How investment firms shield the ultrawealthy from the IRS

Photo caption: The Internal Revenue Service Building, located in the center of the Federal Triangle complex in Washington, D.C. Photo credit: Carol M. Highsmith – Library of Congress Catalog. Public Domain. Article by Spencer Woodman. The International Consortium of Investigative Journalists – April 3, 2024.

In 2015, the U.S. Department of Treasury hired an economist named Owen Zidar as a contractor to help a team of government officials examine a problem of growing urgency. The ultrawealthy were increasingly turning to intricate webs of companies and trusts to move their income in ways that auditors could hardly begin to understand. […]

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