Global High Wealth Industry Group Created: New IRS Unit Will Target The Very Wealthy

Wall Street Journal:

WASHINGTON -- A new Internal Revenue Service enforcement unit targeting the very wealthy will help the tax agency decode partnerships, offshore trusts and other complex techniques used to hide income, IRS Commissioner Doug Shulman said Monday.

Read the whole story: Wall Street Journal

Comments

[rhubardpi]

Please let me clarify one thing that may confuse some of you in my statements below. I am not talking about the IRS's Offer-in Compromise procedure. I worked cases using this procedure for 3 years. You often see on TV and in print where attorneys and business firms refer to this as "tax relief" program, etc. I can assure you I have horror stories about that procedure, the design of it is very sound, but often as implemented by some in the IRS you would not believe how lax the big bad IRS can often be. That's the way it is folks.

[rhubardpi]

Well I must say, do not bet on it. I worked for the IRS Collection Division for 28 years and most of the public would not believe how many taxpayers, who how large tax debts, get away with paying nothing, (as in zero) even though they can pay much or often all of their debt. It would take too much space to go into detail, but I can tell you this, I raised this issue with numerous IRS managers including former IRS Commissioner Charles Rosotti personally. He turned and walked away after I told him I had copies of actually taxpayer case reviews to prove what I was telling him. Kinda makes ol' Rosotti guilty of aiding and abetting non-payment of taxes don't you think? I'm now retired from the IRS and I still have copies of actual taxpayer case reviews. This is illegal for me to have. I have written to Obama and numerous senators about all this, and I have gotten not one word of reply. There's more I can assure you. So I hope you all enjoy paying more in tax because the big bad IRS often does not follow it's own laws and procedures. Heh Mr current IRS Commissioner, how about you and I go on a cable news show and discuss the issues I raise here? Anytime, anywhere pal.

[CAPTAINSKIPPY]

If you still have any money left after the Wall Street casino, Madoff, and the bailouts, expect a visit from the IRS?

[macweenie]

Who are you, Lindsay Lohan? Yeah, when the bill comes after the party and the hangover YOU MUST PAY IT!

[WriterGuy]

It's about time!! Why hasn't this ALWAYS been the case???

[VoteDemocrat]

How do we hold wall street accountable? NO matter what Obama & his team tires to do the bankers always find a way to evade it.

as stated by http://financeopinionss.blogspot.com it is time to create economic growth that we can all benefit from; not the top 1% of earners. An equitable economy is a better one.

[JBS]

What we really need is to be able to go down to the local mom 'n pop gunshop and buy a big game hunting license good for banksters, wall street con artists and all the rest of these dirt bags.

Why should the IRS "target" these guys, when we are perfectly capable of doing it ourselves?

What's the use of having a second amendment if we're not allowed to put it to good use?

[UncleJimbo]

Remember why Baby-Face Nelson said he Robbed Banks? ...."Because That's Where the Money Is!" Why Tax the Rich?.....­...Exactly­!

[tippy6]

Of course! They don't deserve to be rich. Being rich means you're evil! Automatically!

Many rich people earned their money legitimately, and paid all their taxes, you say? So what! Nobody derserves to have that much money! The government must decide how much each person can earn! Distribute the excess to those who don't work hard to earn the money! Yeah, that'll fix all our problems!!!

[end sarcasm]

[macweenie]

Oh pull your panties out of your crack. This is about the TAX CHEATS, many of whom happen to be VERY WEALTHY, and the IRS has a division dedicated to MAKING THEM PAY THEIR FAIR SHARE! Your histrionics for the poor put upon billionaire was very touching though.

[spaceship4theking]

End the war in iraq. End Guantanamo. NO more tax haven for the rich. NO more bailouts.

good articles; http://financeopinionss.blogspot.com

Obama please reform heath care and get unemployment benefits passed ASAP

[NWBrunette]

No doubt this new unit will consist of one pimply-faced 19-year-old working on his GED while holed up in a basement closet-sized office with an IBM Selectric. Go get 'em, Tiger!

[Joethepauper]

It's about f#*king time! For years, they have focused their energy on waiters making $2.13 plus tips. If you go after the people making tens of thousands of $ per hour, it adds up. While we are on the subject of taxes, here's another idea: If employers would pay their workers (those people who do actual work) an extra buck or two per hour, the higher the pay, the higher the tax revenue. Another result would be a boost in consumer confidence. People's wages haven't kept-up with inflation for about 30 or 40 years, so they have gradually cut-back. They can no longer afford the things they want, and can only buy the things they need. By paying them more, they will be buying more of what they need and some of the things they want. Those items are made by corporations, and those raises would make it back into the pockets of those wealthy business owners, anyway.....this just allows people a decent way of life by trickling up, not down. I think it's odd that corporations in every sector think that their entire industry would collapse if they paid their workers better, but when it comes to paying executives $57,000 PER HOUR, that doesn't affect the bottom line at all. I think $1,000 per hour is still too much, but if that CEO could survive on that, 56,000 people would have an extra $40.00 to buy groceries and pay bills each week.

[oldngrumpy]

You just described the way capitalism is "supposed to work". Since RayGun tipped logic upside down we have steadily slipped into a deep hole. The wealthy aren't effected by, and many times profit by, recessions and depressions, so they don't have much incentive to drive the economy.

I am not a fan of corporate taxes, except where our dollars are leaving the country, but taxing extreme incomes should be a no-brainer. High tax rates encourage investment and taxation can effect behavior that you want to encourage. When you hand out tax cuts like cheap party favors without targeting fiscal behavior you only decrease revenue. Tax cuts and exclusions should always be targeted to beneficial behavior for our country.

[Blufftonian]

High tax rates encourage an EXODUS.

http://www.washingtonpost.com/wp-dyn/content/article/2006/07/15/AR2006071501010.html

[yemaya]

you are making way too much sense, it'll never happen here in America.

[Bitsko]

Good news, but what took so long? Never mind, I just remembered...

[RSKaz]

Thanks to the last administration economic policies, no worries this affecting the GOP's "base."

[4inline]

I would rather keep my money to pay for cell phones, etc. and use their money to pay for my health care. Keep taxing those rich people!!

[oldngrumpy]

If you make cell phones you likely wouldn't see things the same way.

[tippy6]

Right! Give me all their money, that I did not earn!

[macweenie]

Naw - just the money that THEY didn't earn.

[KHAAANNN]

This is not a "new" unit.
It has existed (in one form or another) for 60 years. It was staffed by accountants with extensive experience in tax shelter fraud and detecting and recovering funds from tax dodges with incomes over $10 Million.
Under the Bush administration, it was totally de-funded and shut down.

[yemaya]

very true, most people don't know that actually.

[Haditup2here]

If the government really wanted to do something about wealthy tax cheats, they would reform the tax code and get rid of all of those unnecessary tax deductions (especially the ones for business traveling expenses).