Switzerland agrees to hand over info on banks to IRS

[I spent the winter writing songs about getting better]

http://www.bloomberg.com/apps/news?pid=20601087&sid=ahdkEatIQPuY

Great thing. Time to bust these tax cheats.

[Хahar 🤔]

Excellent.

[I spent the winter writing songs about getting better]

Something tells me Richius and SPC won't be very happy...

[??????????]

Disgusting. The Intimidation and Retaliation Service should be shut down.

[John Dibble]

Disgusting. The Intimidation and Retaliation Service should be shut down.

Meh. I don't like the IRS or paying taxes, but I pay my taxes like a law abiding citizen. What's disgusting is those jerks who think they don't have to pay taxes like the rest of us, especially when they're rich enough that paying taxes won't really put a burden on their lifestyles.

[k-onmmunist]

IRS = Scum.

[I spent the winter writing songs about getting better]

No, the people they are busting are scum. I hope every single one goes to jail.

[GMantis]

A step in the right direction. The next one should be the shuting of various tax havens, which are a great aid to organized crime.

[Richard]

Something tells me Richius and SPC won't be very happy...

Well, it sure created a stir...

I suppose 250 names means we can now call it mission accomplished.

Generally here's what we tell clients: if you have an old account without a name, then you're safe.  If you have a newer account with a name and a number, then you should move your money elsewhere.

Or simply don't disclose you are American.

But yeah.  250 names is A LOT!

[Richard]

No, the people they are busting are scum. I hope every single one goes to jail.

None will.  The IRS doesn't want people to go to jail; they want them to pay taxes.  These guys will pay taxes, interest, and a 20% penalty.  And most likely the IRS will put forth the amount demanded, which means you can know you owe $10 million, but if the IRS can only reconstruct from the new information that you owe $2 million, plus interest and penalties to give you $3 million, you'll pay it and move on.

Lesson learnt.

Why the hell people still own bank accounts in their own name is beyond me.

[○∙◄☻¥tπ[╪AV┼cVê└]

Awesome. Of course the system is set up so that for the most part it's only the rich who can cheat in taxes. The poor and middle class pay almost all of their taxes through payroll, withheld income, some sort of sales, or property taxes, leaving little room for cheating.