Crackdown on tax havens

Here's another one of those "FINALLY!" items. We need to close down all these tax haven loopholes. Why in the world do we allow companies to use our resources here in this country (manpower, roads, water, etc etc) and then stiff the government by shipping items and profits oversees to avoid US taxes? Lost taxes run into the billions.

Obviously, the government has a hand in it, and they need to quit. No doubt some in Congress have been bought off by big business to allow them to do this. We need to QUIT giving EVERY advantage to the already wealthy. It's all about greed.

Now, a few more FINALLY! items and we might be done, such as: start enforcing regulations in the securities industry; increase regulations on hedge funds; reinstate the Uptick Rule; aggressively investigate and prosecute Bush admin officials for torture and other Constitutional violations; end the Iraq War; (insert your own FINALLY! item here)

IRS launches crackdown on offshore tax evasion
By Corbett Daly Corbett Daly

WASHINGTON (Reuters) – The U.S. Internal Revenue Service announced new steps on Thursday aimed at getting taxpayers hiding money in offshore accounts to pay up, promising not to file criminal charges for those who voluntarily fess up to hiding money overseas.

"This is a chance for people to come clean on their own," IRS Commissioner Doug Shulman told reporters. While promising not to prosecute criminal charges, the IRS would impose penalties and interest on past due taxes, he said.

Switzerland agreed earlier this month to relax its strict bank secrecy rules and cooperate more on tax evasion to fend off a global crackdown on tax havens. The country has been under pressure because of an IRS tax fraud investigation targeting UBS AG.

IRS memos sent to agency examination staff said offshore tax cases should "receive priority treatment."

"Offshore cases sent to the field are work of the highest priority," said one document, which was made public by the IRS. "Examiners should utilize the full range of information gathering tools in properly developing offshore issues with special emphasis on detecting unreported income. This includes interviewing taxpayers, making third-party contacts and timely issuing summonses to taxpayers and third parties."

The story is here.