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A new report from Syracuse University found that just 1 in 100 millionaires was audited by the IRS in 2022. Of the 703,576 tax returns filed last year that reported an income of $1 million or more, about 689,000 did not face an IRS inquiry.
As Syracuse’s Transactional Records Access Clearinghouse puts it: “The odds that millionaires received a regular audit by a revenue agent (1.1%) was actually less than the audit rate of the targeted lowest income wage-earners whose audit rate was 1.27 percent!” Low-income workers taking the earned income tax credit were audited at a rate 5.5 times higher than Americans in almost every other tax bracket.
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