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.
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.