Why The Rich Don’t Get Audited

| May 05, 2019
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The IRS is completely outgunned by the ultra-rich, according to a piece in the Sunday New York Times.

One study of income hidden from the IRS found that it’s the richest who hide it the most effectively: the top 0.5 percent of high-earning Americans account for one-fifth of the income unreported to the IRS, amounting to some $50 billion per year.

Part of that is because for the bottom 90 percent of us, wages get directly reported to the IRS making it ultra-easy to verify accurate reporting.

In 2009, the IRS planned a legion of elite accountants to audit the super wealthy, but thanks to budget cuts and lobbying this team never actually came together.

Instead of the target of 240 expert auditors by 2012, it had only 96 by 2014, and as of last year had only 58.

Stay Tuned, Disciplined & Patient! {TJM}

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