IRS sets up a unit targeting the super rich

[jpljr77]

Finally

http://rawstory.com/2009/10/irs-unit-target-superrich/

IRS Commissioner Doug Shulman told the American Institute of Certified Public Accountants Monday that the agency has set up a unit specifically to deal with rich Americans who are hiding assets.

"We will take a unified look at the entire web of business entities controlled by a high-wealth individual," Shulman said. "At least initially, we will be looking at individuals with tens of millions of dollars of assets or income."

"The high-wealth unit will focus on trusts, real estate investments, privately held companies and other business entities controlled by rich individuals. While use of sophisticated legal structures are at times legal, there are other instances where they 'mask aggressive tax strategies,' he said."

[Iggo]

1. The surprising thing is that they didn't already have one. (n/t)

[Raster]

2. There used to be more "resources" dedicated to this. They were disbanded by cheney*/bush*.

This was a give-away to their uber-wealthy supporters.

[Johonny]

8. yip

[T Wolf]

5. NOt surprising at all. The emphasis of the IRS has always been on sucking dollars from

working people while letting the wealthy skate.

Why do you think the IRS code is so complicated?

My wife and I were audited while I was a graduate student - with less than $6,0000 in COMBINED income.

The IRS exists to protect the wealthy while draining the rest of us. It does its job very well.

[jpljr77]

7. This, to me, is a signal that the IRS is becoming more apolitical

The reasons they have never launched a concerted effort to audit the myriad income streams of high net worth individuals is, 1) It's extraordinarily expensive and complicated...and they were losing more than they brought in, and 2) the IRS was being used politically, by administrations and Congresses.

Plus, why would administration officials want to go after themselves, members of Congress, and their most important financial backers? Didn't seem logical. We're finally in an environment where it makes sense to damn the relationships and go after rich people, regardless of who they donate to.

I think this is a very, very big deal.

[Arctic Dave]

3. But if the IRS makes them pay taxes how will they be able to trickle down all that prosperity on me.

What? What's that? That's not prosperity they're trickling down on me.

[Tandalayo_Scheisskopf]

4. That's "Tinkle-Down" economics.

The spelling mistake is surprisingly common. Worry not.

[no_hypocrisy]

6. My former boss should be happy.

He's a federal tax attorney.