The legislation, the Inflation Reduction Act, would roughly double the IRS' budget to increase enforcement and, therefore, federal tax revenue. .
(Kevin Dietsch/Getty Images / Getty Images).
Another 236,685 of the estimated additional audits would target individuals with an annual income between $75,000 and $200,000.
The bill states that it is not "intended" to increase rates for taxpayers who aren't in the top 1% of earners.
(F. Carter Smith/Bloomberg via Getty Images | Kent Nishimura/Los Angeles Times via Getty Images / Getty Images).
"They will need to increase the audit rates on middle-class and low-income folks to get the sort of revenues they're claiming from this," McBride said.Market data provided by Factset