Obama IRS Audits Millionaires Far More Than Bush IRS
Despite extending the Bush tax cuts for millionaires, Obama goes after wealthy tax cheats pretty hard.
In March 2009, a New York Times article noted that the IRS audited only about four of every 100 millionaires in the year 2008—this was despite the fact that there were more millionaires than ever that year. Three years and a different president later, that's changed quite a bit.
Though the income tax rate for top earners is still the lowest it's been in decades—thanks, Bush tax cuts!—the people earning the most money are now being treated with a bit more scrutiny under President Obama.
According to a new report from the Times, the United States now has offices in Panama and China dedicated to looking into the secret offshore bank accounts of America's most wealthy. And when it comes to the IRS, the tax agency is currently dedicated to auditing millionaires far more than it has been in recent history. In 2008, the odds of a millionaire being audited were one in 23. Last year, that number was one in 13.
photo via Flickr user mchasesteely