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Be Afraid. Be Very Afraid. Biden’s #1 Threat to Your Wealth and Liberty

“He has erected a multitude of new offices, and sent hither swarms of officers to harass our people, and eat out of their substance.” — Declaration of Independence (1776)

Last week, Senator Joe Manchin, the long-time dissenter from the radical Biden agenda, caved and decided to support the Biden-Schumer $370 billion boondoggle which carries the Orwellian name of “The Inflation Reduction Act.”

There’s nothing new there. For years, Congress has spent billions on “renewable energy” and other wasteful pet projects that will only increase the national debt.

$80 Billion for a Taxpayer Crackdown

The most dangerous part of the bill is on the revenue side. I’m not talking about the 15% corporate minimum tax (which should be a maximum tax) or the additional taxes on people earning more than $400,000 a year.

I’m talking about the $80 billion Biden, Schumer and Manchin propose to spend on “IRS taxpayer enforcement.”

The bill will dramatically increase the budget for the Internal Revenue Service  (IRS) (another Orwellian title, which should be called “The Federal Tax Authority”) by $80 billion over the next 10 years. $80 billion!

Understand that the current annual budget of the IRS is $12 billion. In essence, the Democrats hope to nearly DOUBLE the IRS’s annual budget. They want to double the number of IRS agents (currently at 75,000) and special agents (6,500) who carry guns and arrest people for tax evasion.

Now you would think the Biden administration would use the $80 billion to improve the IRS’s ability to answer the telephone or respond quickly to taxpayer disputes and refunds.

Over the past year, the tax agency answered a mere 10% of its phone calls. It is sitting on 21.3 million unprocessed paper tax returns. Millions of taxpayers have been waiting six months or longer to receive their refunds.

The bill earmarks only $3 billion for “taxpayer service,” but $45.6 billion for “enforcement,” including “litigation,” “criminal investigations,” “investigative technology,” “digital asset monitoring” and a new fleet of tax-collector cars. The result will be far more audits, civil suits and criminal referrals.

Biden, Schumer and Manchin claim that the crackdown on tax evaders will raise $200 billion in revenue. But as the Wall Street Journal states, “That estimate is highly speculative, but if it’s anywhere close to right IRS auditors will soon be coming after tens of millions of Americans.”

If you think there’s nothing to fear from the IRS if you are an honest taxpayer, think again.  An IRS audit takes its toll on every taxpayer in terms of time, money and the worry that you won’t be treated fairly.

And don’t forget, the IRS is known to be political and has often gone after those who oppose the current administration. During the Obama administration, the IRS targeted numerous conservative organizations and Republicans who opposed Obama’s policies. It was a scandal that forced the IRS to issue an official apology.

Warped Priorities of the Biden Administration

Finally, note this commentary from Steve Moore’s “Unleash Prosperity Hotline”:

“So while Biden is spending $80 billion to double the number of IRS agents and auditors, the Army is falling far short of its recruitment goals for our national security. Meanwhile, the Border Patrol is running short of agents in Arizona and Texas. The border is so porous these days that even mayors of sanctuary cities are starting to complain about illegal immigration. Yet the cost of the entire Border Security at Homeland Security is estimated at about $55 billion a year which is LESS than the entire INCREASE in IRS funding to harass American citizens.  Talk about warped priorities.”

I highly recommend you subscribe to Steve Moore’s daily hotline. You can do so by clicking here.

Remember, “Taxation is the price we pay for failing to build a civilized society. The higher the tax level, the greater the failure.” Click here for more of my thoughts on this subject.

From the analyst who beat the market over 15 years...
Dr. Mark Skousen's Top 3 Income Investments for the Next 12 Months

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You Nailed It!

Vin Scully, the #1 Sports Announcer and a True Gentleman

“A noble man cannot be lost in a crowd.” — Old Māori saying

This week, the greatest voice in baseball went silent. Vin Scully (1927-2022) died at the age of 94 after broadcasting baseball games for 67 years, most for the Los Angeles Dodgers.

Credit to Floatjon. Unmodified. The license can be found here.

We plan to dedicate a room to him at next year’s FreedomFest. He was a first-class citizen with an unforgettable golden voice, as well as a master of the sports world. Even though I was a Yankees fan, I could listen to Vin Scully for hours.

As a public figure, he wisely avoided controversy. I can think of only three times when he expressed his political views.

When Hank Aaron broke Babe Ruth’s all-time home run record in 1974, he said:

“What a marvelous moment for baseball. What a marvelous moment for Atlanta and the State of Georgia. What a marvelous moment for the country and the world. A Black man is getting a standing ovation in the Deep South for breaking a record of an all-time baseball idol.”

In a game in 2016 (his last year as a broadcaster), he commented on socialism. In introducing Milwaukee Brewers infielder and Venezuela native Hernan Perez, Scully said, “Perez, 25 years old, originally drafted by the Tigers. Lives in Venezuela.  Boy, can you imagine you’re a young kid, you’re playing in the United States, you’re from Venezuela, and every time you look at the news it’s a nightmare. Socialism failing to work, as it always does, this time in Venezuela.”

He added, “You talk about giving everybody something free and all of a sudden there’s no food to eat. And who do you think is the richest person in Venezuela? The daughter of Hugo Chavez. Hello!”

After he retired, he spoke out against NFL players who were protesting during the national anthem. He said he would never watch another NFL game after that. During “An Evening with Vin Scully” in Pasadena, California, he said:

“I have only one personal thought, really. And I am so disappointed. I used to love, during the fall and winter, to watch the NFL on Sunday. And it’s not that I’m some great patriot. I was in the Navy for a year. Didn’t go anywhere. Didn’t do anything. But I have overwhelming respect and admiration for anyone who puts on a uniform and goes to war. So, the only thing I can do in my little way is not to preach. I will never watch another NFL game.”

Vin Scully was a conservative Democrat who was approached in 1964 to serve out the rest of Democratic Senator Clair Engle’s term, as he had died in office. He declined.

In 2016, President Barack Obama bestowed the Medal of Freedom upon Scully.

Credit to Ron Cogswell. Unmodified. The license can be found here.

It was well deserved! He and his voice will forever be missed.

I like this tribute from the LA Times.

From the analyst who beat the market over 15 years...
Dr. Mark Skousen's Top 3 Income Investments for the Next 12 Months

Your email is 100% protected. Read our Privacy Policy.
You'll also receive Dr. Mark Skousen's weekly e-letter, Investor CAFE, at no cost, along with other associated financial content and special offers.

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