Many Americans do not understand the provisions of the 3.5 trillion-dollar bill pending in Congress since it has been touted as an infrastructure bill.
Unfortunately, only a very small percentage of the bill is to rebuild bridges and highways that desperately need repair.
The most frightening part of the bill that many people are unaware is the incredible power that the Internal Revenue Service will have under the bill.
Since it has been required to file income taxes, it has always been on a voluntary basis. It is true that the Internal Revenue Service audits people. However, under the 3.5 trillion-dollar bill, the Internal Revenue Service will require banks to report deposits and withdrawals for as little as $600. This will totally destroy our privacy and many consumers may find themselves owing the Internal Revenue Service much more money which will seriously impact their financial situation.
In addition to the huge powers given to the IRS, Americans will be punished for paying more for everything since the massive government spending is fueling inflation.
Also, tax increases on the oil and gas industry will result in higher prices for consumers. This can result in raising prices, laying off employees and postpone expansion plans. Thus, the ultimate burden will be on you, the consumer.
The Joint Counsel of Taxation stated that 2/3 of the tax increases will fall on lower and middle-income families.
It is hard enough for people who needed mortgage forbearances and eviction moratoriums during the pandemic. When you add the expanded power of the IRS plus the major tax increases that will be passed to the consumer by taxing the oil and gas industries, you will really be living paycheck to paycheck.
If you are now overwhelmed with debt, it is URGENT that you contact Taieb Law for a FREE consultation so he can advise you of your rights under the bankruptcy code. Then you must file a bankruptcy petition if you want to put a stay against creditors who are pursuing you.
If you are behind on mortgage arrears, car payments, real estate taxes or rent payments, you should file a chapter 13 bankruptcy. If you just want to get a fresh start and you qualify, you should file for a chapter 7.
Now that things are opening up and the moratoriums are coming to a close, you do not want to delay.
If you are sick, stressed out, or losing sleep over your debt, we can help you save your property and get a fresh start by filing a bankruptcy for you. For more information go to www.bankruptcywithcare.com or call us at (856)235-4994 for your FREE initial consultation.
AGAIN, PLEASE NOTE WE ARE OPEN FOR BUSINESS TO HELP ANYBODY WHO IS IN FINANCIAL DISTRESS AND CAN HELP YOU EITHER IN OFFICE OR VIRTUALLY. PLEASE ALSO NOTE THAT STEVEN N. TAIEB, ESQUIRE HAS BEEN VACINATED.
Steven N. Taieb, Esquire has been a south jersey bankruptcy attorney for 36 years and is board certified in consumer bankruptcy law by the American Board of Certification which is accredited by the American Bar Association.
We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy Code.