Continue reading.Raw Story has uncovered a secret IRS tax favor for the super-rich—authorized when Donald Trump was president—that will take effect on Thursday, July 1. President Biden can stop it with one phone call. Will he?
The Biden White House was unaware of this Trump tax favor—disguised as a crackdown on wealthy tax cheaters—when Raw Story asked about it on Friday.
That's not surprising because the IRS remains under the control of Charles Rettig, a holdover from the Trump era. Before Trump named him IRS commissioner, Rettig was a Beverly Hills tax lawyer who helped the super-wealthy escape taxes and—if they got caught cheating—negotiated secret settlements that avoided public humiliation while minimizing taxes and penalties.
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What makes this Trumpian scheme diabolical is that on the surface, it appears to be a 50% increase in enforcement of gift and estate tax law, areas where cheating is rampant. Actually, it's the opposite.
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Detecting these tax avoidance tricks and then figuring out how much tax is due requires sophisticated skills, especially in understanding legal doctrines and court decisions. The new hires need only minimal training, none of it in contract law.
So, while it appears the IRS is beefing up its auditing power, it is simultaneously moving to assign the work to employees less likely to detect cheating and when they do much easier to dupe. Imagine your local police department announcing it would no longer hire homicide detectives but instead assign future murder cases to patrol cops.
Raw Story
The whole idea was bullshit from the start. Surely nobody ever thought otherwise.Tax cuts for the wealthy have long drawn support from conservative lawmakers and economists who argue that such measures will "trickle down" and eventually boost jobs and incomes for everyone else. But a new study from the London School of Economics says 50 years of such tax cuts have only helped one group — the rich.
CBS
...but hey, do what you want...you will anyway.
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