Rich Americans Scrambling Over Tax Dodge Crackdown

WASHINGTON - A deal with Switzerland settling U.S. demands for the names of suspected tax dodgers from a Swiss bank has a lot of wealthy Americans with offshore accounts nervously running to their tax advisers -- and the Internal Revenue Service.

"They are very frightened," said Richard Boggs, chief executive of Nationwide Tax Relief, a Los-Angeles-based tax firm that specializes in clients with tax debts exceeding $100,000. "You have the super rich who are not used to being pushed around and they are finding themselves in unfamiliar territory."

The U.S. and Swiss governments announced a court settlement last week in efforts by the IRS to force Zurich-based UBS AG to turn over the names of some 52,000 Americans believed to be hiding nearly $15 billion in assets in secret accounts.

The U.S. recently reached agreements with several countries, including Luxembourg and Switzerland, to share more tax information in the future, just as the IRS is strengthening its enforcement ranks.

President Barack Obama, in his proposed 2010 budget, asked Congress to pay for 800 additional agents, examiners and lawyers to go after people who hide money overseas. Obama also wants Congress to require overseas financial institutions doing business in the U.S. to share more information with the IRS

http://www.huffingtonpost.com/2009/08/15/rich-americans-scrambling_n_260325.html

Yeah I know he's just like Bush, he works for the rich blah, blah, blah. There is a new sheriff in town and his name is Obama.

I think he meant to say, "...accustomed to being above the law."

And even after a bailout, yet.

Hell, the average person gets years in prison just for being a low-paid mule for drug traffickers; what kind of punishment would be appropriate for the folks who hide millions of tax-free dollars in foreign countries?

countries and decided it had to be dealt with...I've read where England, Germany, France and others are doing the same...so I'm thinking the rich will have no where left to hide their cash and will have to start investing it in new projects...unless of course they want to try hiding money in communists countries, that seems to be a risk...

"how we gonna pay for this here healthcare reformin'?"

and give them prison sentences to boot. After all, "drug traffickers" can have all their assets seized, even if later they are found innocent, and go to prison.
These are professional parasites who enjoy our public highways, food safety laws, etc. etc. and contribute NOTHING. Convert their billions to health care, housing, and food security for U.S. taxpayers.