March 26 (Bloomberg) -- Bloomberg's Scarlet Fu reports on higher income earners having an increased chance of an I.R.S. audit.
She speaks on Bloomberg Television's "Inside Track."
The new policy makes sense because the IRS can get better results with auditing one billionaire than auditing 100 millionaires.
Conservatives will cry "class warfare." However, when Bush was president he directed the IRS to primarily audit the earned income tax credits (EITC) of the lowest earning wage earners.
Think Rightardia is kidding?
Republiican lawmakers enhanced research efforts to reduce EITC over claims
and erroneous filings associated with the EITC.” The Internal Revenue Service (IRS) released The EITC Program Effectiveness and Program Management Fiscal Year (FY) 1998 - 2002 report in February 2002.
This report addressed how the IRS used the FY 1998 through 2002 appropriation to improve administration of the EITC and to reduce EITC fraud.
Last year, the House Appropriations Committee also directed the IRS to provide a report on its EITC activities (per H.R. 107-575 p.37) to update the prior report and expand on its EITC compliance efforts.
Is EITC fraud a big problem? Rightardia doubts it. Most people in the lowest income group file with the simple 1040-EZ.
See http://www.irs.gov/pub/irs-utl/eitc_effectiveness.pdf
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