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Tuesday, November 17, 2009

Economy The Rich Confess to the IRS

Posted by Charles Mudede on Tue, Nov 17, 2009 at 8:48 AM

Amnesty is for the rich:

Nov. 17 (Bloomberg) — More than 14,700 Americans voluntarily disclosed secret offshore bank accounts to the Internal Revenue Service during a partial amnesty program that ended Oct. 15, Commissioner Doug Shulman said.

“We were flooded with people coming in during the final days of the program,” Shulman told reporters on a conference call in Washington today as the U.S. and Swiss governments released a list of criteria used by Switzerland to screen American clients of UBS AG bank for tax fraud.

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I'm sure Republicans hate this news.

"But they NEED those secret accounts because they're the movers of society... don't take their money away from them and give it to people who can't afford to hire someone to set up illegal accounts"

Posted by Urgutha Forka on November 17, 2009 at 11:26 AM

Yes, the rich who then are obliged to pay back taxes, interest, and penalties, but not face criminal prosecution. They basically lose any money they made plus some, in exchange for taxpayers not having to spend money and time to get the billions owed. Not fair, but still not a good deal for the offshorers.

In the equivalent case, a middle-class person who had money they could hide would perhaps use a mattress.

Posted by GlennFleishman