Yellen directs IRS not to use new funding to increase chances of audits of Americans

[signalmankenneth]

Yellen directs IRS not to use new funding to increase chances of audits of Americans making less than $400,000

Damn right! The IRS needs to go after the rich and famous, that's where the money is?!!

The pukes have said the newly funded IRS will go after ordinary Americans, not true?!!

(CNN) Treasury Secretary Janet Yellen on Wednesday directed the Internal Revenue Service not to use any of the new funding allocated in the Democrats' new health care and climate bill to increase the number of audits of Americans making less than $400,000 a year, according to a copy of the letter obtained exclusively by CNN.

The letter to IRS Commissioner Charles Rettig comes amid attacks from Republicans that the $80 billion the Inflation Reduction Act would give to the IRS over the next 10 years would result in more middle-class Americans and small businesses getting audited. The Biden administration has repeatedly said the IRS would focus on increased enforcement activity on high-wealth taxpayers and large corporations and not target households who earn less than $400,000 a year.

"Specifically, I direct that any additional resources—including any new personnel or auditors that are hired—shall not be used to increase the share of small business or households below the $400,000 threshold that are audited relative to historical levels," Yellen wrote in the letter to Rettig. "This means that, contrary to the misinformation from opponents of this legislation, small business or households earning $400,000 per year or less will not see an increase in the chances that they are audited."

Enforcement resources, Yellen said, will instead "focus on high-end noncompliance."

The new IRS funding is projected to raise $124 billion in additional tax revenue over the next 10 years, which is a key way Democrats plan to offset the cost of their plan to lower prescription drug costs and combat climate change.

https://www.cnn.com/2022/08/10/polit...its/index.html

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[T. A. Gardner]

A bit over 5 million Americans make more than $400,000 per year. With existing agents and the added 87,000 that means there will be one agent per--about--sixty persons in that category. That means each agent could audit every one of those 60 people for roughly 2 to 3 days every year. Does anyone really believe that's going to be the case? It's far more likely that masses of people making far less will end up being audited...

[Celticguy]

A bit over 5 million Americans make more than $400,000 per year. With existing agents and the added 87,000 that means there will be one agent per--about--sixty persons in that category. That means each agent could audit every one of those 60 people for roughly 2 to 3 days every year. Does anyone really believe that's going to be the case? It's far more likely that masses of people making far less will end up being audited...

no point in auditing zillionaires. their lawyers are smarter than the IRS. This is all about going after middle class up to upper middle class. Small businesses most of all. As always, Wall Street gets the free ride (remember the "carried interest" gettting chopped out of the raise inflation bill).