IRS Audits Could Decline Further Under Trump's Tax Plans

IRS audits, which have reached their lowest point in years, are facing the possibility of further decline under President Trump's new tax policies. The previous administration, under President Biden, aimed to increase tax revenue by investing in more robust IRS enforcement. This included hiring more auditors and upgrading technology to detect tax evasion. However, the Trump administration is reportedly reversing this approach, prioritizing tax cuts and deregulation over increased enforcement efforts.

This shift has sparked debate among economists and tax policy analysts. Supporters of reduced enforcement argue that it will stimulate economic growth by reducing the burden on taxpayers. They also contend that the IRS is already overstretched and that focusing on complex cases is more efficient. Critics, on the other hand, warn that fewer audits could lead to increased tax evasion, ultimately shrinking government revenue and potentially widening the budget deficit. They also emphasize the importance of fair tax enforcement to ensure that everyone pays their fair share. The long-term impact of this policy change remains to be seen.