I'm ok with it, but not. While I do think it's unfair (and maybe illegal?) to specifically target certain people, logically it does make all the sense in the world. It's stupid to audit the poors and the middle class deals with enough.
Now this I'm 100% behind:
The IRS also plans to triple the audit rates of large corporations with assets over $250 million, as well as increase the audit rates of business partnerships with assets over $10 million by tenfold over the seven-year period.
The bad part:
Despite the expected increases, audit rates won’t exceed those reached in 2010 because the number of filings by large corporations, partnerships and wealthy individuals have grown and become more complex, the IRS said.
“Every record been destroyed or falsified, books rewritten, pictures repainted, statues, street building renamed, every date altered. The process is continuing day by day. History stops. Nothing exists except endless present in which the Party is right.”
GORDON wrote: ↑Thu May 02, 2024 4:41 pm
You ever hear the theory that the poor get audited more is because the poor can't afford tax lawyers?
Poor get audited mor because it's very easy. Especially with all the EITC fraud.
GORDON wrote: ↑Thu May 02, 2024 4:41 pmHitting the rich by another 50% could conceivably triple their audit costs. I say triple to make the point, could be 10x. Idk.
That's why the IRS wanted more money. To audit rich people, which is hard.
At the same time, the IRS is increasing its audit efforts, with Werfel noting on Thursday that the agency will focus on wealthy individuals and large corporations:
The IRS plans to triple the audit rates on large corporations with assets of more than $250 million. Audit rates for these companies will rise to 22.6% in tax year 2026 from 8.8% in 2019.
Large partnerships with assets of more than $10 million will see their audit rates increase 10-fold, rising to 1% in tax year 2026 from 0.1% in 2019.
Wealthy individuals with total positive income of more than $10 million will see their audit rates rise 50% to 16.5% from 11% in 2019.
"There is no new wave of audits coming from middle- and low-income [individuals], coming from mom and pops. That's not in our plans," Werfel said.