I think this is LONG overdue but I don't want that feeling to cloud how good I feel about this. I have a feeling we may nab a few wealthy conservatives. If you add up individual and corporate evasion over 10 years, we're at $1 Trillion.
Death of a Loophole, and Swiss Banks Will Mourn
By GRETCHEN MORGENSON
Published: March 26, 2010
NY Times
WITH all the hoopla over the health care bill, hardly anybody noticed that a job creation bill that President Obama signed on March 18 makes it much harder for United States citizens to avoid taxes by hiding money in overseas bank accounts.
Individuals have stashed an estimated $1 trillion in offshore accounts, the government says, allowing them to avoid up to $70 billion in taxes each year. The federal government estimates that abusive offshore schemes by corporations cost our Treasury an estimated $30 billion in tax revenue as well.
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