I.R.S. to Offer Deal to Tax Evaders

[TheCoxwain]

Source: NY Times

The Internal Revenue Service, under pressure to bring in money to the faltering economy, plans to give offshore tax evaders a big break.

The agency has drafted a plan that significantly lowers a penalty that applies to wealthy Americans who hide money overseas in secret accounts, a person briefed on the matter said Thursday. The plan is designed to lure out of hiding scores of wealthy people who must come forward and declare their accounts in order to take advantage of the lower penalty.

The plan was developed amid a widening investigation into wealthy American clients of UBS but will apply to clients of other banks as well.

Read more: http://www.nytimes.com/2009/03/27/business/27tax.html?_r=1&hp

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SERIOUSLY .. WTF????

Why shouldnt you throw these bums in Jail for good? I cant think of one good reason, can you?

[Sub Atomic]

1. Heavens! We can't possibly throw these bums in jail!!

I mean seriesly, this has the potential to be hughe. HUGHE I TELL YOU!!

If we throw the moneyed eleets into jail then who will have the money to create jobs so that all that wealth can trickle down to the rest of us?

:sarcasm:

[Bushknew]

7. The people in jail now have in total stole far less and have done the country ...

far less harm than this group of criminals.

[pattmarty]

8. Hey, I am starting to get a little tired (and wet) from getting trickled on.

[acmavm]

2. So, we reward lawbreakers now in order to get them to comply

with the laws?

[FormerDittoHead]

3. If we throw John Galt in jail, who will make the new static electricity engine?

Unfortunately, the REAL story is that it's the poor schlub who WORKED for Mr. Galt, who actually had the IDEAS, and then Galt was going to put HIS name on the patent.

reference:
http://en.wikipedia.org/wiki/John_Galt

[Demeter]

4. As If They Would Be Stupid Enough To Take It

Ex-pat is the term created for such light-footed sociopaths.

[Bushknew]

5. Why are the rich always treated with kid gloves? Well, I guess I should be "thankful"

that Democrats are finally pursuing this at all.

[KansDem]

6. Not "no," but "HELL NO!!!"

Why are we coddling these criminals? Seize their fucking assets and throw their fucking asses in jail! NOW...!!!
:grr:

[MannyGoldstein]

9. This Is A Very Good Idea

(Dons flameproof suit)

They are still penalized and taxed, but now they have an incentive to come into compliance. This might save/generate a lot of money for us.

(Doffs flameproof suit)

[SomeGuyInEagan]

11. Sad - but pragmatic - attempt to get money back into the economy

No flames from me.

The money is already gone. If there is no other way to bring some of it back into the economy than to extend some sort of amnesty (or if other methods simply don't work on a broad scale), this may be the best solution.

I am as disgusted as anyone by tax evasion. But the horse is well out of the barn in this case - the assets are already out-of-bounds and could amount to several billions of dollars. And those who have the accounts have little or no incentive to bring it back as it now stands.

[dipsydoodle]

10. I'd wondered if they might declare

a sort of amnesty along the lines "hands up now or we fuck you good and proper".

[L. Coyote]

12. IRS launches crackdown on offshore tax evasion

Source: Reuters

Thu Mar 26, 2009 1:00pm EDT
By Corbett Daly

WASHINGTON (Reuters) - The U.S. Internal Revenue Service announced new steps on Thursday aimed at getting taxpayers hiding money in offshore accounts to pay up, promising not to file criminal charges for those who voluntarily fess up to hiding money overseas.

"This is a chance for people to come clean on their own," IRS Commissioner Doug Shulman told reporters.

While promising not to prosecute criminal charges, the IRS would impose penalties and interest on past due taxes, he said.

Switzerland agreed earlier this month to relax its strict bank secrecy rules and cooperate more on tax evasion to fend off a global crackdown on tax havens. The country has been under pressure because of an IRS tax fraud investigation targeting UBS AG ...................

Read more: http://www.reuters.com/article/domesticNews/idUSTRE52P58M20090326

[SemiCharmedQuark]

13. Ha Ha!

[MineralMan]

14. Huzza! Maybe it'll work.

If not, nail the bastards to the wall.

[zbdent]

15. watch those who were attacking Daschle for "tax evasion"

to scream bloody murder and cry about government intrusion and "Big Brother" ...

[MineralMan]

16. Oh, yes...they'll scream.

How long have wealthy Americans been hiding money offshore? The penalties and taxes may, in some cases, be larger than the holdings. Wonderful. A little boost to the treasury.

As we write, there are people flying off to Switzerland and the Caribbean to grab their holdings and stash them...where? Others will leave and not return. Paraguay calls, I think.

So, when does Bushco bail?

[Hello_Kitty]

18. Oh we had people here on DU crying about the poor tax cheats and their "rights"

I didn't know money had rights but apparently some people think it does.

[FailureToCommunicate]

17. "In other news: Severe cold front moves over Hell"

[HillWilliam]

19. Anyone heard from Phil Gramm lately

or is HE hiding offshore as well?