General Discussion
In reply to the discussion: Salvator Mundi a $450 million painting and the Mueller investigation collide. [View all]SWBTATTReg
(26,352 posts)and all of the other methods and so forth via buying 'clean assets' w/ dirty money, etc. is almost like a comedy sketch, but one that isn't funny. If this describes the act of just a few wealthy people to escape taxation/escape having their money traced/tracked, etc. responsibility (rump, Saudi Arabia, Russia), then think of this scary scenario, that many wealthy people/entities have engaged in this practice multiple times, year after year.
This practice among w/ others is what rump seems to claim in his so called ability to avoid paying taxes and I think this is the big reason why he doesn't want to show us his tax returns. This is not a privacy issue, this is a criminal issue and it needs to be acted upon.
These schemes are ripping ALL of us off big time. I love to know the excuses that republicans will use in order to deflect or defeat efforts to continue to defund the IRS. If anything, the new House of Representatives should pass beefed up tax collection efforts (or at least the states should) to go after these people/entities. If the Senate votes no on this issue, I'd love to hear their rationale as to why, and then thrown them in jail after due process, for failing to perform their basic duty to the US and their oaths.
Remember the Panama Papers? It detailed numerous accounts of offshore LLPs setup solely for the purposes of tax avoidance. I know that (or least I think we do) that the IRS has in place a system of awards should someone/some group id tax avoidance schemes be identified to the IRS and tax revenues recovered.
This needs to be beefed up in serious terms, w/ severe tax penalties being imposed (seize estates if need be (this already happens w/ drug dealers today)), awards being massively increased and the authorities of independent entities increased so they can all go after these crooks instead of just the IRS.
To protect ourselves, thresholds be established so abuses won't occur during the execution of this new or enhanced process, such as estates over $100 Million dollars or more are subject to this kind of collection effort.
Once setup, a competent group of international tax lawyers, forensic accountants (all common US citizens) could work for our government (and us thus), and scoring a commission on recovered tax revenues. We all would win.