IRS plans to increase audit rates of wealthy taxpayers by 50% | CNN Politics
IRS plans to increase audit rates of wealthy taxpayers by 50% | CNN Politics
The Internal Revenue Service detailed its plans Thursday to significantly ramp up audit rates of wealthy taxpayers and large corporations, using funds provided by the Democrat-backed Inflation Reduction Act that passed in 2022.
Rich folks just can’t catch a break in this country anymore
"He's not hurting the people he needs to be hurting".
This will be devastating to their yacht plans
BOO! I do NOT want MY Tax Dollars going to auditing and collecting MILLIONS from BILLIONAIRES! I WANT my Tax Dollars to go to JAILING POOR KIDS!
A 50% increase from 0 is still 0.
Edit: sorry I think my first answer posted earlier was wrong, after more review I misunderstood "audit percentage," it would be the percentage of taxpayers in those brackets who get audited, not the percentage of audits that bracket makes up of all audits. Below answer should be closer now.
If you're curious you can use the percentage from article and do simple math to find the number.
Those making more than $10 million will go from 11% of them being audited to 16.5%. And we can get data on tax return audit actual numbers below.
https://www.irs.gov/statistics/compliance-presence
So diving back to the numbers, there were 3,353 audits of individuals make $10 million or more in 2023, meaning if the audit rate was 11% there were would be about 30,481 individuals total in this bracket that filed that year. So the higher audit rate would bring it to a total of about 5,029 audits of those making ten million or more, assuming the number of audits and number of people filing in that bracket are constant.
Also here are the audit rates by tax bracket for 2022 and 2021.
https://www.irs.gov/pub/irs-utl/statement-for-updated-audit-rates-ty-19.pdf
The $10 million plus bracket went from only 2% audited in 2021 to 8% audited in 2022. Wonder what changed between those years...
Incoming spin story from the usual suspects about how the IRS is coming for the average taxpayers to steal their money
So, like, six?
Good, this is a necessary step to curbing their power granted to them by wealth...More of these assholes need to pay their fair share instead of dodging their responsibility. Good things like better healthcare and other social safety nets could be funded with that financial excess; if only our politicians were on board with those great ideas, hopefully, we can vote the good ones into office. (I'm an odd mix of cynic and idealist, this is truly a farfetched idea at the moment).
That's where the money is. Don't f with the middle class (and the lower class, if that isn't obvious - they already pay a disproportionate amount of their income if they have one on regressive taxes), or even really the single millionaires. The people most likely sitting on tons of unpaid taxes are the upper-upper-upper crust, and paying more of their fair share won't hurt them at all.
Also, this is really popular with the majority of Americans.
Noooooo! Think of all the non-uber-rich that might get away with selling $500 worth of used shit without paying their due capital gains!