Bo Hines, candidate for Congress in North Carolina's 13th Congressional District | Bo Hines/Facebook
Bo Hines, candidate for Congress in North Carolina's 13th Congressional District | Bo Hines/Facebook
Bo Hines, a candidate for Congress in North Carolina's 13th Congressional District, has signalled his support for a bill that would block the use of funds to "build an army of tax SWAT teams," according to a press release from the Stand For Freedom PAC. The legislation is authored by Republican Study Committee Chairman Jim Banks, and is intended to be a response to the $80 billion allocated for the IRS in the Inflation Reduction Act passed earlier this year, which is to be used to hire new IRS personnel and increase enforcement.
Hines faces Democrat Wiley Nickel.
"Wiley Nickel supports increasing taxes on the hard-working middle-class families in North Carolina. Our families have endured enough under the crushing policies of the Biden administration," Hines wrote in an Aug. 17 Facebook post.
The Stand For Freedom PAC lauded Hines's pledge to back Banks' legislation, specifically highlighting concerns over the additions of "IRS adding tens of thousands of new agents, with $46 billion specifically targeted for increased enforcement."
The Congressional Budget Office (CBO) has estimated that the administration’s plan to increase funding to hire additional IRS staff would result in approximately $200 billion of additional tax revenue over 10 years from heightened tax enforcement activities.
According to the Senate Joint Committee on Taxation, increased tax enforcement activities would have a greater impact on those making $50,000 a year or less with over 50% of the projected revenue raised coming from taxpayers in that income bracket. The report also suggested that only about 4% to 9% of the additional tax revenue collected would come from those making $500,000 a year or more.
In place of funding for 87,000 new IRS staff, Banks’ filed legislation would make permanent and increase the standard deduction tax break from the Tax Cuts and Jobs Act. According to the bill, beginning in 2023 the deductions would be set at $14,025 for individuals, $21,060 for heads of households and $28,050 for families and would increase by inflation every fiscal year.
According to the Tax Foundation, an increase to the standard deduction would equate to a significant annual tax decrease for middle-class Americans.
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