IRS Audits of Americans Fall, Lowest Since 2002
The percentage of Internal Revenue Service (IRS) audits on Americans last year dropped for the 6th year running, marking the lowest level since Y 2002.
The IRS audited 1 in 160 individual returns in Y 2017, down from a peak of 1 in 90 in Y 2010, the Journal reports.
Since Y 2010, however, lawmakers have slashed the budget of the agency in the aftermath of the scandal and abuse that saw the Hussein Obama Administration’s IRS targeting conservative groups that were applying for tax-exempt status.
The IRS was slow-walking or entirely holding up those applications.
The agency’s budget was $11.2-B last year, down 8% from its high in Y 2010.
High-income households are the greatest beneficiaries of the decline in audits, The IRS audited 4.37% of returns last year from those making more than $1-M annually, down from 9.55% in Y 2015.
Former President Jimmy Carter (D), 93 anni, believes that President Trump Administration wants to help rich people get richer.
Have a terrific Easter weekend.
Latest posts by Paul Ebeling (see all)
- Pebble Beach Concours d’Elegance, the Cars Took to the Road - August 17, 2019
- Ferrari (NYSE:RACE) The Business of Formula One Racing - August 17, 2019
- Gold Finished Lower on the Day, Higher on the Week - August 16, 2019