Michael Hiltzik’s Los Angeles Times column focuses how 23,000 households reported over $10 million in income and the IRS only audited seven of them. His article “23,000 households reported income over $10 million last year. The IRS audited seven”. Begins as follows:
Since we’ll be spending the next day or so pondering America as it is and as we wish it to be, let’s take a moment to contemplate how tax avoidance and evasion have become facts of life for some of the richest Americans.
They’ve done so with the connivance of our lawmakers, who have tied the hands of the Internal Revenue Service. The latest analysis of the situation came to us last week from David Cay Johnston, a journalist who has made the inequities of the income tax into a personal cause.
Johnston’s source material is official IRS statistics, so let’s delve into the facts alongside him.
To see the full article, click: 23,000 households reported income over $10 million last year. The IRS audited seven
Posted by David Brito, Associate Editor, Wealth Strategies Journal.