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1 in 111 taxpayers might be audited due to Inflation Increase Act.
“I direct that any additional resources… shall not be used to increase the share of small businesses or households below the $400,000 threshold that are audited relative to historical levels,” Treasury Secretary Yellen wrote to IRS Commissioner Charles Rettig.
That directive has been used by media “fact checkers” to deny that the massive increase in IRS personnel under Biden’s Inflation Increase Act will also increase audits of the middle class.
Yellen’s statement initially seems reassuring until you look closely at its curious language.
Treasury Department spokeswoman Julia Krieger used the same phrasing when claiming that “audit rates relative to historical norms for people earning under $400,000 each year” would not increase.
