The Internal Revenue Service’s audit rate for individuals making at least $10 million a year plunged during the last fiscal year, Bloomberg reports. According to IRS data released Monday, the audit rate for the wealthy fell to 6.66 percent for fiscal year 2018—or less than half of the 14.52 percent audit rate in fiscal year 2017. The audit rate fell for those earning between $5 million and $10 million—to 4.2 percent in FY 2018 from 7.9 percent in FY 2017. In the bracket below, with earners between $1 million and $5 million, the rate also fell to 2.2 percent from 3.5 percent. The data reportedly spans three months before the enactment of the GOP changes to the tax code and nine months after the changes affected tax filers.
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