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Over here? they re trying to win over the voters. right now president biden s job performance numbers are dismal at best. he s not doing well across the country. so they ve had a streak of wins, absolutely. congressional wins. they re going to take this show on the road and they re going to try to win some approval by saying look what we ve done. we ve done something to impact your pocket books. again, i want to just really quickly touch on the irs portion, too. this is a big deal especially if you re african american and you live in the deep south. there s studies that have revealed that those folks, the poor folks, majority minorities in the deep south, are the ones that get hit by these tax audits. they re five times more likely. five times more likely than you, me or the average other person. more likely to get audited. when you hear the white house say they re not going to go ....
Bit can you be clear? the irs will investigate everybody. they re not going to ignore everybody. it s not just the rich. let me explain. the president just said this in the clearest most emphatic terms. nobody under $400,000 of income will see their taxes go up one penny. how can both things be true? the commissioner of the irs has said i m not quoting because i don t have the quote but i m paraphrasing. the new enforcement dollars will not be spent on increasing audits of anybody under i think probably well above $400,000. that is where neil: that s a large pool of people that you say won t have their returned examined. you can go after the rich all you won t. it won t raise let many be clear ....
Price. there s a 16 cent tax for each barrel of crude oil reduced, an additional dollar tax per ton of underground coal that is mined. all of these taxes industry experts will make energy more expensive. the president of the u.s. oil and gas industry says this. the taxes will fall on millions of families already rightfully concerned about their future prosperity. washington never grasps that somebody has to pay. it s not just higher prices that some people are concerned they ll be paying but additional taxes. the super sized irs will get the z 20 billion in new revenue by auditing people that make under $400,000 a year that is from the cbo. neil? neil: thanks, hillary vaughn. ....
neil: no. if there s something with that range of $400,000, the pass-through businesses and the like, are you saying that they need not worry about being scrutinized by the irs? the point i m making is the $80 billion that you just mentioned from the inflation reduction act to increase the tax enforcement is targeted directly at those in the top 1%. neil: so the irs is now under a directive go after the top 1% and that s how we re going to get it? i want to be clear. is that where you re going to get the money? are you saying anyone less than the 1% please be clear. i m i want to be clear. give me a chance. neil: are you saying they won t be scrutinized more by the irs they wouldn t be scrutinized more, they will not be taxed more if they re under $400,000. now, for people above $400,000, the tax gap, which is what we re ....
That first and install that and get a tax credit. for people that are struggling to put food on the table, i m not really sure what this package does for them. neil: a lot we don t know. gary, we have to go to the word on those that study this and the cbo that is examining this in stages and chunks. that s the way it s done. that s not the fault of the cbo. they are saying this will cost the middle class about $20 billion. i don t know if they re looking at the likelihood of more irs audits or backward provisions that pass through the them, for example companies that never pay taxes about, you know, 50 to 65 of them today for a variety of reasons then have to start hitting their workers and others as a result of the higher taxes they re paying. but it does seem that it s likely folks that who are making less than $400,000 are going to ....