Swiss Bank Fraud

The government is finally cracking down and trying to get its hard earned money from millionaire tax evaders. 

 

An LA Times article yesterday detailed massive amounts of money that is hiding overseas in highly secretive and discreet Swiss bank accounts. Like we did not already know that. For years lawmakers in the United States have been trying to find out who and crack down on these extremely rich tax evaders. Immunity stands for anyone who wants to give up some 22,000 wealthy Americans who tucked and rolled their money out of the United States to avoid the highly progressive tax rate. 

It is not wrong for the government to want their money, it is wrong to extort the Swiss into giving it to them.

Apparently just the thought has driven thousands of these tax dodgers to fess up and pay billions in back taxes and penalties. The main reason for them is its just a matter of time. I'm not an expert on international law, but I do know that we currently have an extradition treaty with the Swiss. So what the government is doing is not breaking any US laws, its the millionaires who are, but the ambiguity that surrounds who actually has money overseas makes it hard to prosecute. 

Instead the United States is going after the banks themselves, to try to get them to give up as many private investors as possible. However their efforts seem fruitless.