Obama Makes Gains in War on Tax Cheats, or Something

Posted by on Apr 08, 2015 at 7:25 am
Barack Obama, Rev. All Sharpton

Weird how he doesn’t pursue one of America’s notorious tax cheats, his good pal Al Sharpton.

The Obama administration is gaining ground in its war against tax cheats, racking up victories in a global crackdown that has made it harder to escape the Internal Revenue Service.

President Obama’s battle against offshore tax evaders hasn’t gotten the publicity of some of his other priorities but under his tenure the IRS has amassed a string of victories — perhaps none larger than undercutting the Swiss banking sector’s status as the gold standard for secrecy.

Just last week, the Swiss bank BSI agreed to pay a $211 million penalty to the United States, becoming the first financial institution to reach an agreement under a Justice Department program targeting the clandestine sector. Swiss banks have now paid nearly $4 billion for assisting tax evasion.

On top of those law enforcement efforts, Obama signed a 2010 law, the Foreign Account Tax Compliance Act (FATCA), to compel foreign banks to help deter U.S. taxpayers from hiding income offshore.

The IRS, meanwhile, is administering a voluntary disclosure program for Americans with offshore accounts that has so far brought in more than 50,000 taxpayers and recovered $7 billion in taxes, penalties and interest.

If only Obama went after his friends the money collected could pay for separate flights for him and his charming wife whenever they go on vacation.

Tags: , ,

One Response to “Obama Makes Gains in War on Tax Cheats, or Something”

  1. MrJimm on 8/08/15 at 10:37 am

    You forgot to mention that virtually all foreign banks are now refusing to set up accounts for U.S. citizens (including innocent citizens with small balances) because they’re afraid of what kind of fishing expedition-type demands from the IRS this exposes them to.