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And we Begin with his Fox Business solar today the government is going after millionaires in this country but of specials.
-- it is politically motivated.
The IRS has doubled audits of those making a million or more more than any other and come group and the numbers are astonishing.
So -- the government agency enacting a tax policy the president has been pushing for.
Four months Elizabeth MacDonald joins me now with all of the numbers and analysts.
Want the IRS specifically targeting.
This particular income group responding to.
Most where the money is that -- when you talk to revenue agents and it's because also the millionaires they really have a lot of capital gains.
And so they tend to not hold onto when -- first spotted NASA like -- stock.
They don't have that information reporting so it's easier to catch -- And it's easier to nail -- -- -- so here's a number here you gonna see iris auditing were millionaires.
Look at these numbers -- five and a half percent of the millionaires they're only have a you know low hundreds that in the hundreds of thousands of people who fallen in this bracket five and a half percent more than doubling to twelve and a half percent as of last year -- IRS also the same time.
It's saying that look there's no -- -- name Pol -- playing politics here.
-- look at discloses these -- the -- -- these are the numbers down as the as you have dug them out of you push them through yet we got these numbers from the IRS itself so.
Look at this quote -- what the -- about auditing more millionaires -- should we want to -- that those at the lower end of the spectrum.
Know that those at the higher end of the spectrum are subject to the same rules and enforcement.
As everyone else so again while -- RS says -- -- play politics they're essentially saying where it was gonna try to make sure the system is fair.
And they're big question in that quote from Stephen Miller says it all that they are being question and there are you responding another spokesman for the had said we don't think politics here -- -- -- the types of politics at the IRS -- they right -- though the numbers of the jump in the millionaire brackets are -- also.
I think there's a disparity here that we if you look at those between 200000 a million they -- see much of a job.
Yet that's -- at this point we've got those numbers for -- to take a look at that audit rate.
For which Charles putting -- those who make over 200000 it's much lower than what millionaires get hit with when it comes to -- -- gonna see.
Just two point 9% of the people and this crowd.
We're hit with an audit and -- -- now risen by about a third to three point nine but still overall the -- great for everybody is only about one point 1% or so one point 6%.
That's out of a 141 million returns filed there's another at the same time this is key -- this -- -- iris came out this numbers -- group released a separate report showing the dollar amount of what the IRS.
Need to collect meaning what that tax cheat the tax evaders and they're selling that that number grew to 450 billion dollars in 06 a year that the lesson isn't to the other.
Aside of this debate of the chasing the money -- -- -- -- revenue every agency let's IRS is because they have layoffs over the last couple that's exactly anti government group has right and they've had budget cuts so.
But they are going after that tax -- to help close the deficit right the deficit has.
Blown out -- astronomically one point four trillion or so.
The number of 06 was when the deficit was at just -- and 84 billion dollars the US federal deficit.
So -- fifty billion dollars -- for 06 that's up with 345 million.
In 2001 again that's a dollar amount of underreporting that you're not -- get report that's right you wanna get automatic withholding meaning state where -- taxes get pulled out.
The tax evaders at the iris goes after.
-- in the millionaire brackets because they don't have as much income matching in withholding its -- to.
So the millionaires -- the iris feels that the millionaires tend to offshore a lot of money they're not getting caught -- -- front end like we -- Still they were caught the financial crisis yet on the right there's backlash and obviously right government does every time that something goes wrong in the financial markets we get some type of regulation or action we're seeing this by the -- probably -- 93%.
Were accurately answered by Irish a 100% should be -- about that no I don't having covered the -- more than ten years don't tell you that they get frustrated at congress' kind to you know continue his degree -- -- with the tax I know that -- upset sent to.
One -- years and it's only at forty gonna have -- based on -- usually notices are gonna get great stuff was a great story a lot of thank you for always good to see happen.
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