Marcus Aurelius: IRS & DOJ Grabbing New Powers in Hunt for Revenue [But Ignoring Financial Speculators]

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Marcus Aurelius

The IRS & DOJ Are Grabbing New Powers In The Hunt For Revenue

Bruce Krasting|December 24, 2011|
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Two headlines. Similar stories. The first from Switzerland:

US OFFERS SWISS BANKS A DEAL

The United States authorities have offered to lift the threat of legal action against 11 Swiss banks in exchange for information, a Swiss paper reported on Sunday.

This is part of a very long story.  The US Justice Department has been doing everything it can to get the names of US citizens who have Swiss bank accounts. The DOJ damn near busted UBS over this a few years back. Now they are going after the other Swiss banks. The lawyers at the DOJ don’t kid around:

“Give us the names or we’ll sue the shit out of you”.

This second story ratchets things up a bit and brings it home:(Link)

FEDERAL JUDGE GREEN LIGHTS IRS SEARCH FOR CALIFORNIA GIFT TAX CHEATS

A federal district court judge has given the Internal Revenue Service permission to serve a “John Doe” summons on the California State Board of Equalization demanding the names of residents who transferred property to their children or grandchildren for little or no money, from 2005 to 2010.

The IRS has used John Doe summons to seek lists of American taxpayers unreported offshore accounts at Swiss Bank UBS and at HSBC’s bank in India.

Phi Beta Iota:  While it makes sense for the IRS and DOJ to go after tax cheats, what does not make sense is the government’s selling us all out to allow speculators to destroy the economy and pay no taxes at all. What these two stories really tell us is that the Obama Administration is continuing to protect the criminals of high finance and their Congressional partners in crime, while seeking its revenue from the “little people.”

See Also:

John Bogle: ENOUGH – Speculation Bad Investment Good

Matt Taibbi: GRIFTOPIA – RECAP