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Nervous about your tax bill this year?
If you’re a millionaire, you can relax.
The number of millionaires audited by the Internal Revenue Service has dropped by 72 percent since 2012 as a result of staffing cuts to the tax agency, according to the Transactional Records Access Clearinghouse (TRAC) of Syracuse University.
The slump in audits comes as the ranks of millionaires nearly doubled over the same time period—suggesting that the government has failed to examine billions of dollars in additional taxable unreported income, TRAC said in a study released Thursday.
“Less than two out of every 100 taxpayers reporting over a million dollars of income were audited (in 2020), while the ranks of millionaires have nearly doubled since FY 2012,” TRAC said.
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