Under Biden Administration Plan, Poor Would Be Three Times More Likely To Get IRS Audit Than 1 Percenters

Posted on AllSides October 17th, 2021
From The Right
creativecommons

Under a new Biden administration proposal, the Internal Revenue Service is three times more likely to audit a citizen making less than $25,000 rather than someone in the top 1 percent of wealth.

The new proposal, which would require financial institutions to annually report customers’ account deposits and withdrawals at $600 or more, gives the IRS more leverage over those making less than $25,000, because they are more likely to have irregular income. Over the next decade, the reporting on more than 140 million bank accounts would raise an estimated $700 billion in tax revenue — which would...

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https://thefederalist.com/2021/10/17/under-biden-administration-plan-poor-would-be-three-times-more-likely-to-get-irs-audit-than-1-percenters/

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