3 ms·

I'm always dumbfounded that the IRS isn't the most well funded branch with the best accountants in the country with the resources to actually go after some of t

by xmprt 5y ago

I'm always dumbfounded that the IRS isn't the most well funded branch with the best accountants in the country with the resources to actually go after some of the richest people in the country. Given how poorly funded they are right now, each employee should be able to net more than enough additional revenue to pay their salary. Genuine question: How did nothing happen after the Panama papers were leaked? What literally all of that legal or was it because the IRS didn't have time to investigate all the cases?

stjohnswarts 5y ago
My guess is that mega-rich people (most of congress) prefer that the IRS not be more litigous and well-funded than it already is because a significant number of them have doubts about how legal their tax activities actually are. Also they certainly don't want to anger their donors and super PACs
pas 5y ago
because the Panama papers was mostly a non-event for US folks. FATCA was already in full force. that a few celebrities who have money had accounts there ... means nothing. it was a big thing for countries where the leak uncovered (or "proved") corruption.
- TomSwirly 5y ago
  > FATCA was already in full force. FATCA fixed nothing at all. > it was a big thing for countries where the leak uncovered (or "proved") corruption. How can you possibly say that the US is not in that category?!
  - pas 5y ago
    There's nothing to "fix". Because US corruption is not hidden. There's nothing to uncover really. It's done in plain sight. There are two dedicated people for that for each state on the federal level. There are complete industries sustained by nothing but endless subsidies. Already super favorable tax regulations, already great ways to store wealth in ways that are conveniently inaccessible to public eyes. Of course if by fix you mean putting an end to economic rent-seeking, then for that the way forward is healthier markets and/or "whatever the Nordic countries are doing".

by xmprt 5y ago

stjohnswarts 5y ago

My guess is that mega-rich people (most of congress) prefer that the IRS not be more litigous and well-funded than it already is because a significant number of them have doubts about how legal their tax activities actually are. Also they certainly don't want to anger their donors and super PACs

pas 5y ago

because the Panama papers was mostly a non-event for US folks. FATCA was already in full force. that a few celebrities who have money had accounts there ... means nothing. it was a big thing for countries where the leak uncovered (or "proved") corruption.

TomSwirly 5y ago
> FATCA was already in full force. FATCA fixed nothing at all. > it was a big thing for countries where the leak uncovered (or "proved") corruption. How can you possibly say that the US is not in that category?!
- pas 5y ago
  There's nothing to "fix". Because US corruption is not hidden. There's nothing to uncover really. It's done in plain sight. There are two dedicated people for that for each state on the federal level. There are complete industries sustained by nothing but endless subsidies. Already super favorable tax regulations, already great ways to store wealth in ways that are conveniently inaccessible to public eyes. Of course if by fix you mean putting an end to economic rent-seeking, then for that the way forward is healthier markets and/or "whatever the Nordic countries are doing".