After mass firings, the IRS is poised to close audits of wealthy taxpayers, agents say
After mass firings, the IRS is poised to close audits of wealthy taxpayers, agents say
The upheaval undermines the agency’s quest to tackle high-end tax cheating.
Summary
Mass firings at the IRS under the Trump administration threaten ongoing audits of wealthy individuals and corporations, potentially leading to millions in lost tax revenue.
The cuts primarily impacted employees in the Large Business & International Division, many of whom had extensive tax expertise.
With fewer agents and specialists, complex cases may be prematurely closed, undermining enforcement against high-end tax evasion.
Critics warn this weakens IRS oversight and emboldens tax avoidance among the ultrawealthy.
Gee, that almost sounds like it was intentional.
Not even subtle about it any more.
They weren't subtle to begin with.
The only thing that’s incorrect about this article is that they talk about millions in lost revenue, when the effect will certainly be in the billion if not trillion dollar range.
They should have cut all IRS investigations except the wealthy.
For every dollar spent on IRS audits for middle America, they get about a dollar back in recovered revenue. For every dollar spent on auditing wealthy Americans, they get about twelve dollars back in recovered revenue. I don't think these cuts are intended to help balance the budget.
The rest of us are mostly automated. Checking your return against a W2 and a couple of bank 1099s is easy.
Chasing down tax dodging through a web of pass through entities is not.
Fair point, but potential returns are massive, and if they were targeting likely evaders , they could compound the money spent on manual checks (a list of high ranking Republican members might be a good place to start)
That kind of seems like the opposite of efficiency
Almost like efficiency was never the point.
Makes it more efficient for the wealthy when finding ways to avoid paying tax.
Friendly reminder that Joe Biden increased resources to the IRS and they recouped billions from wealthy tax cheats.
But he was too old, so we went with an old rapist felon traitor instead.
Retail Store CEO:
We will save money by firing all the cashiers!
I would say "why don't they just focus on rich people and not audit the other 90% of Americans." But we already know the answer to that one no matter who's in charge.
we the poor are not a fucking bank for these lazy bastards that just keep taking all our shit for their own personal financial gain.. And they'll keep taking and taking if we keep letting them, and we've been over the limit for some time already It's past due to push them off of us
And yet, Republicans have been steadily making gains with the working class. With this past election they are now the dominant party for working class voters. It comes down to two things. American voters are deeply ignorant and the Democratic party is pathetically weak and out of touch.
we the poor are not a fucking bank for these lazy bastards that just keep taking all our shit for their own personal financial gain
Capitalism is a trickle-up system, so yes, that is exactly what you are.
That's some good praxis
Less of a bank, and more like livestock. And you've seen how they treat other forms of livestock.
The Helmsley Doctrine (“only the little people pay taxes”) is now law
Trickle up economics
Vacuum up economics
I refiled my W4s to pay little to no taxes. I realize they're going to come after it later, but I just plan to play dumb and delay and deny for as long as I can (without facing jail time).
Maybe tell them you were using it to pay the new import taxes Trump implemented and that you thought it was the same thing.
Geez gosh golly!
I can't believe stuff like this happening under a Trump presidency ! Is it actually possible Trump wants good things to happen to the wealthy and nobody else!
Not possible! I refuse to believe it!
Clearly, it was Hunter Biden's intern's emails about a tan suit.
Fucken sick of this blatant manipulation by the wealthy. The IRS is our fucken money maker.
Let's rename it to "Accounts Receivable" and really run this country like a business.
Turns out they only have enough to audit the poor and middle class.
Correction: to harass people that oppose the system with fraudulent tax audits.
Easy pickings. The average middle class folk pay up what ever the gov says they owe, when they receive a stern letter while the rich lawyer up at the drop of a hat. Also, if a neighbor gets in trouble, the whole neighborhood gets scared and obeys. If a few irate taxpayer pulled a Luigi, things might change.
It doesn't make sense to me because there are fewer ultra wealthy people in America than there are poor people.
so with staff getting cut in half, you'd think it would be better to focus on the smaller group.The rich have more assets and income sources and have staff who do a bunch of financial chicanery to try to hide their tax evasion. Auditing the rich requires significantly more work than the poor.
These decisions are not about doing what makes sense. The IRS is a revenue generator. Spending money on the IRS brings in significantly more money in unpaid taxes than it costs.
The goal is not to do what's best for the government's budget. Its really about ensuring that their criminal friends can continue to get away with it.
Smaller group with more to pay. It's a no-brainer if you're acting in good faith and not a complete moron. So obviously not what the current administration is going to do.
I can only assume it's because rich people's audits are highly complex
This is just the continued pushing of the tax burden onto the middle class. Which really got started good under Reagan. I think this is just the result of the uneducated GOP supporters winning this election. Now it is just a constant flood of them having no idea how government functions while ruining stuff for the rest of society,
But they're winning! And fucking over "the libs" at the same time!
And low info,.plus bigotry too.
Auditing the less wealthy is already automated.
Sue Trump and Elon for the illegal firing now before it is too late.
That'll get you literally nowhere. Someone with deep pockets would be the only option to sue em, even then, they'll just counter sue for defamation and drown you in legal fees
Why wouldn't they retaliate by specifically prioritizing the wealthy?
If they're crunched on time wouldn't they focus on the highest value accounts?
Thank goodness! The eternally suffering oligarchs will finally get a break from all the riff raff harassment
So much corruption under this convicted felon president.
Surprised Pikachu Face...
Thank goodness. Those poor billionaires having to suffer with taxes and things like a pleb. Disrespectful. I bet no one has even publicly thanked them for being rich today.
This is what you voted for protest non voters! Congratulations!
Exactly the point.
"taxpayers"