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Don’t you intend to strengthen tax oversight of the rich? 63% of new IRS audits target annual income less than $200,000

wall StreetThe editorial board of the Daily News said,irHowever, according to the independent watchdog IRS, it has announced that it will expand tax oversight of the very wealthy,Ministry of FinanceAccording to a survey report by the Treasury Inspector General for Tax Administration (TIGTA), about 63% of new tax audit cases last year were against middle-class taxpayers with annual income less than 200,000 yuan.

In 2022, Congress passed the “Inflation Reduction Act” (Inflation Reduction Act), which provides $80 billion for the IRS over the next 10 years for purposes such as strengthening tax oversight for the super-rich, updating outdated technologies, and reforming Yuan financing was provided. service quality.

The Wall Street Journal editorial board reported that in December 2023, the IRS decided to postpone tax inspection progress tracking until this year because the adjustment to strengthen tax inspection only for the wealthy was slow; The investigation report of the Inspector General of Tax Administration of the Treasury Department said, the IRS promised in its April 2023 strategic plan that in the future, most tax audits will only target taxpayers with an annual salary of at least 400,000 yuan, but the plan has not provided specific details on how the goal will be implemented.

According to the latest data, the IRS’s tax audit targets are still primarily the middle class.

By the summer of 2023, 63% of the new tax audit cases last year were taxpayers with annual income of less than 200,000 yuan, and the proportion of the super-rich was very small; In all cases subject to tax inspection, a total of 80% of taxpayers with annual income were less than 1 million yuan.

The Wall Street Journal editorial board reported that the Internal Revenue Service’s slow appointment rate may be one of the factors causing the delay in expanding tax audits of the wealthy. However, from another perspective, the IRS has never announced that it will reduce tax inspection of middle-class taxpayers, but only emphasized that it will expand inspection of the super-rich in the future.

An investigation report by the Finance Ministry’s Inspector General of Tax Administration revealed that the number of additional tax inspectors appointed by the IRS was well below the original target. “Government Executive” reported that the IRS only hired 34 people in the first six months after it began hiring additional staff, but the original goal was to add 3,700 people in the first year.

United States(TagstoTranslate)IRS(T)Wall Street(T)Department of the Treasury

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