Middle-class Americans to bear brunt of IRS audits under Dem inflation bill, analysis shows
Aug 09, 2022 1 min, 0 secs
Market data provided by Factset.

Americans who earn less than $75,000 per year are slated to receive 60% of the additional tax audits expected under Democrats' spending package, according to an analysis released by House Republicans.

The analysis, which is a conservative estimate based upon recent audit rates and tax filing data, shows that individuals with an annual income of $75,000 or less would be subject to 710,863 additional Internal Revenue Service (IRS) audits while those making more than $1 million would receive 52,295 more audits under the bill.

The legislation, the Inflation Reduction Act, would roughly double the IRS' budget to increase enforcement and, therefore, federal tax revenue. .

(Kevin Dietsch/Getty Images / Getty Images).

Another 236,685 of the estimated additional audits would target individuals with an annual income between $75,000 and $200,000.

The bill states that it is not "intended" to increase rates for taxpayers who aren't in the top 1% of earners.

(F. Carter Smith/Bloomberg via Getty Images | Kent Nishimura/Los Angeles Times via Getty Images / Getty Images).

"They will need to increase the audit rates on middle-class and low-income folks to get the sort of revenues they're claiming from this," McBride said.

Market data provided by Factset


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