IRS's Target Shift: Examining the True Impact of Biden's Tax Policies
Wednesday, 8 May 2024, 10:32
IRS's Focus Shift in Audits
Recent audits have shown a notable trend in IRS targeting, contrary to Biden's intentions. Individuals earning less than $200,000 constitute a majority of the audits, signaling a shift from the planned strategy.
The TIGTA Report
The U.S. Treasury Inspector General criticized the IRS for slow progress in implementing its new approach, casting doubt on the agency's ability to meet its goals.
- IRS's Enforcement Plan: The IRS aims to increase audits for large corporations and high-income individuals, funded by $60 billion from 2022's Inflation Reduction Act.
- Current Challenges: Despite plans to target the wealthy, audits for lower income earners dominate, posing operational hurdles for the IRS.
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.