ACP45 Loc: Rhode Island

"The Internal Revenue Service (IRS) claims that they will not target lower and middle-class Americans under their staff expansion. This is a lie a they already target the poorest households at five times the rate of other income brackets.

Trac IRS examined the audit figures from FY 2021. The IRS audited 659,003 returns last year out of the 160 million filed. So out of every 1,000 filers, four were targeted for audits. This is already an increase from 2020, when three out of every 1,000 filers were investigated. Prior to 2020, audit rates had been declining.

The IRS uses “correspondence audits” to request additional documentation to prove that the filings are accurate. These correspondence audits compiled 85% of all audits conducted last year, marking a 5% increase from the previous two years. Some Americans live on such a small income that they file for an anti-poverty tax credit. Those earning a mere $25,000 annually or less accounted for 54% of all correspondence audits.

The idea that this expanded branch of government will target the dreaded rich is a lie. Around nine million taxpayers in the highest bracket earned between $200,000 to $1,000,000 but were only targeted at one-third of the rate compared to the poorest in the country. In fact, less than 40,000 returns among the top-tier tax bracket were targeted. Only 13,725 people earning over $1 million were targeted."

If you think about it, it is perfectly logical why this is so. The rich hire accountants, and high priced lawyers. It is too much effort to target the rich. They go after those who are least likely to fight back and give them a hard time.

Now, just imagine the impact of what an additional 86,000+ IRS will have on the lives of the poorest in this country.

This is the BIDEN ADMINISTRATION at work. REMEMBER this when you go to the polls this November!

https://www.armstrongeconomics.com/world-news/taxes/the-irs-targets-the-poorest-americans/

Liberty Tree

The lower the income the less the ability to fight the IRS and the greater the capacity to threaten and intimidate them.

PeterS

First off, individuals who earn 25 K or less are going to be paying little if any taxes so what would be the point in going after them? A better target is high-income earners 80K or better who do their own taxes and are therefore likely to be stretching exemptions in their favor. The IRS isn't stupid and they aren't going to go after those who don't pay any taxes and those who insist on doing their own taxes are going to be the most likely to find themselves under an IRS audit.

And the notion that the IRS won't audit those who have tax lawyers and accountants is a myth. The IRS will audit anyone they think is at fault...just look at Donald Trump who really was continually being audited. Why, because he was a c***t!

PeterS

The lower the income the less likely you are to pay taxes so what would be the point in auditing them?

Sonny Magoo Loc: Where pot pie is boiled in a kettle

We're talking about the folks who make between 40k and 80k.
This is the lower middle class.
The IRS has plenty of agents to go after the rich and upper middle class.
Additional agents will ONLY BE USED to go after less than these.
You're not thinking clearly. You're a parrot.

Liberty Tree

Then why are the majority audited not the higher income people?

LogicallyRight Loc: Chicago

***Why, because he was a c***t!
>>>You have proof of that? Documentation please

Navigator

The IRS apparently believes that the less income you claim, the more income you are hiding.

SergeStorms0219

Well when your a billionaire and you only pay $750.00 in income taxes, there's something wrong with that picture.

ACP45 Loc: Rhode Island

Many wealthy tax filers get away with paying very little to the IRS. "Why Does Billionaire Warren Buffett Pay a Lower Tax Rate Than His Secretary? "One thing that has remained almost constant (tax code): It's said to favor the wealthy." https://www.fool.com/taxes/2020/09/25/why-does-billionaire-warren-buffett-pay-a-lower-ta/

The most recent example of a tax legislation perk for the most wealthy comes courtesy of Sen. Kyrsten Sinema!

"Senate Democrats agreed Sunday to protect firms owned by the private equity industry from a new minimum tax on billion-dollar corporations, bowing to pressure from Sen. Kyrsten Sinema (D-Ariz.), who insisted on making the change to the Democrats’ sprawling climate, health-care and tax package." https://www.washingtonpost.com/us-policy/2022/08/07/inflation-reduction-act-sinema-private-equity/

Liberals turn a blind eye on the Biden Administration's plan to hire 86,000+ "armed" new IRS agents. Just who do they expect will be most impacted by the new "weaponized IRS legions". Certain not Warren Buffet, or the private equity billionaires in this world.

Navigator

If you are a billionaire heir who doesn't work and whose income is from deposited funds and you only pay $750 in income taxes, that is absolutely wrong and most likely fraudulent. If you are a billionaire who owns and operates twenty companies and every dollar of your profits is reinvested in purchasing and upgrading facilities and equipment, increasing the number and benefits of your employees, exploring and researching ways to increase or make more efficient your businesses, maintenance, insurance, rents, etc. and you only pay $750 in income taxes that is unbelievably beneficial for your society and your country and you might actually be paying too much in income tax.

1ProudAmerican

I'm sure that billionaire could spell "you're"

albertk

Hello Beams

1ProudAmerican