Which Americans Are Most Likely to be Audited by IRS Under ‘Inflation Reduction Act’?
< < Go Back
In a press release, Rep. Kevin Brady, R-Texas, used IRS data to estimate that the Democrats’ bill, if passed as is, would amount to 1.2 million new audits of taxpayers per year. Over 710,000 of these audits would fall on Americans who earn $75,000 a year or less, the Texas Republican said.
White House press secretary Karine Jean-Pierre said Tuesday that Americans making less than $400,000 a year would not be targeted for new audits under the Democrats’ plan. President Joe Biden and IRS Commissioner Charles Rettig have made similar statements.
Despite these claims, Brady argued that the Inflation Reduction Act would “hit made-in-America businesses, small businesses, and workers who always bear the brunt of higher taxes.”
Brady said, the IRS would conduct:
—Over 313,000 new audits for Americans making less than $25,000 a year.
—Over 147,000 new audits for those making $25,000 to $50,000 a year.
—Over 122,000 new audits for those making $50,000 to $75,000 a year.
—Almost 76,000 new audits for those earning $75,000 to $100,000.
(See the complete chart here.)
More From Daly Signal: