Inflation Reduction Act Targets Black Businesses
- by Dr. Usher
- Opinion
- Copyright August 9, 2022
- 540
The new Inflation Reduction Act has been touted as the savior of the American economy. However, upon deeper investigation, I have reasons to believe that it is not going to save the American economy, rather destroy the foundation of Black economic growth. My reasons for stating this is because according to the SENATE FINANCE COMMITTEE there is a bipartisan JOINT COMMITEE ON TAXATION that states that the 170,000 new IRS agents will be tasked with going after those who make less than $200,000 a year. It is believed by the Biden Administration that up to 90% those making less than $200,000 under-report their income. This means that low and middle income earners who are currently struggling with inflation will now have to worry about rogue IRS agents delving deep into the past seven years of their tax record to find money that will fund Biden’s economic spending spree.
So, which income brackets will be targeted?
- 40-57 percent could come from taxpayers making $50,000 or less;
- 65-78 percent from those making less than $100,000; and,
- 78-90 percent from those making less than $200,000.
- Only around 4-9 percent could come from those making $500,000 or more.
Let me make it clear on who will be targeted: Barbers, Beauticians, Plumbers, Electricians, AC repairmen, Auto Mechanics, Musicians, Artists, Therapists of every kind, Freelancers, and every self employed person making less than $200,000 a year.
Oh, and if you think that’s bad, then there is one more thing you should know. If you own a business, you will be required to pay a minimum 15% business tax based off of the BOOK accounting rules and not traditional tax accounting rules. This means you as a business owner will no longer be able to claim $0 profit or write-off business equipment to lower your tax burden.
Minority businesses are the easiest targets for the IRS, as they do not have the resources to defend themselves. This is why I say this is an attack on Black businesses. I encourage all of you to contact your representative and have them to STOP the Inflation Reduction Act!
The Bible says in Proverbs 28:8
“He that by usury and unjust gain increaseth his substance, he shall gather it for him that will pity the poor.”
The Bible warns us as Believers that the wicked usually get their money unjustly from those who follow God. Why? Because we do not break the rules. We follow the law. We are commanded by God to obey the laws of the land, and the wicked leaders know this, and they take advantage of it. But do not be dismayed. God is fully aware of their misdeeds and will personally judge them in due season.
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