Hi,

A new study just revealed that Internal Revenue Service (IRS) audits of the 1% yield by far the most revenue of any audits they conduct.1 Every dollar the IRS spends auditing the super-rich brings in more cash than an audit of the average taxpayer.

IRS data shows the 1% don’t report nearly a quarter of their income, estimating that this ultra-wealthy group evades $163 billion worth of taxes every year.2 But over the last decade, the number of IRS audits of people making over $10 million has drastically decreased. It’s time for the IRS to crack down on the 1% and raise much-needed revenue.

Sign the petition to the IRS: Audit the rich!

Republicans have made it a top priority to gut IRS funding for the last ten years in order to protect the rich. An underfunded IRS makes it easier for the 1% to lie on their taxes and keep their money hidden. And that’s what the GOP is counting on, so their rich, corporate donors can remain shielded from accountability.

But if the IRS focuses its resources on audits that are known to yield the biggest revenue returns, targeting the ultra-wealthy who are known to frequently evade $163 billion in taxes every year, the government and the people win. Revenue from auditing the super-rich can be put towards the social safety net, housing, economic justice, healthcare, and more.

The study also shows that auditing the ultra-rich has a deterrent effect — after one audit, the 1% are more likely to pay what they owe in taxes each successive year.3 Auditing the rich has a cumulative effect that will keep bringing in the tax revenue the government is owed.

Add your name: It’s the clear, obvious, data-driven move — the IRS must audit the rich!

Thanks for taking action,

Tihi and the team at Demand Progress

Sources:

  1. Business Insider Mexico, “The IRS could recover $12 for every $1 spent on scrutinizing the ultra-wealthy’s taxes,” June 19, 2023.
  2. Ibid.
  3. Ibid.

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