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IRS zeros in on wealthy individuals, companies

May 28, 2009 by  

IRS zeros in on wealthy individuals, companiesThe Internal Revenue Service has said it is expanding its audit efforts among rich individuals and companies with foreign operations in an effort to enhance its enforcement.

According to Reuters, the statement came in response to one congressmen citing data which suggests the IRS audit rate for millionaires fell 19 percent between 2007 and 2008, while for big corporations it allegedly declined by 9 percent from 2005 to 2008.

"Our long-term investment is to have a trend where wealthy individuals, large corporations, [and all those] who have benefited from being in the U.S. … pay their taxes," said IRS Commissioner Douglas Shulman, quoted by the news source.

Shulman has also urged House lawmakers to enact President Obama’s proposals to fight offshore tax evasion, which include a $400 million increase in the IRS enforcement budget over fiscal year 2009 funding levels.

Earlier this year, the IRS announced a six-month amnesty program to encourage individuals and companies holding assets in offshore accounts to voluntarily declare them in exchange for lower penalties and avoidance of criminal prosecution as long as the assets were acquired legally.

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  • s c

    This has one purpose. It will shelter a ‘certain’ political group, and everyone else will be fair game. Until our ‘leaders’ furnish an accurate, valid definition of “rich,” this lofty scheme will be an American version of Hitler’s Germany.
    There are MANY ‘rich people’ in Congress [and the White House] who will not be on that list. How is this possible? (only the “bad” rich people will feel the wrath of the government). If your political credentials are in ‘good standing,’ you will get a free pass. He who controls the cards controls the game.
    Welcome to Twilight Zone 2009, where common sense has been buried (it
    interferes with the Perfect Social Justice of Mein Kampf).

  • http://None Harold G. Minor

    It is very depressing after serving in WW-2 that I find that there has been very little done for this country since that period. The whole world is now in total chaos and the American Workers have destroyed their own workplace. Our Government has allowed the Anti-Americans to more or less control our way of life which is no longer Love-Of-Country as we knew it eighty-years ago. If all of the Anti-Americans would drop dead, we would never get them buried, think about it, your country is no longer your county. I was not just in the US Military Service during WW-2, I was a Combat Veteran. Now, I have just wasted my time and yours by making a comment in your free space.


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