Prominent Supreme Court attorney and SCOTUSblog co-founder Tom Goldstein was indicted on federal tax evasion charges, accused of failing to declare millions in poker winnings from 2016 to 2021. The indictment alleges he used his law firm’s funds to pay gambling debts and made false statements to mortgage lenders, totaling over $5.3 million in unpaid taxes. Goldstein, who has a notable legal career including representing Al Gore in *Bush v. Gore*, pleads not guilty and plans to vigorously contest the charges. The indictment also details alleged misuse of firm funds for personal expenses, including the payment of expenses for multiple women.
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A British court ordered the seizure of over £2.6 million ($3.3 million) from Andrew and Tristan Tate to cover unpaid taxes, citing their deliberate evasion of tax obligations. Chief Magistrate Paul Goldspring ruled that the brothers engaged in “a straightforward cheat” of the tax authorities, based on evidence of substantial financial transactions and a history of non-payment. The court found that the Tates failed to pay taxes on £21 million in revenue from their online businesses between 2014 and 2022. The Tates, who deny all wrongdoing, plan to appeal the decision.
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Charles Littlejohn, an IRS contractor, was sentenced to five years in prison for releasing the tax information of wealthy individuals, a sentence far exceeding sentencing guidelines and harsher than those given for comparable crimes. This disproportionate punishment, influenced by Republican lobbying, highlights the undue influence of the wealthy on the justice system. Littlejohn’s actions, which exposed significant tax avoidance by billionaires, were intended to serve the public interest. A presidential commutation is urged to rectify this injustice and protect Littlejohn from potential retribution from President-elect Trump.
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Since receiving increased funding in 2022, the IRS has recovered $4.7 billion in back taxes and criminal proceeds, including $1.3 billion from wealthy tax evaders and $2.9 billion from criminal investigations. These collections, which also benefited from whistleblower information, come as Republicans, who will control Congress, plan to revisit tax laws and potentially reduce IRS funding. Despite facing future budget uncertainty, including $20 billion in potentially rescinded funds, IRS Commissioner Danny Werfel expressed confidence in the agency’s ability to adapt to any upcoming legislative changes. The future of the IRS’s funding and leadership remains uncertain with a potential new commissioner nominated by Donald Trump.
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The news of the Treasury recovering $1.3 billion in unpaid taxes from high wealth tax dodgers is both encouraging and concerning. On one hand, it is a step in the right direction towards holding the ultra-rich accountable for their fair share of taxes. It is about time that those who have been living lavishly while evading taxes are being made to pay up. The fact that almost 80% of the 1,600 millionaires targeted by the IRS have now made payments shows that these individuals were well aware of their tax obligations but chose to dodge them until they were caught.
This recovery of unpaid taxes sheds light on the extent of tax evasion among the wealthy and the need for stricter enforcement and consequences for such actions.… Continue reading
The recent report by Oxfam about the world’s richest 1% gaining a staggering $40 trillion in wealth over the past decade is mind-boggling. The sheer magnitude of this wealth accumulation is difficult to comprehend, especially considering the economic struggles faced by the middle and working classes during the same period. As the rich get richer, the income disparity between them and the rest of the population continues to widen.
It’s disheartening to see such an enormous amount of money being concentrated in the hands of a few individuals while the vast majority of people struggle to make ends meet. The fact that nearly four out of five billionaires reside in G20 nations only underscores the extent of this wealth gap on a global scale.… Continue reading
One billion dollars. That’s a hefty sum, no matter how you slice it. And the fact that the IRS has managed to collect this impressive milestone in back taxes from high-wealth taxpayers is certainly a cause for some reflection. It’s a step in the right direction, a small victory in the ongoing battle to ensure that those who have the means to contribute their fair share actually do so.
The Treasury’s proposal to crack down on partnership basis shifting, which could potentially bring in over $50 billion in revenue over the next decade, is a significant move. It sheds light on the various loopholes and mechanisms that some high-wealth taxpayers have been using to avoid paying their dues.… Continue reading
The recent acquittal of all defendants in the Panama Papers lawsuit due to insufficiently documented evidence of corrupt intent is both disheartening and eye-opening. It is a stark reminder that justice, when faced with overwhelming factual evidence, can still find a way to excuse corruption under the guise of procedural flaws. The Panama Papers, one of the most significant financial exposes in modern history, shed light on the intricate web of tax evasion schemes and money laundering that allowed the wealthy to hide billions in wealth while ordinary citizens bore the brunt of paying their dues.
Panama, known for its lax regulations on tax evasion, was a natural choice for those seeking to evade taxes and operate in the shadows.… Continue reading
The loan that never was, the $50 million that magically appeared on financial disclosure reports, only to disappear into the shadows. The latest saga of Trump’s financial wizardry or, should I say, deception, has now come to light. It’s startling to see the extent to which individuals in power can go to manipulate the system for their gain.
This alleged scheme reveals the lengths to which some may go in evading taxes and portraying a false financial picture to the world. Claiming a non-existent loan to avoid paying taxes on forgiven income, it’s a tale as old as time for the incredibly wealthy and privileged.… Continue reading
As I ponder the recent news of the IRS launching a crackdown on 125,000 wealthy ‘non-filers’, I can’t help but wonder about the implications of such a move. The idea that individuals, particularly those classified as wealthy, have been able to evade filing taxes for such an extended period is concerning, to say the least. It brings to light the disparity in tax compliance between various income brackets and raises questions about the effectiveness of our tax enforcement system.
The fact that Republicans have been actively working to slash IRS funding further adds to the complexity of the situation. It begs the question of whether there are underlying motives behind such actions and if they are in the best interest of the general population.… Continue reading
John Q. Hosedrinker