The Internal Revenue Service (IRS) recoups $702 in taxes for every hour it spends auditing small businesses, versus $9,173 an hour for auditing large corporations. But under Barack Obama, audits of small and medium-sized businesses have skyrocketed.
So says Peter Schweizer, President of the Government Accountability Institute:
According to IRS statistics, from 2009 to 2011, the coverage rate (number of audits as a percentage of total returns filed) for corporations with assets between $10 million and $50 million has increased 32 percent. The coverage rate for corporations with assets between $50 million and $100 million has increased at the same rate. Some businesspeople file individual returns, and those with incomes higher than $1 million have experience a 94 percent increase in their coverage rate, and a 29 percent increase in the actual number of exams since 2009. Those with incomes $200,000 and higher have seen a 36 percent increase in their coverage rate.
We are not surprised. As we have reported many times before the leadership of the Democratic Party has no interest in taxing the mega-corporations and super rich, rather they are targeting small to medium sized domestic businesses and upper middle class wage earners.
Democrats want to tax the rich?
This is perhaps the biggest false narrative of all. The Democratic Party leadership has never been interested in taxing the very rich. They have been “taxing the rich” for 50 years. Is it just a coincidence that they just happened to keep missing the target? President Obama gave the speech at Google, which paid 2.4% federal tax on 3.1 billion in income. In that speech he trashed the Chamber of Commerce for fighting against raising the tax on most small businesses which actually employ people from 35.5% to 39.9% . In the 2008 elections President Obama railed against Wall Street, but not only did he take more money from Wall Street and “the big banks” and such, but as if to add insult, their executives became the who’s who of those running his administration (LINK – LINK). Keep in mind that CNN once said Obama attacks private equity at 6am and is fundraising with private equity at 6pm. Wall Street and the big banks made more under three years of Obama than they did under eight years of Bush. His Treasury Secretary says that taxes on small businesses must rise so that government doesn’t shrink, and Obama’s new health care taxes target you, not just the rich. All of the stimulus and spending and so forth all in the name of the poor sounded nice, but look who got rich. Odds are that people who buy into the false narrative know none of this.