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IRS Tried to Take on the Ultrawealthy

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    FrommerStop

    FrommerStop

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    Nothing really new. Tax laws and really little else were never meant to apply equally to the super richest people.

    https://www.propublica.org/article/...nal-revenue-service-global-high-wealth-audits
    Gutting the IRS
    The IRS Tried to Take on the Ultrawealthy. It Didn’t Go Well.
    Ten years ago, the tax agency formed a special team to unravel the complex tax-lowering strategies of the nation’s wealthiest people. But with big money — and Congress — arrayed against the team, it never had a chance.
    Click to expand...

    This how these things often end assuming that they actually ever started in the first place

    The wealth team embarked on a contentious audit of Schaeffler in 2012, eventually determining that he owed about $1.2 billion in unpaid taxes and penalties. But after seven years of grinding bureaucratic combat, the IRS abandoned its campaign. The agency informed Schaeffler’s lawyers it was willing to accept just tens of millions, according to a person familiar with the audit.
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