BIDEN DROPOUT SALE: 60% Off VIP Membership - ENDS TODAY!
The Man Who Police Gave Photos of Trump's Would-Be Assassin to Was Not...
In Old Clip With Tucker Carlson, Trump Absolutely Nails Kamala Harris
There Were Two Embarrassing Developments Before Joe Biden Dropped Out
Here's Which Democrats Did Not Back Harris in Their Biden Statements
Joe Biden's Brother Dropped a Bombshell Statement That a Biden Family Source Immediately...
Manchin Addresses Speculation That He's Going to Run for President
The Attack Ads Against Kamala Are Already Dropping and They're Brutal
The Abbott and Costello Democrat Party Skit
Election 2024: Living in Interesting Times
This 15-Second Clip Defines Kamala Harris
Mr. President, Nobody Believes You
How Europe Is Breaking the Internet
A Prayer for President Biden
When Fringe Becomes Mainstream
Tipsheet

Obama Administration Puts the Squeeze on Tax Havens

Obama Administration Puts the Squeeze on Tax Havens Reuters reports that the Obama Administration's Department of Justice is going after tax havens in Switzerland in the face of budget deficits and a push to eek even more tax revenue out of U.S. citizens.
Advertisement

Swiss and U.S. authorities have held informal exploratory talks that touched on regularizing untaxed money held by wealthy Americans in secret Alpine accounts, a spokesman for a finance ministry office said.

The Foreign Account Tax Compliance Act (FATCA) is a U.S. bill adopted in March 2010 that forces non-U.S. banks to automatically share a vast amount of information regarding the bank dealings of their U.S. clients.

In 2009 Berne agreed to hand over to Washington bank data relating to 4,450 clients of UBS, piercing a hole in Swiss bank secrecy laws.

The U.S. Department of Justice continues to go aggressively after U.S. citizens who have hidden assets abroad, with a senior U.S. Internal Revenue Service figure saying this month the authority was about to probe at least one bank.

This is a tricky situation for the U.S. Department of Justice. It's often legal to bank overseas tax-free; the U.S. government's tax-collecting bureaucrats don't like it, but that doesn't make it illegal. Nevertheless, it looks like Eric Holder is going after tax havens.

Sponsored

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement