Fox News' Chad Pergram reports on the impact of Democrats' spending bills as they campaign for midterms amid skyrocketing inflation., which critics argue will allow the IRS to target small businesses for more tax money.
The IRS noted potential benefits for businesses that continued paying their employees during the COVID pandemic and that help pay their employees' student loan obligations, among others.
accusing his agency of launching a"witch hunt" against small businesses over its plan outlining how it will spend money from Biden's Inflation Reduction Act. Ernst specifically cited that provision, which suggests businesses making more than $400,000 per year could be subject to the IRS's increased"enforcement activities," arguing such a threshold is lower than any other industry standard for a"large business."
The senator noted that a small business with about five employees would bring in more than $424,000 on average, citing data from the U.S. Census Bureau.
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