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August 02, 2021
Much has been made of the ways that crypto investors have been able to skirt existing tax rules to reap massive financial gains tax free. The underlying premise is that because of loopholes in tax laws, crypto investors are able to legally avoid taxes — as opposed to illegal tax evasion — and that only by fixing our laws to close those loopholes can we ensure that crypto holders pay their taxes.
July 08, 2021 | The American Prospect
Last month, ProPublica, aided by a trove of tax information on the richest Americans delivered by an anonymous whistleblower, began a series of reports on the staggeringly low to nonexistent tax bills paid by specific billionaires and the tactics they use to achieve that end.
In its most recent release, ProPublica detailed PayPal co-founder Peter Thiel’s use of a Roth IRA, a specialized retirement account in which contributors pay taxes up front but not on distributions, to shelter billions in investment income gains. This involved questionable valuations and other strategies that are either explicitly or implicitly illegal.
June 01, 2021
The Internal Revenue Service (IRS) is tasked with ensuring Americans follow tax laws. The IRS not only audits everyday Americans and foreign nationals with US tax liabilities but also maintains the power to investigate wealthy individuals and corporations for tax avoidance or other forms of malfeasance. Despite its crucial role in enforcing federal taxes laws (or, more aptly, because of this role), Republican austerity has systematically dismantled the IRS over the past decade.
April 16, 2021
It is relatively well known, for example, that the Internal Revenue Service has long suffered from under-investments in its budget. Less appreciated, however, are independent facets within the IRS which, rather than being primarily burdened by budget constraints, have simply been forgotten. One such facet is the IRS Oversight Board (IRSOB), which is supposed to provide guidance to the president on the IRS Commissioner and develop long-term strategic plans for the agency. The Board has lacked the five members necessary for a quorum since 2015.
April 08, 2021 | Public Seminar
IRS Commissioner Charles Rettig has spent his time at the agency favoring the ultra-wealthy, penalizing the poor, and blocking the release of Trump’s tax returns. President Biden should make clear that Trump cronies have no place in his administration and fire Rettig immediately.