The Southern District Court of New York says the IRS can go after people who stash fortunes overseas. Last week, U.S. District Judge Kimba M. Wood authorized the agency to issue summonses that require Citibank and New York Mellon to hand over information about U.S. taxpayers who've been evading federal taxes. By stashing millions in undisclosed accounts overseas, many of the ultra-rich have avoided paying their fair share, but that may soon be over thanks to Judge Wood. The Court also granted permission for so-called “John Doe” summons to be issued to Bank of America, JPMorgan, and HSBC. The IRS will use these John Doe summons to identify tax fraud perpetrators, who lie about their overseas income and assets. For far too long, the rich have stashed huge fortunes in tax havens overseas, and contributed as little as possible to our commons.
With new international tax agreements – like the one signed earlier this year between the US and Switzerland – and the IRS now able to investigate overseas tax fraud, the corporate elite may soon have a tougher time skipping out on contributing to our country. It is our commons, and our production, that allowed many of those at the top to become wealthy, and they should pay for the privilege of doing business here. Thanks to Judge Kimba Wood, the IRS can now hold accountable those who attempt to evade their legal – and moral – responsibility to pay their taxes.
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