Crackdown on offshore tax cheaters is paying dividends

[mucifer]

This crackdown has the potential to pay big dividends. A U.S. Senate report estimates that secret offshore accounts used to evade taxes cost the Treasury at least $100 billion a year. Factor in the steep financial penalties assessed against cheaters, and the U.S. could bring in significant revenues. Amnesty programs enabling Americans to declare their offshore holdings have attracted nearly 40,000 participants and generated $5.5 billion in back taxes and civil penalties. Removing tax havens also will promote respect for the law and improve voluntary compliance with the tax code.

The Swiss tradition of hush-hush banking is going by the boards: An agreement in August between the U.S. and Switzerland will allow other Swiss banks to avoid criminal prosecution in the U.S. only if they disclose extensive information about their American clients, including those who fled Switzerland for other tax havens after the UBS case broke.

Still, the U.S. approach is becoming a model because it is effective. France, Germany and other European nations have targeted their citizens who have foreign accounts, and entered into FATCA-type agreements among themselves.

http://www.chicagotribune.com/news/opinion/editorials/ct-edit-offshore-20131001,0,5704071.story

Wouldn't it be interesting if mitt romney and tom delay and others end up going down from this. I still think politicians are above the law. But, it should be interesting to see how this unfolds.