IRS data show a steady drop in audits of those making millions. Here's why that's happening:
: IRS data released this week show a steady drop in audits of those making millions, causing an immediate outcry. The apparent reasons: A slashed IRS budget and a congressional mandate to prioritize audits—but of low-income filers.by congressional Republicans have been responsible for a decrease in tax audits across the board, but especially for wealthy taxpayers.
The IRS audited 6.66% of returns from filers with more than $10 million in adjusted gross income in fiscal year 2018, down from 14.52% in 2017 and even further down from 29.3% in 2011, according to IRS data. Among households with income between $1 million and $5 million, the audit rate dropped from 3.52% to 2.21% in 2018.
By comparison, audits of households with an income of under $50,000 still fell, but less than a percentage point. For those making less than $25,000, the audit rate fell 0.02% from 2017 to 2018. For income between $25,000 and $50,000 the audit rate fell .01% .Congressional Republicans cut IRS spending after the party took control of the House in 2011 in an effort to reduce wasteful spending.
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