Poor Would Be Three Times More Likely To Get IRS Audit Than 1 Percenters Under Biden Spending Plan

Under a new Biden administration proposal, the Internal Revenue Service is three times more likely to audit a citizen making less than $25,000 rather than someone in the top 1 percent of wealth. The new proposal, which would require financial institutions to annually report customers’ account deposits and withdrawals at $600 or more, gives the IRS more leverage over those making less than $25,000, because they are more likely to have irregular income. Over the next decade, the reporting on more than 140 million bank accounts would raise an estimated $700 billion in tax revenue — which would cover social spending in the Reconciliation Bill. 

RELATED: Banks escalate fight over IRS reporting in Biden budget plan

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