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The Internal Revenue Service dropped the ball on auditing millionaires, according to a new report published by Syracuse University’s Transactional Records Access Clearinghouse. Despite calls by Democrats to ramp up scrutiny of high-net-worth individuals’ tax returns and wealthy tax evaders and a legislative push for increased funding for the agency, the likelihood of a millionaire being audited in 2022 was just 1.1%.
Instead, data shows that low-income earners were more than five times more likely to be targeted by the IRS in 2022. TRAC, a nonpartisan data gathering and distribution organization, was able to obtain the information under a court order through a Freedom of Information Act request. The report was spurred by the release of former President Donald Trump’s tax returns and tax information, which indicate that only one mandatory audit of his returns was initiated during his administration but wasn’t finished.
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