Thursday, March 30, 2006

Eat the Rich

Well, this sums up everything wrong with the US. It could be the definition of bass-ackward.

Only 30 out of more than 180,000 Millionaires Faced Traditional IRS Audits Last Year

Audit Rates for Low Income Taxpayers Greater than for Top Earners

IRS Says Release of Statistics that Might Explain Aberration "Would Adversely Affect Tax Administration"

Part of that is apparently a crackdown on people taking advantage of the Earned Income Tax Credit. Because that's so incredibly profitable, I guess. Yeah,

On 2005 returns, the maximum credit can be as much as $4,400 for workers supporting two or more kids.
That's $42 a week per kid (as long as you don't have more than 2). That'll pay for, what, one day of childcare? Well, it means more when you get it all in one big chunk. Assuming you do, because many of the people who qualify for the EITC won't get it, what with it being incredibly complicated to apply for, and the working poor being less likely to hire someone to help with their taxes.

But the IRS isn't just cutting rich people a break:

the largest growth in corporate audits this past year has been for the smallest companies.

No comments: