Since I do not have a secret Swiss bank account to “store” my “wealth,” (I put wealth in quotes because I am broke law/business student, and I’ll let you figure out why I put store in quotes) I am happy to hear that the IRS is finally, and successfully, cracking down on the Swiss institutions that have been aiding the wealthiest Americans evade taxes for many years. According to the Wall Street Journal, Credit Suisse Group AG said on Tuesday the 8th that it would hand over the names of bank clients suspected of evading U.S. taxes, in response to a request from the IRS. The Journal went on to say that in light of this news and UBS’s settlement with the IRS two years ago concerning similar matters, more Swiss institutions will likely handover the names of individuals suspected of tax evasion to the IRS at their request.
In this economy where there exists a serious concern about generating enough tax revenues to fund our government, I support the IRS’s decision to vigorously pursue all bastions of potential revenues. I do not know why it has taken the IRS so many years to finally go after the Swiss tax shelters. Maybe they thought they wouldn’t be successful in the past? Or maybe it took an impetus like the financial crisis and subsequent recession to push the IRS to finally go after the seemingly impenetrable Swiss banks? No matter, I am happy that no longer will Americans who intentionally (mens rea) move funds to Swiss banks to evade taxes get away with such practice. It is immoral, unfair, and illegal. I am even happier to hear that the institutions that help individuals evade taxes will get their just desert.
After reading this article, I can hear my Dad’s voice saying “Nail the b*stards,” and I cannot help but feel the same way.