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Fiscal Basket Case Known as America Now With Extra Auditing, Absolutely Free!

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With a total public debt outstanding -- as of this second, according to the US Treasury -- of $13,879,785,054,580.12, it feels like we'll never dig ourselves out of this hole.

Oh, wait -- here comes the IRS, riding to the rescue.

You'll be happy to hear that your friendly neighborhood auditor is ready to clamp down on you in the name of balancing the budget -- which that same auditor's employer, the US government, screwed up royally in the first place.

According to CBS MoneyWatch:
Roughly three in every 100 individuals reporting income of $200,000 or more were audited last year, while 8.36% of those with income above $1 million grappled with an audit. Notably, while audits rose in all categories, audits of millionaires rose by more than 30%.

The reason tax experts believe more audits are coming? The agency has also boosted its audit staff by 8% overall and has vastly improved “data matching” programs that pick up information about income you might have failed to report on your return. More examiners will be hired next year, too, if the IRS is able to convince Congress to appropriate enough money to the agency’s budget.
In addition, "Revenue from examinations and appeals soared 34% and 46% in 2010, respectively."

Expect to see brand-new braces on your accountant's kids' teeth in short order.
POSITION:  No positions in stocks mentioned.