This video above comes from The Real News and it leads one to ask the question … why isn’t Congress doing anything to prosecute those individuals and banks who are helping hide trillions in offshore tax havens like the Cayman Islands and Switzerland?
THESE BANKERS NEED TO GO TO JAIL. All of these banks were bailed out by American taxpayers and these banks are quietly helping really rich people skirt past American laws in clear violation of American laws. Lock them up. Throw away the key.
In 2009 – the Obama administration went after the tax cheats who are hiding their money overseas in Swiss bank accounts by having the IRS go after these high net worth individuals by putting pressure on the Swiss government to force UBS to provide information to 4,500 American accounts hidden in Switzerland (source). In fact – Switzerland considers this banking secrecy a civil right (source) although that is relaxing some lately.
But – while there are laws that make hiding money overseas illegal (if you don’t pay taxes) … there really aren’t any laws that are being utilized to prosecute the banks and organizations who are facilitating this illegal behavior.
Congress needs to act. They won’t. But they need to. And you need to ask yourself who is beholden to the wealthiest Americans?
If you haven’t – you need to read the report showing that at least $21 trillion is being hidden overseas by the world’s wealthiest HERE.
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