IRS: 2009 Tax Amnesty Program brings in Billions $$

IRS: Tax amnesty program brings in billions $$


Nearly 15,000 wealthy Americans participated in the government's amnesty program.

Posted by Elizabeth Strott on Tuesday, November 17, 2009 12:00 PM


Thousands of wealthy Americans decided to tell the Internal Revenue Service about offshore bank accounts,
taking advantage of a special amnesty program that ended in October.


The program offered reduced penalties for wealthy Americans who voluntarily disclosed
previously undeclared foreign bank accounts and assets, the IRS and U.S. Justice Department announced today.



"We were flooded with people coming in the final days of the program," IRS Commissioner told reporters. Regarding the value of the accounts, "we are talking about billions of dollars coming into the U.S. Treasury," Shulman said.



The IRS said the 14,700 voluntary disclosures announced today are nearly double what the agency reported last month.
They are also in addition to the 4,450 accounts UBS (UBS) must turn over to the IRS under a settlement with
the U.S. government. Terms of the settlement call for UBS to disclose the identities of American clients who
are suspected of evading U.S. taxes.

Shulman said that many disclosures involved bank accounts in Switzerland and Europe but that assets were hidden in more than 70 countries.


LINK to source

Off with their heads!

on a serious note : I wonder where in our Gov budget those previously unplugged billions will go

c/thru wrote:

on a serious note : I wonder where in our Gov budget those previously unplugged billions will go

Thieves stealing from other thieves. Sounds like an episode from that old 60's TV series, "The Rogues."

c/thru wrote:

on a serious note : I wonder where in our Gov budget those previously unplugged billions will go

to an increase in middle class taxes, where else?