IRS Drastically Increases Its Audits Of America's Richest Taxpayers

[SpartanDem]

Source: Huffington Post

In 2009, the Internal Revenue Service announced plans to unleash a new enforcement unit called the Global High Wealth Industry, the goal being to better investigate the complex finances of America's wealthiest taxpayers.

They weren't kidding.

Recently released IRS statistics indicate that the federal government increased their audits of America's richest taxpayers -- those with incomes above $10 million -- by 75 percent last year. Nearly one in five -- 18.5 percent -- of America's richest households dealt with an audit. In 2009, the Global High Wealth Industry's first year of operation, the IRS audited only one in ten of America's richest taxpayers.

Complex tax evasion has become an increasing problem in recent years, with popular strategies including conversion of income into capital gains and stashing cash in Swiss banks.


Read more: http://www.huffingtonpost.com/2011/03/27/irs-audits-richest-americans_n_840627.html

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You wanna know wy wealthy right wingers seems as unhinged they have ever been? This is the reason.

[gateley]

1. Jeez, the greedy fucks get enough tax breaks but I guess they want even more.

$10+ million a year. Obscene that they're not willing to do their part. :grr:

[ClarkUSA]

2. No wonder the Koch Brothers are out to get Pres. Obama. Thanks for this info.

Bookmarked for the next person who claims Pres. Obama is in the pocket of Wall Street.

[freshwest]

5. Woo hoo! You got it. Follow the money, not the lying media! I'm sharing this story.

[girl gone mad]

27. How much did Bank of America and Goldman Sachs pay in taxes?

How can you say he's not in the pocket of Wall Street? Instead of going after these huge corporate tax cheats, they'll go after a few unconnected millionaires? That hardly proves he's a man of the people.

[No Elephants]

29. LOL!

[rpannier]

3. OMG... Heavens to Betsy!

The Class Warfare!
The hatred of success!
(Clutch at Pearls)
Land sakes alive!
Why does the President hate the wealthy?
It's...it's...it's Socialism!
(Clutch faux pearls)

[freshwest]

4. Isn't the Teabagger congress seeking to de-fund the IRS as we speak? Now we know why!

[Countdown_3_2_1]

6. The rich can afford to fight this, They have lawyers and bribes to spare

You and I can't afford the best lawyers, but they can.

The result of this action may be increased revenue for the pukes in 2012.

[freshwest]

10. Sooo... Just let 'em get away with it?

[Courtesy Flush]

19. They don't need to use bribes

They write the laws.

[dennis4868]

7. But but but...

DU told me that Obama is in bed with the wealthy...huh? This story cannot be true...

[AlbertCat]

9. DU told me that Obama is in bed with the wealthy

10 million in INCOME is not the wealthy. They are the uber-wealthy. Hardly anyone.

[PSPS]

11. This "hardly anyone" group that makes $10 million in income holds over 99% of the nation's wealth.

Forget $10 million. As of 2005, there are only 11,000 households with incomes exceeding $5.5 million. 400 of these have gross annual household incomes exceeding $87 million.

Yes, the number of households is small. But that's where all the money is. We should go back to the pre-Reagan tax rates.

[jwirr]

8. The rich are the only ones with any money left - they have finally

realized that you cannot get money from someone who has none.

[elleng]

12. Repuke congress trying to de-fund IRS. Lets watch.

[ThomCat]

17. They have been trying to do that for years

partially to avoid exactly this. This don't want the IRS coming after rich people.

That's why they are so in love with the idea of a flat tax. It wouldn't require a big IRS. It could all be a straight deduction from any paycheck, and it would screw poor people and middle class people, while lowering taxes for rich people who don't get paid the same way we do. Plus, you know that all the tax loopholes for rich people would remain, so it would be easier for them to pay zero in taxes while the rest of us pay more.

[toddwv]

23. If I was in control of the IRS, I'd make sure that everyone that votes for such a defunding

is on the audit list. I'm willing to bet some interesting information would pop up as a result.

[avaistheone1]

13. Let's see if this really goes anywhere.

I have my doubts.


After all it is only the little people who pay taxes.

[jmowreader]

30. The thing is, she's absolutely right

There are tax-avoidance schemes that are TOTALLY LEGAL that you or I couldn't get into because we don't have the money to buy in.

[kag]

14. I had to check the date...

and make sure that today wasn't April Fools Day. Of course, I'll believe it when I see all those rich, tax-dodging assholes in prison.

[Liberty Belle]

15. Good start, but how much did they collect? Did they find lots of cheating, or

did the rich succeed in finding legal ways to avoid paying taxes?

If this works, and they collect a lot of money, then I hope California will audit its richest taxpayers/tax cheats as well. Who knows? Maybe there's enough missing out there to help close the budget deficit.

[Lasher]

16. These audits were drastically reduced during the previous administration.

This is good to see.

[PADemD]

18. Why only an 18.5 per cent audit on incomes above $10 million?

Why not 100%

[Sonicwall]

20. Make sure every fucking toerag is audited.

[ProgressiveProfessor]

21. I have to wonder what the ROI is

Big dogs have big tax specialists. They have a multiyear plan and know the laws better than the auditors in most cases. They can go after GE too. IF they get anything it will be less than the cost of finding it. There is a clue here for those with eyes.

[Donnachaidh]

24. might it have something to do with Nov 2012?

:rofl:

[Zorra]

22. Awesome. Why spend $10,000 to get $10 when you can track down $10,000,000? nt

[ProgressiveProfessor]

25. Problem is that you may get nothing

The big dogs have big tax gurus...you are less likely to get money from them than other groups

[sarcasmo]

26. Kick a thousand times if I could. Get those Greedy bastards.

[fascisthunter]

28. Hey Rich Righty.... Time to Give Back

haha!

[Here4DaLinks]

31. This is good news. Thanks for sharing.nt