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We estimate the returns to IRS tax audits across the income distribution. We find $1 of IRS spending on audits of top earners delivers more than $12 of tax revenue. Along the way, we provide new evidence of the strong specific deterrence effects of audits. 1/: More than $500 billion in tax obligations go unpaid each year in the US. Most of these liabilities are concentrated among high-income taxpayers. Can additional spending on audits recoup those unpaid taxes? How do the returns to audits vary across the income distribution? 2/