It’s about time! Many wealthy people hate Pres. Obama for even considering tax increases for the very rich, yet many of the very rich don’t actually pay taxes!! They hide their wealth in foreign banks where U.S. law can’t find it. The tax burden is left to the rest of us.
Now Swiss banks, who are very often the entities that make it easy for the rich to dodge taxes, are cooperating with the U.S. government in trying to end the practice. The question is whether the Swiss and U.S. governments are really serious about forcing these people to start paying taxes. It’s not easy going after any rich person, especially with all the legal resources they have at their beck and call.
Here’s the story from youngprogressivevoices.com:
“Domestically, this is absolutely fantastic news. As the New York Times reports, ‘Banks will be required to provide the details on accounts in which American taxpayers have an interest through treaty channels, inform on other banks that transferred money into secret accounts or that accepted money when secret accounts were closed, disclose all cross-border activities, and close the accounts of Americans who are evading taxes.’ That will mean that it will be that much more difficult for the 1 percent to pay less than their share in taxes. When tax evasion is allowed, it causes the system to become regressive, forcing the middle class to pick up the tab.”
For more, go to youngprogressivevoices.com.