Under Biden Administration Plan, Poor Would Be Three Times More Likely To Get IRS Audit Than 1 Percenters

Under a new Biden administration proposal, the Internal Revenue Service is three times more likely to audit a citizen making less than $25,000 rather than someone in the top 1 percent of wealth.

The new proposal, which would require financial institutions to annually report customers’ account deposits and withdrawals at $600 or more, gives the IRS more leverage over those making less than $25,000, because they are more likely to have irregular income. Over the next decade, the reporting on more than 140 million bank accounts would raise an estimated $700 billion in tax revenue — which would cover social spending in the Reconciliation Bill.

IRS is 3X more likely to audit someone making less than 25,000 than someone in the top 1%

The 600 dollar proposal would only give them even more ammunition to go after working class Americans https://t.co/hLYVWA1U9k

— Saagar Enjeti (@esaagar) October 14, 2021

Discussion of raising the threshold to $10,000 has not eased any tension. More than 40 banks urged lawmakers to vote against such a proposal in a letter addressed to House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy. The banks warned against the mandatory collection of most Americans’ financial information “without proper explanation of how the IRS will store, protect, and use this enormous trove of personal financial information” could result a “tremendous liability” (Read more from “Under Biden Administration Plan, Poor Would Be Three Times More Likely To Get IRS Audit Than 1 Percenters” HERE)

Follow Joe Miller on Twitter HERE and Facebook HERE