One year ago, ProPublica published illegally leaked IRS data on America’s wealthiest taxpayers. The “newsroom” said it obtained the information from “an anonymous source,” thanks to the ease with which people with access to information can secretly copy and transmit it with a few mouse clicks.
ProPublica piously claimed its actions were meant to advance “tax fairness” and help Congress and the Biden administration pay for all the trillions of dollars lavished on Covid and Build Back Better, by making it harder for the über-rich “to avoid tax burdens borne by ordinary citizens.”
But as I’ve noted previously, their approach is hideously complicated. Assets that increase in value from some retroactive mythical or arbitrary acquisition price would get taxed whopping amounts. If assets later depreciate, the wealthy will require credits or refunds for billion-dollar unrealized losses. Worse, the initial 700-1,000 ultra-rich would likely balloon to millions of taxpayers, as happened with the Alternative Minimum Tax, under this accountant, appraiser, auditor and lawyer appreciation legislation.
The IRS and Justice Department say they are deeply concerned, devoted to protecting taxpayer information, and committed to getting to the bottom of the data theft