President Obama Runs Up Big Wins In His Crackdown On Mitt Romneyesque Tax Cheats

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The mainstream press has ignored it, but President Obama has racked up a series of major victories against the wealthiest Americans who try to hide money overseas in order to avoid paying taxes.

The Hill’s Bernie Becker and Peter Schroeder reported:

President Obama’s battle against offshore tax evaders hasn’t gotten the publicity of some of his other priorities but under his tenure the IRS has amassed a string of victories — perhaps none larger than undercutting the Swiss banking sector’s status as the gold standard for secrecy.
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Taken altogether, the crackdown appears to be having an impact, according to experts.

“The risk calculus for an American to hide money somewhere has changed dramatically from where it was 10 years ago. Dramatically,” said Scott Michel, an expert on offshore tax issues with Caplin & Drysdale.

The President’s efforts aren’t getting the media attention that deserve, but Obama has cracked down on wealthy tax cheats who are trying to hide their money overseas in order to avoid paying taxes in the United States.

In 2012, it was estimated that the wealthiest Americans were hiding $70 billion overseas. Globally it was estimated that as much as $32 trillion was being hidden overseas. For the first time in recent history, a U.S. president is going after those who are breaking the law in order to hide paying their fair share.

As a presidential candidate in 2012, Mitt Romney refused to release his tax returns. Speculation as to why was centered around the complicated financial overseas maze that Romney had set up in order to avoid paying his fair share of taxes. While experts caution that the IRS might only be catching the small fish right now, the fact that anyone is being caught is a major victory for people who have unfairly had more of the tax burden placed on their shoulders because they are honest and play by the rules.

President Obama is bringing about positive change in both ways both big and small, seen and unseen, on a regular basis.

This is the type of new direction that millions of Americans voted for twice when they elected Barack Obama, and it represents change that they really can believe in.

17 Replies to “President Obama Runs Up Big Wins In His Crackdown On Mitt Romneyesque Tax Cheats”

  1. It is estimated that there is 32-62 TRILLION dollars parked overseas in offshore accounts. If all that money were confiscated and returned to our economies, it will fix all of our infrastructure problems with money to spare.

    Money is like blood: it only works when it is circulated.

  2. I’ve heard estimates as high as $70 TRILLION, Astorix. And, of that amount, more than $50 trillion of it is held by American citizens.
    This is why we had the financial meltdown in 2008…when you withdraw trillions of dollars out of a country’s or the world’s economy, there’s less money for credit, etc.

  3. They hide the majority of their wealth and then complain that they have to pay taxes on what remains in the states. What a bunch of selfish bastards.

  4. Who? I support our president and am not being snarky. I would love to know who is getting caught for two reasons. Because I’m nosey and because I would love to publically shame them. [FINGER]

  5. What do they DO WITH ALL THAT MONE they hide overseas? Spend it on overseas manufactured goods, homes, land? Do they invest in foreign companies, help their industries? Buy yachts, Hotels? WHAT? Or does it just sit there, out of circulation, earning tons of interests while helping the foreign banks maintain liquidity? What good is it to have this insane amount of money just doing NOTHING? Is it a mindset thing. These people just love the fact that they can put away money, month after month after month. Hoarding. There must be something immoral about that. Don’t you think. Money they will never spend in their lifetimes…..Geeze.
    Something is definitely wrong with this picture.

  6. They do not want to pay for anything, but those rich folks and rich corporations are the first to scream:
    ” Send the armed forces overseas to protect (not)American business!!”
    While the average deployed guy/gal make $30-40K for risking their skin to save these pseudo-American-interest, and when they return broken and in need, they are told:
    “There is no money for you, no benefits for vets, nor your children, you’ll have to be a charity case, go and see if someone wants to organize a car-wash fun-raiser for you”
    And those rich folks waste no opportunity to wave the flag and waste no photo opportunity with the armed service real patriots.

    Thank you Mr. Pres!

  7. This video will open your eyes about income inequality. If you are not a member of the 1 percent you really should listen to this video. There are real concerns that our country will be very different from the one where I grew up. This is scary. These are the views of those who study economics.
    https://youtu.be/QzQYA9Qjsi0

  8. They are hoarders . . . no less sick than the people with dead pets found under the piles of rubbish in their home. Problem is they are so wealthy, they are insulated from anyone who might worry about their mental stability. The few allowed close enough to care, don’t. It would be really quite sad if it didn’t cause so much financial pain to the rest of the world.

  9. This is great news! They should throw a few of the big fish in prison so others will get in compliance. If the big corporations started paying there fair share again, maybe we could start doing some infrastructure improvements that we need.

  10. Having been in the Medical Coding/Billing business for decades, I also wanted to mention this;
    http://usatoday30.usatoday.com/news/washington/story/2012-02-14/sebelius-holder-announce-health-care-fraud-money/53097474/1

    President Obama had his Administration go after Medicare Fraud the first we he took office. The Bush Administration practically encouraged Medicare fraud. It was a two-fer for them. It would bust the budget of Medicare, make it insolvent sooner, and their cronies got to make gazillions of dollars for doing nothing.
    You will never see this story on 60 Minutes.

  11. thats generally not money out of circulation in the US… that money comes back whenever needed for business expansion etc… rich people always horde money that isn’t circulating in the economy and creating jobs, its just they used to horde it in US banks… the reason for putting it over seas is solely to hide from taxation… Corporations do it by setting up shell companies over seas… then they report losses in the US subsidiaries and all the profits in the overseas shell company which is then tax free. What this offshoring money is doing is bankrupting the treasury and putting the tax burden on the poor and middle class while rich and corporations avoid paying their share… then the poor and middle class who tend to depend more on government services see those services cut back as the very people who bankrupt the government by creating and protecting the offshoring of money and earnings (GOP and fiscally conservative Democrats) rail against government services and cut them.

  12. We should all tell willard that if you love your country you would be supporting your country not hiding most of your wealth in foreign lands.

    You want the rights this country gives you, then you have to be a good citizen and support her. Clearly the right wingers don’t love the United States.

  13. All the numbers we’re crunching over trickle-up bounty
    garnered by tax cuts for “job creators” went elsewhere.
    Tax evasion 101 textbook ploy and no surprise. Next
    election is the perfect time to back a Dem. platform that
    rolls back taxes on the super rich to 35% where it should
    have stayed, but then along came Ronnie & Dubya.

  14. Corporation greed has become so horrendous that there is no trickledown effect –now add on to that the bottom dwellers the save me help me support me love indolent crowd —
    The middleclass average guy who,s working striving as a normal citizen has the burden of all
    Obama is a reckless thinker .

  15. For the 1st time ever we hv been able to save money. Most saved for specific goals. Seeing it amassed and the financial security we now feel, I hv found it very hard to spend. Even for the original goals.

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