Congressional focus has been revolving around the $3.5 trillion infrastructure package. One of the key concerns in this debate is how we are going to pay for it. According to the Independent Community Bankers of America (ICBA), there is language in the bill that should be concerning to farmers and ranchers across the country. The ICBA says it concerns the IRS and bank accounts across rural America.
Paul Merski is the Executive VP of Congressional Relations and Strategy for the ICBA and is very concerned about language in the infrastructure bill.
Merski says a provision like this is working under the assumption that “everyone is a tax cheat.” He says this provision will increase the number of audits conducted by the IRS.
The ICBA handles a large amount or business for rural America. Merski is concerned about what kind of burden this will put on American farmers and ranchers.
The ICBA’s official position is that this piece of the bill is “overkill.”
Merski says that currently only 16% of IRS audits ever end with people owing more money. He adds that adding more audits means even more government spending in the long run.