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      tax dodging

      Daniel Werfel

      With Funds Opposed by GOP, IRS to Target Ultrawealthy Tax Delinquents

      "This news stands in stark contrast to the approach taken by House Republicans, who want to allow wealthy tax cheats to continue business as usual," said U.S. Senate Finance Committee Chair Ron Wyden.

      Jessica Corbett
      Sep 08, 2023

      The U.S. Internal Revenue Service on Friday won praise from congressional Democrats and progressive groups for announcing "a sweeping, historic effort to restore fairness in tax compliance by shifting more attention onto high-income earners, partnerships, large corporations, and promoters abusing the nation's tax laws."

      The IRS effort is enabled by some of the $80 billion in funding for the agency included in the Inflation Reduction Act (IRA), which President Joe Biden signed into law last year. About a quarter of that money is set to be clawed back as part of his recent deal with congressional Republicans to temporarily suspend the nation's debt limit.

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      internal revenue service
      Senate Republicans laughing

      Double Duty of Debt Ceiling Deal: A Gift to Wealthy Tax Cheats and Increases the Deficit

      Cutting critical IRS funding to enforce our tax laws better not only erodes the fairness and integrity of our entire tax system, but also reduces federal revenue.

      Jon Whiten
      Jun 02, 2023

      The U.S. House and Senate have now both approved the deal struck by President Biden and House Speaker McCarthy to suspend the nation’s debt limit through 2025 in exchange for a range of cuts sought by Congressional Republicans. While the deal is not as draconian as the debt bill that passed the House earlier this spring, it includes no new revenues even though tax cuts of the past few decades have been the primary driver of deficit growth. And one provision of the deal—to claw back important funding to crack down on wealthy tax cheats—would actually increase the deficit while continuing the rig the system in favor of the most well-off.

      The deal contains a $21.4 billion cut to IRS funding for tax enforcement. This includes an immediate $1.4 billion cut, and a side deal to cut, over the next two years, a quarter of the $80 billion in new funding the IRS received last year as part of the Inflation Reduction Act.

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      Opinion
      debt ceiling
      Credit Suisse chairman Axel Lehmann (L) and UBS Chairman Colm Kelleher attend a press conference

      Credit Suisse Complicit in 'Massive' Conspiracy to Help Rich Americans Dodge Taxes: Senate Report

      "Republican budget cuts have decimated the IRS's ability to root out this kind of offshore tax evasion scheme," said Sen. Ron Wyden.

      Jake Johnson
      Mar 29, 2023

      The Senate Finance Committee on Thursday published the results of a two-year investigation showing that the scandal-plagued Swiss bank Credit Suisse has been complicit in a "massive, ongoing conspiracy" to help wealthy U.S. citizens dodge taxes.

      Spearheaded by Sen. Ron Wyden (D-Ore.), the chair of the Senate panel, the probe found that Credit Suisse violated the terms of a 2014 plea agreement with the U.S. Department of Justice (DOJ) that required the bank to crack down on tax dodging by its U.S. clients.

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