Yesterday, the Internal Revenue Service announced the creation of a new group that will spend its time chasing down wealthy taxpayers who attempt to shelter their earnings and assets from Uncle Sam's reach. Some people might think it's wrong to target high net worth individuals. They might argue that everyone should be treated equally by the IRS. I disagree. I think a new unit with this focus makes perfect sense.
Reuters provides a good description of the new unit:
The IRS unit, which started operations in recent months, is part of a broader effort at the agency to combat international tax evasion, and the unit will grow over time, IRS Commissioner Doug Shulman told a meeting of the American Institute of Certified Public Accountants.
"We will take a unified look at the entire web of business entities controlled by a high-wealth individual," Shulman told the meeting. "At least initially, we will be looking at individuals with tens of millions of dollars of assets or income."
The high-wealth unit will focus on trusts, real estate investments, privately held companies and other business entities controlled by rich individuals, Shulman said.
Clearly, most Americans have nothing to worry about. Rich tax dodgers, however, probably aren't pleased with this news.