Blue Mass Group

Reality-based commentary on politics.

Tax amnesty program bringing forward more than a few tax evaders.

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Popped into Huffington Post to find this amazing news.

More than 14,700 U.S. taxpayers came forward to disclose billions in offshore bank accounts in 70 countries under a voluntary Internal Revenue Service program allowing most to avoid criminal prosecution as long as they pay what they owe, IRS officials said Tuesday.

…

The total in taxes, interest and penalties collected from those in the voluntary disclosure program will be in the “billions of dollars,” Shulman said. The disclosures involved accounts on every continent but Antarctica.

Taxpayers flocked to the amnesty program after the U.S. reached an agreement in August with the Swiss government and UBS to obtain names of 4,450 U.S. taxpayers believed to be hiding assets in secret bank accounts.

Good news for the U.S. budget woes. I wonder how many are from Massachusetts?

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Comments

    • I would love to know who these people are. Don’t need their names, but it would be very interesting to know which states, and better yet, the counties or towns these people live in. Whether the crime is localized, regional, or not, and how much it negatively impacts states.

  2. They were talking about this in the news today:

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    Financial trade tax faces uphill battle in U.S.
    Proposals in the U.S. House of Representatives that would put a 0.25 percent tax on over-the-counter derivatives transactions and stock trades are among ideas being mulled by top lawmakers.

    I think this is an excellent idea.  I was listening to the news from a distance- – only heard bits and pieces but heard them say that retirement accounts and college funds would be exempt from the tax.  I think this is a perfect way to raise revenue.  These short term traders are manipulating the market, making it go up when it shouldn’t and then drop slightly only to rise again. I mean, really, the market is over 10,000 already, at this rate it will be back up to 14,000 by the end of next year, whether or not there is any significant improvement in the main street economy.  Wall Street is completely disconnected from reality. Perhaps this would curb some of this ridiculous behavior, and the market could be a safe place to invest again.

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    p>Of course, the lobbyists are ready to spring into action to fight against it.  The article says that Timothy Geithner is skeptical (not surprising, still can’t believe Obama chose him for Treasury Secretary) and that Obama has not come on board with the idea yet.  Maybe they could use a little nudge.

    • Per the BBC:

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      Canadian Finance Minister Jim Flaherty said it was worth discussion but it “would not be a preferred option from the Canadian point of view”.

      US Treasury Secretary Tim Geithner was asked about the tax and insisted on showing what he called “due deference to his host” in Scotland.  So, he didn’t dismiss the idea outright but nor did he offer even a hint of support.

      IMF chief Dominique Strauss-Kahn wasn’t very keen either.  He said it was “a very old idea that is not really possible today”. He added that the financial industry was so innovative that it was too easy to avoid a transaction tax.

      • possibility of implementing this, but isn’t that the case for everything. If the millions upon millions of sales that pass through our retail stores can be assessed a sales tax, then market transactions can be assessed a tax with the same ease.  

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