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Community Comment

Is the golden doorway closing?

Good evening, Netizens…


I have been following this story for several days now and now that the IRS has begun moving in on some of those behind-the-scenes in the offshore tax-evasion business, I cannot help but hope and wonder what we might be seeing.


MIAMI, April 2 (Reuters) - U.S. authorities on Thursday arrested and charged an accountant in Florida in the first of what they said could be a series of tax evasion prosecutions of American clients of Swiss bank UBS AG (UBSN.VX) (UBS.N).

Steven Michael Rubinstein, who worked for a company in the yacht-building business, was accused of filing at least one false tax return that failed to disclose he had an account with UBS or made any money from it , the Justice Department said.

Rubinstein, an American who also had a South African passport, was arrested at his home in Boca Raton, Florida, which the charge against him says he built with the help of funds from his UBS account. A Fort Lauderdale judge ordered him to be detained pending a bond hearing scheduled for next Tuesday.

On one hand I hold to the opinion that, given the number of crooked bankers, accountants and others making money off offshore banking, will government investigators indict them all? Are we seeing a pattern emerge where only certain members of this elite, crooked community get caught, or are we seeing the end of the illegal offshore tax havens forever? Are we seeing the demise of unnumbered Swiss bank accounts, which are commonly used to “hide” American assets from the IRS?


On the other hand, I have always believed there should be one set of tax rules, which all US taxpayers follow. Unfortunately that has clearly never been the case, based upon even a cursory examination of the various ways high-rollers have of hiding their income and assets from paying taxes. It seems that there are lots of shady companies eager and willing, for a share of the revenue streams, to help the super-wealthy hide some of their incomes from the tax man.


Is it over? Does this mean the government under President Obama is actually going to “clean house” and eliminate the unfairness of how taxes are collected once and for all?


Dave


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