tax increase.
"If you raise the tax rate, you'll find that the average tax revenue for the top 1% goes down instead of up," he said.
"And that's because they're taking advantage of all these loopholes and tax havens."
seems to be
Bipartisan CBO releases analysis 52} People with less than $400,000 in income taxes, which Biden promised to go unpunished, are estimated to pay an additional $20 billion more in taxes over the next decade as a result of the bill.
The Democratic-led Senate rejected an amendment to a bill proposed by Senator Mike Crapo (R-Idaho). The bill was intended to exempt a taxpayer who earns less than $400,000 from his IRS scrutiny.
Democrats also argue that the bill would reduce the deficit and lower inflation, but Laffer believes consumer price increases will remain for the foreseeable future.
"Frankly, my view of the world is that from here until Sunday, inflation can't go above 10% by the time we enter the [intermediate period].] Elections [next November] ],” he said at a conservative student rally last month.
Inflation surged to he 8.5% in July and fell slightly from his 9.1% in June. Consumer prices have not risen as high in his 40 years.
The Biden administration was criticized for its "Orwellian" claim that July saw "0% inflation," but Raffer said there was truth to the statement.
93} — 0% in July alone, this is true," said Laffer.
"Yes. Oil prices fell dramatically, enough to offset other price increases.
Raffer added: {95
"So what we look at year-over-year is because of these volatility, these bibble-bobbles going up and down in certain months," continued Laffer. } "However, over the course of the year — in this last survey, it was 8.5% in July and 9.1% in the previous month."
"But still very It is a very high number.”