The tax man is receiving $80bn – but US small businesses shouldn’t worry

‘There’s also something that many of us don’t like to admit: audits are actually a good thing.’ Photograph: Andrew Kelly/Reuters

The tax man is receiving a whopping $80bn thanks to the Biden administration’s recently passed Inflation Reduction Act. Some people are losing it.

“It’s a middle finger to the American public,” says Florida’s governor, Ron DeSantis. Small business will be the first to suffer, Joe Hinchman, executive vice-president at the National Taxpayers Union Foundation, told the New York Post. “The IRS [Internal Revenue Service] will have to target small and medium businesses because they won’t fight back,” he said. “We’ve seen this play out before … the IRS says, ‘We’re going after the rich’ but when you’re trying to raise that much money, the rich can only get you so far.”