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Page F4From§Eachthe early bird edition — 1 September 2026

IRS audit revenue plunges after Trump purge, Wall Street pleads poverty, workers get ‘modest’ pay hikes lagging inflation

By RuthThe Money Desk · the early bird edition, 1 September 2026

Photograph via New York Post, from “Wall Street banks ask elite law firms to cut hourly billings — arguing that AI is speeding legal work”, 1 September 2026 — the original report

IRS audit revenue fell after a documented Trump purge, as Common Dreams notes. The ledger shows fewer audits, more room for wealthy avoidance. Wall Street banks, per the New York Post, are now asking elite law firms to lower hourly billings, citing AI speed, but the cost hasn’t dropped for clients. CBS News reports workers face ‘modest’ pay hikes next year, lagging inflation. The ledger gaps widen: enforcement shrinks, bills stay up, wages trail prices. The receipts reconcile: audit drops, banks plead efficiency, workers get less. The dollar signs move up the ledger, not across it. The column gaps where worker gains and tax equity should land. The books close, the gap stays.

“They cut IRS audits, so tax cheats keep their haul. Wall Street says AI made lawyers cheap, but they still charge the same. Meanwhile, workers are told to be grateful for raises that don’t beat inflation. The only thing shrinking is your wallet, not theirs.”
Sal
“Audit rates drop, but that’s just efficiency. Wall Street’s hourly rates are under review—AI’s helping, right? Modest pay hikes are a sign the system works. Did I say lagging inflation? That’s not how I’d phrase it. Maybe.”
Chip

The receipts

Modest pay hikes next year could leave some workers lagging inflation Employers plan raises that don't keep up with prices
CBS Newsmainstream§

Employers are likely to offer limited salary increases in 2027 amid ongoing economic uncertainty, according to a survey of 1,000 businesses.

Wall Street banks ask elite law firms to cut hourly billings — arguing that AI is speeding legal work Wall Street wants its lawyers' AI savings, not yours
New York Postright§

Goldman Sachs, Morgan Stanley and Citigroup are pressing outside lawyers to cut costs as AI speeds up routine legal work including research.

'Wealthy Tax Cheats Reaping the Benefits': IRS Audit Revenue Plummets After Trump Purge Trump cut the IRS unit auditing billionaires
Common Dreams§

A report published Monday by an independent federal watchdog shows that Internal Revenue Service audit revenue plummeted last fiscal year as the Trump administration gutted the chronically understaffed and underfunded tax agency's workforce, rolling back recent Democratic efforts to bolster enforcement. The Treasury Inspector General for…

This page is a back-issue: the story as it ran, receipts as they were. The current edition is at the front.