MSNBC anchor thanks Biden economic advisor for clearing up IRS ‘misinformation’
Brian Deese told Andrea Mitchell that the Inflation Reduction Act will not increase taxes on anyone making under $400,000 a year.
MSNBC anchor Andrea Mitchell thanked White House economic adviser Brian Deese for correcting "misinformation" surrounding a new IRS provision in the recently passed Inflation Reduction Act.
Prior to the bill’s signing, Sen. Kyrsten Sinema, D-Ariz., was able to remove a carried interest tax provision on private equity earnings while also ensuring a large exemption for equity firms, venture capitalists and hedge funds that will absolve the industry of a separate tax increase.
On Tuesday, during an appearance on "Andrea Mitchell Reports," Deese was asked by Mitchell whether the U.S. is ever going to be able to "beat back" lobbyists and campaign contributors with deep pockets in American politics.
Deese said the answer was yes, citing improved prescription drug negotiations, new climate legislation, and other congressional wins for the Democrats that some have claimed would never see the light of day.
White House economic adviser Brian Deese was asked about the Biden administration's plan for inflation during CNBC's "Squawk Box" on Tuesday. (Reuters/Kevin Lamarque)
"And we’re going to invest," Deese added. "Make a historic investment in the IRS to make sure that the wealthiest Americans that use complicated accounting and lawyering techniques to avoid paying taxes, that we’re going to crack down on that as well. And I want to add we’re doing all of that, notwithstanding some of the misinformation that’s out there. We’re going to be doing all of that without raising taxes at all, on anybody making less than $400,000 a year."
"Yeah. There’s been a lot of misinformation about that. Thanks for clearing it up, and thanks for making sense of all of this," Mitchell responded.
However, Deese’s claim appears inaccurate, according to the nonpartisan Joint Committee on Taxation (JCT).
BIDEN SKEWERED FOR ADMITTING ‘GOD KNOWS WHAT ELSE’ IS IN INFLATION REDUCTION ACT
Andrea Mitchell on Jan. 21, 2020 (Nathan Congleton/NBC/NBCU Photo Bank via Getty Images)
According to the JCT, Americans making less than $10,000 per year would see a 0.3% tax hike starting in 2023. Overall, starting in 2023, taxes would increase by $16.7 billion for Americans earning less than $200,000.
Furthermore, FOX Business has confirmed that the Congressional Budget Office informed lawmakers that audits of taxpayers making under $400,000 account for about $20 billion in revenue for the Inflation Reduction Act.
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Republicans say this directly contradicts Biden's and other Democrats' promises that no one in the middle- and lower-income brackets would get hit with increased audits.
Fox News’ Joe Silverstein and FOX Business’ Hillary Vaughn contributed to this report.
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