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Tue May 4, 2021, 07:19 PM

The IRS used to be a guard dog. Republicans neutered it.



Tweet text:
Jane Mayer
@JaneMayerNYer
Under Trump IRS audits of high-earners collapsed. In 2010 23% of $10m+ earners were audited. Under Trump? .03%. The IRS Used to Be a Guard Dog. Republicans Neutered It. – Mother Jones

The IRS used to be a guard dog. Republicans neutered it.
That's why Biden is seeking $80 billion to audit America's top earners.
motherjones.com
4:07 PM · May 4, 2021


https://www.motherjones.com/politics/2021/04/irs-guard-dog-republicans-neutered-it-wealth-tax-enforcement-audits/

Taxpayers and politicians are forever complaining about rich people taking advantage of “loopholes” in the tax code, but the IRS, America’s most beloved government agency, doesn’t view things such as carried interest or the special tax treatment of offshore insurers—which hedge funders parlayed into an elaborate tax-avoidance scheme—as loopholes.

The law is the law, an agency spokesman told me recently, and subject to interpretation. If a family or company is audited and found in violation, it can settle up, protest to an IRS appeals board, or take the agency to tax court—a little-known venue where the white-shoe lawyers for America’s dynasties ply their trade. If the well-heeled taxpayer loses their case, they can appeal. If they win, they may well stand to save millions of dollars—or billions. And often they win.

That’s assuming they are audited in the first place. President Joe Biden is prepared to announce that his administration will seek $80 billion to beef up IRS audits of high earners—a necessary move given that the water carriers for the dynasties have done their utmost to make such audits exceedingly rare. The Republican Party has waged open warfare on the IRS since at least 1994, chipping away at its resources and enforcement abilities even as mainstream Republican lawmakers and candidates called for the agency’s abolition.

Administration officials estimate that a 10-year, $80 billion investment in IRS enforcement could yield $700 billion for the Treasury. And indeed, there’s a lot of catching up to do when it comes to the superrich. By the end of the Bush years, the IRS was auditing fewer than 1 in 10 taxpayers with adjusted gross incomes of $10 million–plus, and just 1 in 15 with incomes from $5 million to $10 million.

*snip*


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Reply The IRS used to be a guard dog. Republicans neutered it. (Original post)
Nevilledog May 4 OP
mucifer May 4 #1
House of Roberts May 4 #2

Response to Nevilledog (Original post)

Tue May 4, 2021, 07:32 PM

1. I wonder if they can do this without manchin.

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Response to Nevilledog (Original post)

Tue May 4, 2021, 09:01 PM

2. A neutered dog can still bite.

.

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