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2 of 2 – IRS budget spared as agency seeks revenue from TAX CHEATS

via: Bloomberg

The Internal Revenue Service avoided a $603 million budget cut proposed by HOUSE REPUBLICANS, preventing changes that could have cost the government $4 BILLION in UNCOLLECTED REVENUE.

Under the proposed spending bill released today, the IRS budget for fiscal year 2011 would be $12.1 billion, or 0.2 percent less than in fiscal 2010. That level would subject the IRS to the same across-the-board funding cut as all domestic, non-defense agencies.

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Senator Carl Levin, a Michigan Democrat who has called for the IRS to be more aggressive in pursuing offshore tax evasion, today said Congress should give the agency more resources.

“It’s going to hurt,” he said. “I think it’s a mistake. We ought to be INCREASING their enforcement budget instead of DECREASING it.”

http://www.bloomberg.com/news/2011-04-12/irs-is-spared-u-s-budget-cuts-as-agency-seeks-revenue-from-tax-scofflaws.html

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“You must spend money to make money”

– Titus Maccius Plautus (c. 254 – c. 184 B.C.)

April 13, 2011 Posted by | deficit reduction, GOP morons | , , , , , | Leave a comment

1 of 2 – Feds FINALLY are getting serious about TAX CHEATS

via: New York Times

A client of the British bank giant HSBC pleaded guilty on Monday to offshore tax evasion as part of a widening government inquiry of banks that may help tax dodgers.

The case includes as co-conspirators five unidentified bankers, who according to the indictment worked at a large international bank based in Britain.

The defendant, Vaibhav Dahake, admitted in United States District Court in New Jersey to conspiring to conceal accounts in India.

Mr. Dahake is an Indian native who became an American citizen in 2006 and now lives in Somerset, N.J.

The plea comes days after federal prosecutors said that an HSBC unit in India potentially helped thousands of Americans to dodge taxes. Prosecutors are expanding the government’s inquiry of offshore tax evaders and their banks.

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The government is requesting authority to serve a “John Doe” summons on the bank to obtain the names of an unknown number of individuals who may have engaged in tax fraud.

Prosecutors used the same John Doe summons strategy in their case against UBS, which ultimately settled government charges against it by paying $780 million and agreeing to hand over the names of nearly 5,000 clients to the United States.

http://www.nytimes.com/2011/04/12/business/12tax.html?partner=rss&emc=rss

April 13, 2011 Posted by | deficit reduction | , , , | 1 Comment