Pro Big Corporate IRS: Agency Guts Whistleblower Program, Leaves Billions on the Table
It’s widely known among tax professionals that the US does little in the way of tax enforcement, and the little that it does do is directed against individuals and small businesses. What is not so widely known is how deep the institutional bias is in the IRS in favor of letting big corporate tax cheats get away with it. Conventional wisdom is similar to the rationalization of weak enforcement at the SEC: that the agency is afraid that if they go after big companies, they’ll have the penalties and fines challenged in court, and they’ll often lose by virtue of being outgunned by better lawyer…It turns out that the picture is vastly worse than that. In 2006, recognizing that the IRS was losing over $450 billion a year in revenue to tax evasion, Congress mandated that the agency establish a whistleblower office and pay whistleblowers 15% to 30% of amounts recovered from their filings. Unfortunately, as a whistleblower from the IRS’ Office of the General Counsel in New York has revealed, the IRS at its highest levels is opposed to implementing the policy.
Goldman Sachs reveals ties to Libya fund
Goldman Sachs has admitted in court documents to having used small gifts, occasional travel and an internship to cement its ties with Libya’s sovereign wealth fund under Moamer Kadhafi.
The Real Source of Corruption in Congress: Members’ Good-Faith Efforts To Help People
But why does Rogers care so much about Phoenix Products that he wants to send all this business his way?
What Phoenix Products has is something unique. It’s based in Kentucky, just like Harold Rogers. Its employees live in Harold Rogers’ district, they shop in stores that are in Harold Rogers’ district, their spouses and siblings live in Harold Rogers’ district, their incomes bolster the tax base for municipalities in Harold Rogers’ district. So if Harold Rogers wants to do the right thing for Harold Rogers’ constituents, he needs to do the right thing for Phoenix Products.
Hayek differentiated between an welfare state of Law versus one of administration. The former would function based on a set of rules in openness and transparency. The latter would be run by bureaucrats who distributed favors for their own political gain. The former would be compatible with a free democratic society, the later would subvert it.
I think we need to start looking at the defense industry as favor distributing patronage system that no longer serves its defined public purpose.
Just in his mid-20s, Brian Deschane has no college degree, very little management experience and two drunken-driving convictions. Yet he has landed an $81,500-per-year job in Gov. Scott Walker’s administration overseeing environmental and regulatory matters and dozens of employees at the Department of Commerce. Even though Walker says the state is broke and public employees… Continue reading No degree, little experience pay off big
James O’Keefe defends “sex boat” prank by saying it wouldn’t have been that gross From James O’Keefe defends “sex boat” prank by saying it wouldn’t have been that gross – War Room – Salon.com If your defense is that it wouldn’t have been “that gross” then you probably should shut up and slitter away before… Continue reading James O’Keefe defends “sex boat” prank by saying it wouldn’t have been that gross
Last week, Congress’s oversight panel for the TARP funds confirmed in a report that the Treasury Department essentially has no idea what banks have done with the astronomical sums they’ve been handed. From TPMMuckraker | Talking Points Memo | Who’s Running TARP? You Might Not Wanna Know Nice jumping off point for discussions on what… Continue reading Who’s Running TARP? You Might Not Wanna Know
In the midst of the worst financial crisis since the Great Depression, former Mayor Rudy Giuliani has begun drumming up business, positioning his law firm to advise corporate clients on how to profit from the government’s $700 billion bailout. From: Giuliani’s law firm seeking bailout business – Newsday.com So at what point is he going… Continue reading Giuliani’s law firm seeking bailout business
It is not snobbish to recognize that the job of vice president of the United States at this point in history requires a broad understanding of our diverse, globalized world and ways to strengthen the weakened position in it that this country has suffered over the last eight years. From With Palin, the Issue Isn’t… Continue reading Issue Isn’t Faith and Family
Defying state law, they have decided to hide a hard-fought race for the United States Senate at the bottom of the ballot, where they clearly are hoping some voters will overlook it. Their proposed design is not only illegal. It shows a deep contempt for Mississippi’s voters. From Mississippi’s Ballot Trick Remember the good old… Continue reading Mississippi’s Ballot Trick