IRS Enforcement

As the saying goes, nothing in life is certain except death and taxes. However, most ultra-rich individuals don’t worry about taxes because they utilize many different loopholes and tactics to avoid paying taxes. Tax evasion is worth big bucks, and the excessively wealthy use teams of lawyers and tax accountants to help them avoid paying taxes on income, wealth, inheritance, and many other things.

Enforcement by the Internal Revenue Service (IRS) is needed in order to audit households that evade taxes, and to ensure that new legislation designed to curb excessive wealth is correctly implemented. But funding for the IRS has been severely cut back in recent years. A bill proposed by Senator Elizabeth Warren (D-Massachusetts) would stop tax evasion and increase IRS enforcement of the ultra-rich by funding a “wealth squad” to carefully monitor their tax filing activities, among other things.