New Tax Amnesty Program for Taxpayers With Overseas Accounts

The IRS is again allowing people with illegal, overseas bank and brokerage accounts to turn themselves in for reduced penalties. In 2009, the IRS did the same thing, giving taxpayers the opportunity to rat on themselves with the Voluntary Disclosure program. They said that 15,000 taxpayeres told on themselves in that round.

Having accounts overseas is perfectly legal. However, if you have one with more than $10,000 in it at any time during the year, you are required to report it to the IRS. Why? Because the IRS wants to tax you on the earnings in foreign accounts, and they want to know if you might be using foreign accounts to launder money or do other dirty financial deeds.

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Who Pays All the Income Taxes?

Obamanomics has made it popular to call on the “rich” to pay “their fair share” of taxes. Lets increase taxes to pay for ineffective, unnecessary, wasteful government spending, but lets make sure the “rich” are the ones who pay those increased taxes. After all, if they have a lot of money, they should pay a lot in taxes, right? Except what those promoting this idea often ignore is that the “rich” already pay far more than “their fair share” of taxes. They already pay almost all of the taxes.

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