- cross-posted to:
- globalnews
- cross-posted to:
- globalnews
The U.S. Internal Revenue Service is seeking to use an infusion of funding to keep up with the ever-evolving tax maneuvers of the ultra-rich — while staving off frequent political attacks.
A pair of U.S. Internal Revenue Service agents are attempting to interview a billionaire they suspect of cheating on his taxes. But across the table from the agents is a formidable entourage of esteemed tax professionals hired to defend the billionaire. They include white-shoe attorneys — each of whom knows more about their own arcane corner of tax law than just about anyone on earth — along with highly specialized accountants and economists.
Neither of the two IRS agents has a law degree. Complex arguments from the billionaire’s entourage fly over their heads. The IRS agents are outmatched by a team whose combined years of experience in tax law and accounting exceed their own by over a century.
This stark example, laid out by former IRS officials in interviews with the International Consortium of Investigative Journalists, isn’t a hypothetical so much as a glimpse into the agency’s regular challenges in auditing the United States’ highest earners. These battles often come down to experience and expertise. The IRS has been losing, former officials said.
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A historic push is now underway to change this dynamic. In mid-2022, the Inflation Reduction Act delivered the IRS a historic $80 billion — in part, to bulk up the agency’s divisions that audit millionaires, billionaires and large corporations. After years of pitiful enforcement rates against wealthy taxpayers, the agency is embarking on an unprecedented push to step up its capabilities and hone its ability to take on the ultra-rich.
The unit couldn’t be reached for comment as they’re all off on Caribbean cruises
I don’t think that’s fair, I’m sure there are plenty of people in the bureaucracy of any government that simply want to do a good job in service of their country.
But as the article suggests they are generally outmatched by the best lawyers and accountants money can buy, all working solely with the objective of saving their master as many taxes as possible. And then backstabbed by corrupt politicians who cut their funding and dismantle legislation at the will of big money lobbyists, who are also working to save their masters as much money as possible.
Yes. Government workers are overcompensated. Right.
Folks see Thomas and Alito and forget about the thousands of GS employees who actually have to follow the rules.