I love Larry Kudlow, but I have a beef with him. He has been disparaging about the “Inflation Reduction” bill, and today Kyrsten Sinema even removed what Kudlow called the worst part of the bill – a provision raising taxes on “carried interest,” or profits that go to executives of private equity firms.
Yet, Kudlow continues to lament the addition of 87,000 IRS agents. In my view, this is the only part of the bill that could conceivably pay for itself by catching tax cheaters. Since I report all of my income; take the standard deduction; and, pay all of my taxes, I say, “Let’s go for it.” The only people who wouldn’t want this are people who cheat on their taxes.
My remaining beef with this bill: It should be called the “Climate / Tax Bill.”