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Millionaires Get a Lot More IRS Audits in Democratic Bills (2)

Feb. 18, 2021, 4:28 PM

Wealthy individuals and large companies would face a major increase in the risk of getting audited by the IRS in two bills unveiled by Democratic lawmakers Thursday.

The U.S. government could take in $1.2 trillion in additional tax revenue over a decade without raising marginal rates by aggressively auditing wealthy individuals and corporations, according to a new bill from Representative Ro Khanna of California.

Both his legislation and a bill reintroduced Thursday by Peter DeFazio, chair of the House Transportation and Infrastructure Committee, would have some 95% of large companies audited each year, using somewhat different calculations for size. ...