Mighty Morphin’ Tax Shelters Foil IRS

The NYT reports that tax cheating by the supperich may be so pervasive that the government doesn’t even have enough resources to fight it.

“Among the billionaires cited in the report are…. the producer of the “Mighty Morphin Power Rangers” children’s show, Haim Saban.”

IRS, dude, he’s got like Power Cannons and Shogun MegaFalconzords. There’s no way you’re going to beat him in a pitched audit on open terrain.

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  1. Nice that they’re laying off/reassigning half the IRS workforce dedicated to auditing the rich.

  2. Ben Popken says:

    Stuart writes:

    “Yes, they are reassigning the auditors for the super-rich. That’s because it’s a net loss to try to prosecute these guys. They have attorneys on retainer and will go to tax court to try their luck. The IRS is having much more success badgering the cash-n-carry independent contractors who under-report and are easily uncovered (viz late night informercials to rectify the “problem”). Anything they get from these guys is “found money”. No court costs. No in-office audits. No obfuscation. As much as I hate the IRS, they’re making a cost effective streamlining move.”