August 12, 2022

NO, 87K NEW IRS AGENTS WON’T JUST AUDIT MILLIONAIRES: The Heritage Foundation’s Rachel Greszler digs into the data and the history and concludes that “even increasing recent audit rates 30-fold for taxpayers making over $400,000 — including 100 percent audit rates on taxpayers with incomes over $10 million — still would fall more than 20% short of raising the estimated $35.3 billion in new revenues in 2031.” 

Ergo – the auditors will focus on everybody making less than $400,000, especially those filing W-2 and 1099-based returns claiming multiple deductions. Those claims will be red flags for the auditors.

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