U.S., Switzerland Talk Regularizing Secret Overseas US Accts

That may well be true... But going after the criminals that illegally hide their money in foreign countries is still a way to bring in lost revenue--and catch crooks.

Can't disagree with that.

How many times do I have to post this?

The United States does not have a tax rate problem, it has a tax CODE problem. The rates mean little when the rules are far too complex and convoluted. I would suggest that the argument that the "rich keep getting richer" has little to do with rates and everything to do with overbearing, complex IRS governance.

Someday, hopefully, our elected officials will understand this.

And hiding your money illegally offshore and not reporting it is still a crime... GO IRS!!!

the funds will travel from the Swiss to the Arabs, to some other offshore tax haven.

People who take the time to move funds offshore, do it for a reason. There is always someone willing to help - for a fee, of course.

And in today's world, there's always a paper or computer trail.. If the money is already in a Swiss account, and the Swiss are required to turn over the names and balances, it doesn't much matter where they try to move it... They still owe the taxes on it, and the IRS will go after it.

CriticalBill wrote: Our tax system sucks and we will NEVER be able to catch all the cheats because it's as complicated as the health care bill. The worn out ine "keep it simple stupid" could be said of nearly every government agency...especially the IRS.

Or this new program of the IRS to extend their reach overseas will just drive more of our producers to move to overseas tax havens.
It is already happening in this country as high tax states like New York lose population to tax havens like Florida.

Since the effective tax rate is the lowest it's been since the 1950's, you need to try to sell that to someone else. When companies like GE pay NO taxes, and the loopholes, deductions and tax-shelter activities are so readily available, you need something new besides a teabagger bullet-point.

This article is about wealthy Americans who try to hide their money from the IRS by moving it offshore. It's illegal. And the IRS is going after them... GOOD!

What STATES do, like New York, has nothing to do with the IRS... That's a STATE problem...

I am just adding a possible consequence of the IRS's new campaign. In the Left's perfect world, increasing tax rates increases tax revenues, but it doesn't always work that way. Sometimes it decreases revenue, cigarettes are a good example.