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.