The latest bill being pushed by Democrats — The Inflation Reduction Act — includes within it a MASSIVE expansion of the IRS. How much will the federal agency grow? President Biden wants to hire 80 THOUSAND new agents. Carol Roth, author of ‘The War On Small Business,’ tells Glenn this expansion is NOT to target billionaires committing tax fraud, like Democrats may claim. No, she says, this IRS expansion likely is to target YOU and other middle class Americans who refuse to comply with our far-left leaders in power…
Below is a rush transcript that may contain errors
GLENN: Biden is seeking an extra $80 billion. This is on top of the other spending. This is $80 billion, in extra funding, for the IRS, to crack down on tax evasion by those billionaires. Which, not a chance. You just tweeted, they're only going after the billionaire and the wealthy crowd. The government consistently enables wealth transfers to the wealthy. You think that's what they're going to change?
Who has the bucks to support the lobbying and their reelection? Really?
They're going after that. Biden hiring 87,000 new IRS agents to go after 800 or 900 billionaires? Enjoy your audits. What's this about?
CAROL: Yeah. I hope everybody is prepared. This is very frustrating. The Democrats like to pretend that they're the party of the middle and working class. And the Biden administration has continued to find ways to extract wealth from the middle and working class. We saw it in the American rescue plan. They raised the reporting threshold for any sort of hobby sites you might have. To potentially get the flags for audits up. It went from $20,000 on an e Bayer, Etsy down to $600. Now, and this was part of Build Back Better, which we thought was dead. But now is just coming back in pieces. This piece has survived. $80 billion for the IRS. Over which half of that, as you said, is going to hire 87 thousand agents, for enforcement. Okay? We don't need 87,000 agents, to go after what was 800 or 900 billionaires. It might not even be that much anymore. Now that the stock market has gone down. So who do you think they're going after? They want you to buy into this. They want you to buy and say, yes. Those people need to pay their taxes. And as soon as you give them that approval and that money, they will come after you. And regardless, you should pay your taxes that are due. But that doesn't mean that you're not going to get an audit. And that doesn't mean you're not going to have to justify every single thing you can do, and waste your time and money, so they can extract a few more dollars from you.
GLENN: We know from the Obama administration, they politicized the IRS. We also know, that they just bought 700,000 dollars' worth of bullets, for the IRS.
That is really frightening. 87,000 new auditors, going out to, what? Small businesses of America. They're not going after the rich. They -- you know, they're not going to go after the poor either. But they're going to go after anyone who, A, disagrees with them. And because it's now public/private partnerships. Any business that doesn't agree with them.
CAROL: Yeah. This is really, really scary. In fact, now that my tweets have sort of gone viral. I've never been audited before. But I'm certain that I will be next time around.
GLENN: I was audited under the -- under the Obama administration, for the very first time. So that was fun. That was fun.
CAROL: Yeah. And they do. And they politicize it. And the crazy thing, are the number of people who gave feedback and said, well, if you're not a tax chief, what do you have to worry about?
And you hit the nail on the head, Glenn. Is the politicization of this. They're going to come after people. They're going to harass you. They're going to tie up your time and money. And regardless of whether you've followed the rules or not. There's a great Warren Buffet phrase. If the cop follows you for 500 miles, at some point you're going to get a ticket. It's the same kind of thing. They will find something. Because you have to justify it. And even if you're in the right, they still have a final say. Now like I said, now they're loading up on ammunition. So what exactly is it that they're going to do?
GLENN: So I think this is part of just the impoverishing. I mean, you want to take down inflation. You have to stop people's buying power. The government is spending money everywhere. So that's just going to increase inflation. But they're impoverishing us. At 2030. You will own nothing, and you will be happy. Like the World Economic Forum's plan is. You have to impoverish people. And so they're taking our money through actual taxes. Getting more Draconian on it. But they're also taxing us without representation. In inflation. It's -- it's -- go ahead.
CAROL: Yeah. I was going to say, everywhere you turn, from either side, there's either the direct or indirect taxation that impacts you on an ongoing basis. You know, it is the continual expansion of the government and the monetizing of the debt. It is the intentional causing, a deliberate causing of this rampant inflation. That lowers the purchasing power, even if you feel like, oh, I may be making a few more dollars. You know your dollar isn't going as far. Then they're going to do it through direct taxes. Then the next thing is coming, after this. And they've already started ceding this, is wealth taxes. We've heard. Oh, we'll start taxing, quote, unquote, unrealized capital gains. Or income. Which it's not. And there is an 84.4 trillion Dollar General racial wealth transfer that is going to happen in the next 23 years. This is, you know, the -- the Boomers. And those above them, who will be passing them on. Do you think the government is not trying to get their hands on as much of that as possible. Of course, they are. So they are ceding this stuff, with the billionaires, so you can see the principle, that it's okay to do it. And that is, in my opinion, what they're really after. $84.4 trillion that will be transferred from one generation to another.
GLENN: So here is. Here's the real problem of this. You know, the people will cry out for the millionaires and billionaires. But once you do that. You're violating the principle. And they can come after you for it as well. And, you know, you don't have the right, in my opinion, the progressive impact tax, is morally reprehensible. It's just morally reprehensible. The government cannot print a right to do what you cannot do. So if we all agree on taxes, it's totally fine to say, okay. Everybody pays the same rate on my block.
But it's not -- I don't have the right to tell people, you know what, they have more than you do. And I do. Right down the street in the next block. We're going to have the sheriff go. And they have to pay more in taxes, than we do. I don't have that right. I don't have that right. How does the government have the right to do it?
CAROL: Yeah. They don't. And even the rhetoric. You know, I'm a strong proponent of individual rights at the principle level. And you have people like, you know, Elizabeth Warren, who go out, and they name people. They name Musk. They name Bezos. We're going after these people.
GLENN: Oh, yeah.
CAROL: Think about that. You know, assume these people didn't have billions of dollars, and you don't like them for whatever reason. The principle that somebody in Congress is specifically going after a civilian, is so morally wrong and scary. And then what if they decide to do that for you, for whatever the reason is? I mean, you cannot concede these principles. And unfortunately, we have so many people who are basically just bootlickers of the states. That they say, no, no, no. Down with this person. Down with this person. And they're the ones who will end up with the middle class and the working class, completely trashed. Because I hate to tell you this, folks. The billionaires don't have enough money. If you took the top eleven billionaires, you took away every penny of their wealth, as it's valued today, you would fund the government for two and a half months for one year, and then it would be gone. So who are they going after? Everybody else.
GLENN: It is -- you know, I talked about this yesterday, that if you look at what the government is doing. We had the strategic oil reserve full. And it was, you know, at $2 a gallon. And then, Biden comes in. And he pretty much raises -- creates a new tax on gasoline. By shutting everything down. So it costs us $5 a gallon. And we're having a hard time with it. Then he says, I'm going to take your tax money, and I'm going to refill this oil. So now the government is in competition for us, with us. For that oil. So we're going to pay. Not only for that oil again. But we're also going to pay for it at the gas pump. And it will cause a problem. But the most important thing is. And this is happening, I think with chips as well. The government is becoming the big buyer. And when you're a big buyer, you control the market. And so you control what these companies do. This -- I think they're creating pun private partnerships, while impoverishing us.
CAROL: Yeah. I mean, and we've seen this happen, it's sort of a steppingstone to the nationalization of industries. And we saw this happen in Venezuela, which was, you know, the fourth or fifth wealthiest country in the middle of the 1900s. And now the median net worth for Venezuela is zero. Because they went, and they sold it in the exact same way. They sold it with -- there's inequality. And we never to make things better. And if you give it to us, we'll make it fair. We've seen this story happen many, many times before. We see the result. This is exactly what they're doing. They only care about their power grab. That only works with the elites. Then they have the poor. There will be no middle or working class. That will be that far bell that we see throughout history. And that's what gives them the ultimate power. And it's at the expense of your freedom. Your wealth creation. Opportunities. And, frankly, the foundation of this country.
GLENN: There's still a chance that we can turn this around though, don't you think?
CAROL: I do. I certainly was. But we have to get people involved who have the fortitude, to go in and reset the system. You know, we have a situation, where the government, without any -- you know, this magical covid relief. They're projecting for this fiscal year to spend $5.8 trillion. That's like a quarter of the GDP. Like, we can't have that happening. Every dollar that the government is spending. Is taking away from the private sector is -- is just money that's being transferred one place to another. It's not productive use of Capitol. And so we need to have people, who are willing to not just talk the talk. But actually walk it. To go in, and say, this is enough. We have to change things. We can't just kick it down the road. We need real reforms. And unfortunately, we are dependent upon people to do that.
STU: So I want to ask you this. And then I will ask you this, and come back for your answer. I think most people just -- these numbers are so big. They don't understand, and they think at some point, we're not going to be able to pay it back. So it's just going to default on it. So we'll just -- bankruptcy for the United States, or whatever. That's not going to happen. We are the one country, that I think the world will demand, that we pay our bill. So can you tell -- people who might be thinking, that's not going to happen. I'm not going to have to worry about it. My kids are not going to be slaves to this debt. They're just going to wipe it clean. Can you talk about that? Because I would love to -- I've not asked your opinion on that. On which way you think it's going to go. But we'll do that next with Carol Roth. MyPillow would like to remind you, that fairytales can come true. I mean, once upon a time, there was a princess named Nancy. And Nancy went on to a journey to a far, far land. A land called Taiwan. And it was a long journey. And she got tired along the way. And she went to sleep, on the bed in her private jet. And she said to herself, you -- you know what? Nancy, little girl. You deserve a little drinky winky. And some shut-eye. And these sheets are just not comfortable at all. They're making the big drink.
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Don't forget. Tonight, 9:00 p.m. the Wednesday nature special. It's all about chaos within and what is coming. Chaos and crisis. The left's revolutionary playbook hits the American streets. That's tonight at 9:00 p.m. only on Blaze TV. I'll see you there. So, Carol, talk to me about this debt. Because we forgive debts all the time. For nations. What's going to happen with us?
CAROL: So there are only so many different options. And certainly, we could hope that we make some changes. And that we can get it under control ourselves. I don't think that's probably the most likely option. And so some of the things that are on the table, are frankly quite horrifying. And I think it might be, you know, a longer time coming. Like, nothing that's going to happen in the next two to three years. Maybe the next 15 to 20 years. But it's still a very bad thing. One thing. And obviously, this is the current tenure of the people who are in power. Is that they will just keep printing more money. Oh, we own the money printers. So we'll just print enough money to cover our debt. And that ends up devaluing our money. And we end up having money that is completely worthless, as we've seen around the world. That's one possibility. They can actually pay the debt. But not without killing the value of the dollar. That's one thing. A second thing -- oh, go ahead.
GLENN: No. Go ahead. Please. Finish.
CAROL: Okay. So a second thing is a special war. Whether it is that we start the war, as a diversion tactic. Or there happens to be another war, that we get involved with, that comes to a different reset of the monetary situation. If you think about of the different financial empires of recent times.
Whether it be the Dutch, the British, you know, then our own financial empire.
There were all these wars that basically had this reset. And people coming together. And a decision. Okay. This is how we're going to now have the monetary policy, for the world going forward. And obviously, for us, that's not a great outcome either.
GLENN: So that's what I think this is really all about. When they say, the world needs to be reset. They're really worried because china is on the brink of collapse. All of us. We've all spent too much money. And it's in everybody's best interest to try to land the plane. But they're not telling the American people this. But try to land the plane as safely as you can. Instead of just falling out of the sky. And working something out. But this is also why I think war is so scary right now. Because there is another incentive. And that is to reset the world.
That's what happened in the first world war and the second.
CAROL: Absolutely. It's a big issue. It's one of the gray swans that I've identified out there, and something people should be keeping an eye on.
GLENN: CarolRoth.com. CarolRoth.com. The author of The War on Small Business. CarolRoth.com. We'll talk to you again, Carol. Thank you so much.
CAROL: Thanks, Glenn.