The are going to pay the debts with Fiat currency in a deeply negative real interest rate environment like the 1940s. The average person is going to be a lot poorer in 2030, unless they own substantial amounts of real assets which could hold their value or appreciate.
The bill was named the Inflation Reduction Act. The CBO estimated deficit reduction of about $300 billion, just under 1% of the debt. We’ll see how that turns out, because the CBO tends to overestimate amounts that will be collected from new or increased taxes. People and businesses change their financial behaviors when taxes are increased and that seems to be difficult to quantify.
Has the CBO factored in the cost of these additional IRS agents with excellent benefits?
Will each agent have a quota to cover his salary and benefits.
This may be tough auditing the under 75K crowd.
Good points, but I’m willing to wait and see, I suspect its features may have a better chance of working than taking no actions at all. The Trump years certainly did nothing to control either the yearly deficits or the debt.
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Catchy title for a bill that does absolutely nothing for inflation pressure.
That tell me that more than people earning 450k is going to be audit.