The IRS will create something called a “Global High Wealth Industry Group” reports the Wall Street Journal’s Martin Vaughan that will conduct audits of the “very wealthy” and scrutinize profits like revenues from offshore trusts. This all sounds nice — but new announced audits of the wealthy come after big business lobbyists persuaded the Obama administration not to levy a new tax on offshore profits. Multinationals companies have already persuaded the White House to keep taxes at Bush-era levels. Tougher audits are a lame consolation prize for higher taxes on the super-rich, taxes that would reduce the national debt or pay for a necessary government program like extending unemployment benefits.

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