The Daily Signal lamented these harmful effects in an editorial, saying the measure could actually cause more inflation:
“A major expansion of IRS audits would be a concern for all businesses—very much including those who already pay their taxes conscientiously,” writes Heritage Foundation senior tax policy analyst Preston Brashers.
“The constant fear of an army of bureaucrats nitpicking their small business operations would push companies to dedicate more money and resources to tax accounting, audits, and legal fees, adding even further to overhead costs. This will only further drive down employees’ real wages and push up consumer prices.”
Manchin told reporters, “There’s not one penny of change in taxes.”