Impact of IRS Audits on Sub-$200K Taxpayers Reveals Biden's Shifting Policies

Wednesday, 8 May 2024, 10:32

The focus of IRS audits has surprisingly shifted to taxpayers earning less than $200,000 in 2023, contradicting President Biden's initial plan. Recent data indicates that a significant 63% of new audits now target this income group, raising questions about the IRS's strategies and priorities amidst criticisms of slow progress.

https://store.livarava.com/5cb684d1-0d26-11ef-a6c2-63e1980711b2.jpg — Impact of IRS Audits on Sub-$200K Taxpayers Reveals Biden's Shifting Policies

Bidenomics: 63% of new audits target Sub-$200K taxpayers as of Summer 2023

Despite President Joe Biden's intentions, the IRS's audits are concentrating on taxpayers with incomes under $200,000, a stark shift from the original plan.

Concerns over IRS Progress

63% Targeted: Recent data indicates a focus on lower-income individuals despite promises of auditing the ultra-wealthy.
Operational Challenges: The IRS has only achieved 33% of its auditing goals for 2023, leading to uncertainties in future actions.

With plans to increase audits for large corporations and the wealthy, the IRS still faces delays and criticism for its current strategies.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.