IRS ABOLISHED?

IRS ABOLISHED?

There’s only two things in life that are sure: Death and taxes. But what if I told you that we’re maybe not so sure on the taxes part. Everyone’s terrified of the IRS; They hired a bunch of new agents, giant budget, and they’re coming after you and your crypto. But what about when someone goes after the IRS?

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Sources:
https://reason.com/2023/01/06/in-2022-the-irs-went-after-the-very-poorest-taxpayers/
https://edition.cnn.com/2022/12/23/investing/irs-delays-threshold-increase-for-business-transactions/index.html
https://youtu.be/PKoA7crpAPQ?t=6
https://www.foxnews.com/politics/house-votes-rescind-billions-funding-irs-first-major-majority-action-mccarthy-speaker
https://watcher.guru/news/us-house-of-representatives-to-vote-on-bill-abolishing-the-irs-and-eliminating-income-tax
https://thehill.com/homenews/ap/ap-business/ap-watchdog-sees-light-at-the-end-of-the-tunnel-for-the-irs/
https://www.politico.com/news/2022/08/16/irs-spending-new-money-00051523
https://twitter.com/sentedcruz/status/334815263562280960?lang=en
https://www.youtube.com/watch?v=ysrrgB24tIQ

#bitcoin #ethereum #crypto #news #nft #economy #money #blockchain #invest #inflation #cardano #cryptocurrency


There's only two things in life that are Sure death and taxes what if I told you Maybe not so sure on the taxes part Everyone's terrified of the IRS they Hired a bunch of new agents giant budget And they're coming after you and your Crypto But what about when someone goes after The IRS let's get it Welcome to Bible crypto my name is Ben Make sure to smash that like button Subscribe to the channel guys today We're going to be talking about taxes Are we about to see something totally Change the way everyone looks at taxes Permanently well there's a good chance The answer to that question is yes it's Only a matter of when as well let me Tell you Republicans in the house They're going after the IRS in 2022 the IRS went after the very poorest Taxpayers shocking am I right Syracuse University's transactional records Access Clearinghouse release data Provided to it by the IRS on audits Performed by the agency in the fiscal Year 2022 despite the infusion of new Funding earmarked for the IRS via last Year's inflation reduction Act the Agency continued historic trends of Hassling primarily low-income taxpayers With a relatively few Millionaires and billionaires getting Caught up in the audit sweep interesting

The taxpayer class with unbelievably High audit rates five and a half times Virtually everyone else or low-income Wage earners taking the Earned Income Tax Credit so we took the earned in tax Credit you were potentially going to get Audited correspondence audits which are Conducted VIA mail and are the type Frequently used when interacting with The poorest of taxpayers are much easier And cheaper to conduct than other types Of audits if you've ever been through an Audit which I have not but I can tell You they are very very thorough it takes A long time to do them you're going to Be back and forth with the IRS for Months and months and months hopefully You have some good representation but of Course these are audits or people with Big money we're talking about low-wage Income earners here plus the Earned Income Tax Credit is easy to get wrong So what's what's going on here so the IRS is going after people they believe Filled out the tax credit wrong now do Those people still deserve the tax Credit Probably in most cases however the IRS Is trying to pull some of that money Back on a technicality big shocker there This is after all the agency that sent 1.1 billion dollars in child welfare Payments to the wrong people over the Course of nearly five months during the

Pandemic is the agency that was hacked Back in 2015 resulting in the personal Information of more than 700 000 Taxpayers being compromised is the Agency that's been foolishly going after Americans who hold ten thousand dollars Or more in a foreign bank account since 2010 never mind the fact that many of Them are middle class former American Citizens all right let's check out what Brad winstrup says he is from the house Ways and Means Committee from Ohio Look this was the first bill that we put Out and as we look at this you know Before we just add more agents and have A huge expense let's define the role of What you want this to to what you want To take place you know we know the IRS With the IRS you're guilty before yeah You're proven innocent and this is no Attempt to improve customer service of The IRS to modernize the IRS to increase Efficiencies and and handle the backlog You see the IRS has been going unchecked For years growing in power now almost Doubling their amount of Agents things Don't requests last year But are they going to actually get these IRS agents well here's the balance of Power in the House of Representatives You have 213 Democrats you have 222 Republicans let's just make sure that's Right one two three four five six I'm Just kidding so the point is the house

Is owned by the Republicans right now so If you go back to the Obama years The IRS we're going after a lot of Republicans and this could be the time That the Republicans get their Payback Right now Republicans are working on Sending a message that's what all this We're going to look at today is to the IRS IRS you're on notice So this here IRS delays rule change so interesting Isn't it the Republicans coming out hot And heavy against the IRS And right after the election at the end Of last year December 28th Big shocker the IRS delayed a rule Change for people who get paid on venmo That's the Airbnb and other apps that's Because they know they're on notice so Of course they're going to squeeze every Dime out of every person that exists to Make up for the mistakes that the IRS Makes because we know they make a lot we Looked at that just a second ago or There's a millions of dollars of welfare Money to the wrong people it's funny Isn't it it's do as I say not as I do What's fair for me is not fair for thee Following concerns expressed by the tax Community the electronic transactions Industry and some lawmakers the IRS said Friday it would delay by one year the Implementation of a rule change that Would have resulted in a virtual paper

Chase tax forms going out by January 31st 2023 to anyone using apps for their Business transactions you guys can see That they were even ready to implement This yet they're just trying to rush Everything through why because they want Money that's what they want they want Money from Congress they want money from You they want money from businesses they Want money from people on welfare they Want all the money they can handle so Check this out here's an interesting Development Republican lead house passes New rules package check it out give us a Sense of everything that went down Yesterday Especially as it pertains to repealing IRS funding Right so if we start with that IRS bill Mika uh this was the bill that Kevin McCarthy had been teasing as the first Piece of legislation that a House GOP Majority would bring up should they win Control of the chamber and essentially What this bill does is it rescinds the Bulk of that 80 billion dollars that was Appropriated to boost funding for the IRS and the Democrats inflation Reduction Act passed over the summer and Now the majority of that spending was Basically uh meant to zero in on Enforcement of high-income earners but Republicans had sort of characterized This as a way that the IRS was going to

Hire 87 000 new agents though the Department has come back and said that That is just not true this was meant for Not just agents but hiring other Employees ones in customer service Computer science and accounting for the Tens of thousands of employees they Expect to resign or or quit over the Next 10 years but nonetheless Republicans had took this up as the First piece of legislation and to pass In the House GOP majority it kind of Gives you a sense of what the next two Years may look like messaging bills Coming from House Republicans that will Appease the base that really have no Chance of moving in the Democratic-controlled Senate it's Fascinating the CBO reports a Congressional budget office reports that This will cost uh costs 186 billion Dollars so the first thing the Republicans are doing they're going After the money they're going after the Help they're going to make sure that the IRS does not double its size under their Watch House votes to rescind billions in Funding to the IRS in first major Majority action with McCarthy as Speaker The bill dubbed the family and small Business taxpayer protection act and Sponsored by representative Adrian Smith From Nebraska and representative

Michelle Steele of California past the House of Representatives 221 to 2 10. Huh interesting we come back here 2 13 222 you guys can see almost 100 of the Democrats voted against this they Currently want to fund the IRS have them Come after you and your crypto uh you Know we're not trying to make this Political but these are facts the Legislation will roll back the billions Of dollars of funding for the IRS Approved in the inflation reduction act Last year but leaves in place funding For customer service and improvements to I.T Services rolling back billions of Dollars meant for the IRS Our abilities in place funding for Customer service and I.T improvements Because RS is in desperate need of Reform but it protects middle class Families from audits they cannot afford Okay so this is where things get very Interesting the Republicans didn't just Stop in rolling back the billions in Funding They're now going after The IRS completely threatening to Abolish them now if you've been watching My show every single day then you know a Few weeks ago I told you what I was told Which is the plan is within two Presidential election Cycles To get rid of the IRS and to move in a Retail tax if you will and so it's going

To take a while to make this happen But it's strange right after I was told That now only two weeks later We're getting this U.S House of Representatives vote on Bill abolishing The IRS and eliminating income tax that Is right folks your dream is my dream Republicans in the United States House Of Representatives are set to vote on a Bill and it abolishing the IRS and Eliminating income tax Fox News reported that the bill Introduced by Georgia representative Buddy Carter would Implement a fair tax Act that massively Alters the current Taxation protocol in the U.S the bill Reportedly says to severely limit the Current powers of the IRS moreover it Would seek the removal of the national Income tax among others and replace it With what's being referred to as a National consumption tax here's what the Author of The Bill said instead of Adding 87 000 new agents to weaponize The IRS against small business owners And middle class and Middle America this Bill will eliminate the need for the Department entirely I like this guy Carter added subsequently noting that This will be possible by simplifying the Tax code with Provisions that work for The American people now why are the tax Codes so complicated Because only the IRS knows them and can

Figure them out in the same way that Gary Kinsler judges everything is a Security because he's in charge They can do whatever they want when They're making your audit they can say Your expense doesn't count they can say You did it wrong they can charge you With a crime that's got to end see what Ted Cruz had to say about it Senator Ted Cruz we need to abolish IRS and make the Tax code fairer and flatter taxes should Fit on a postcard Retweet if you agree well shoot let's Reach away that boom there you go I just Retweeted it did my part Ted Cruz always Been a proponent of I believe a flat tax Now in a flat tax everybody gets charged The same percentage people their lower Income will tell you that's not fair Because obviously people with more money They should be paying a higher Percentage but I'm just telling you what A fair tax is now we have this Watchdog sees light at the end of the Tunnel for the IRS you got to be kidding Me with this The IRS is beginning to see a light at The end of the tunnel of its customer Service struggles thanks to tens of Billions of new money from the Democrats Climate and health law and the authority To hire more people now remember this Republicans have already said they can Keep their customer service and I.T

Funding it's only the new jobs that They're trying to cut out we don't want This organization to have more power But listen to this It says here what they still get to do And then it says and the authority to Hire more people According to An independent Watchdog within the Agency an independent Watchdog within The IRS says that they have a light at The end of the tunnel well no IRS there Is no light at the end of the tunnel for You fact is Crypto and blockchain Are going to completely revolutionize The way we do Finance the way we do Taxes and the way you're held Accountable Well hey if you work for the IRS Then you know what You must be really good at math you must Be really good at numbers and that's a Good thing Because there is no light at the end of The tunnel And your days Are numbered that's all I got be blessed Good boy out Foreign

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