The IRS’s unit that audits billionaires and other ultrawealthy individuals has lost 38% of its employees this year amid the Trump administration’s slashing of the federal workforce, according to new data obtained by ICIJ. The office, known as Global High Wealth, employed 353 people before the cuts and has experienced a far higher rate of terminations compared to the IRS as a whole, the data shows.
The unit’s losses have left behind unfinished audits of ultrawealthy individuals and cases that have either stalled or are being closed, according to four current revenue agents within the high-wealth office. The agents spoke on the condition of anonymity because they were not authorized to speak to the press.
The losses are a big reversal for the IRS’s recent effort to step up its tax enforcement among the wealthiest Americans, who authorities say account for a disproportionately high share of tax cheating. Under the 2022 Inflation Reduction Act, Congress allocated the IRS $80 billion in additional funding, in part to strengthen its efforts to audit wealthy individuals and large corporations. However, Congressional Republicans have clawed back half […]
Have you heard anything about the process being developed to get We The People to bail out hedge funds?
The only hope I had for the oncoming market and dollar slaughter was that it would also massacre banks and wall street denizens and gut their manipulations and atrocious derivative practices. Now, it seems, it won’t, if the Fed(?) Congress(?) have their way.
I feel more and more certain that a raze of the system is necessary to eliminate the grift we know and don’t know. I accept with trepidation WHAT THEY THEMSELVES HAVE WROUGHT if it allows us to rebuild using our reclaimed powers of oversight and purposeful transparency in systems.