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IRS Boosted Auditing of Richest Taxpayers Last Year
Posted: Apr 5, 2011
Geez, make Congress close the loopholes and they wouldn't have to work as hard trying to find money.
IRS BOOSTED AUDITING OF RICHEST TAXPAYERS, ALMOST DOUBLING RATE LAST YEAR
The Internal Revenue Service audited 18.4 percent of taxpayers reporting income above $10 million last year, up from 10.6 percent the previous year.
Audit rates increased in 2010 for all income groups, except for people with no adjusted gross income, according to data released today in Washington for the fiscal year that ended Sept. 30.
Highest earners had the sharpest increases in audit rates. The IRS audited 11.6 percent of taxpayers reporting adjusted gross income between $5 million and $10 million, up from 7.5 percent the year before. Taxpayers making between $75,000 and $100,000 faced the least chance of an audit, with a 0.64 percent rate.
Through its voluntary offshore disclosure programs and court cases involving Swiss banks, the IRS has gotten a better understanding of how wealthy people in non-corporate businesses manage their assets, said George Clarke, an attorney at Miller & Chevalier Chartered inWashington.
“They learn things and then they roll those things out across the board,” he said.
More here:
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Reublicans to cut IRS Budget - See several article links including FOX
[ In Reply To ..]This was a FOX link, but it is no longer available. I clicked the cached version:
GOP looks to cut IRS budget despite returns
Published March 01, 2011
| Associated Press
WASHINGTON � Every dollar the Internal Revenue Service spends for audits, liens and seizing property from tax cheats brings in more than $10, a rate of return so good the Obama administration wants to boost the agency's budget.
House Republicans, seeing the heavy hand of a too-big government, beg to differ. They've already voted to cut the IRS budget by $600 million this year and want bigger cuts in 2012.
The IRS has dramatically increased its pursuit of tax cheats in the past decade: Audits are up, property liens are up and asset seizures are way up. President Barack Obama and Democrats in Congress see stepped up enforcement as a good way to narrow the nation's staggering budget deficit without raising tax rates or cutting popular spending programs.
"It makes little sense to cut the agency that collects revenue," said Rep. Jose Serrano of New York, the top Democrat on the House subcommittee that oversees the IRS budget.
IRS Commissioner Doug Shulman told the committee Tuesday that the $600 million cut in this year's budget would result in the IRS collecting $4 billion less through tax enforcement programs. The Democrat-controlled Senate is unlikely to pass a budget cut that big. But given the political climate on Capitol Hill, Obama's plan to increase IRS spending is unlikely to pass, either.
Read more: http://www.foxnews.com/us/2011/03/01/gop-looks-cut-irs-budget-despite-returns/#ixzz1IewbP5zv
http://dailycaller.com/2011/03/01/gop-looks-to-cut-irs-budget-despite-returns/
http://www.kansascity.com/2011/03/05/2701448/gop-looks-to-cut-irs-budget-despite.html
Hello Democrats....if you address the tax law - that requires all the
[ In Reply To ..]audits, asset seizures, property liens yada yada...then you wouldn't have to spend billions in enforcement. If they don't pony up the flat rate, it doesn't take a rocket scientist or several layers of "enforcement" to figure out who needs to be gone after.
No need to audit a flat tax rate to see if there is loophole or deduction abuse, and we could save those millions and billions.
THAT is the rest of the story. They want to keep the same old same old, and just add more layers on top of what is already NOT working. WHY do they want to persist in that???
Right! I can hear it now - Trust Us the corporations will say
[ In Reply To ..]Big corporations will say, "Hey, now that we have a flat tax rate, you guys don't need to check to make sure we're all doing what we're required to do. Everyone will follow these regulations without anyone monitoring them. Trust us!
Well, both parties have allowed the same thing - for years by making law
[ In Reply To ..]creating the loopholes and deductions yad yada making oversight necessary but never actually doing the oversight...a flat rate would eliminate those loopholes and deductions so LESS oversight would be required trying to see if the loopholes and deductions were taken legally...
and it might help if the Democrats would actually put all the whining about corporations and the rich not paying their fair share but at the same time doing NOTHING to fix it when they have the majority and controlled the Ways and Means committee for 44 of the last 55 years....
Now I will believe that you really care about corporation reform when you hold the Dems' feet to the fire equally, and stop blaming people for taking advantage of the loopholes, credits, and deductions made available to them by COngress and protected by Congress...BOTH parties.
Now if you are really interested inc hange, then vote Republican, because Paul Ryan is the ONLY one talking about closing corporate loopholes and overhauling the tax system.
Put your vote where your concern is.
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