Should Politicians & Companies That Evade Taxes Be Exposed?

Here in the U.S. it is time once again when we start to put together our income and expenses for the annual ritual of filing our federal and state income tax returns. In a time when people on social security have not received an increase in two years, when millions are out of work, when politicians tell us there is no inflation, it makes one wonder who at the top levels of government and companies do not pay their far share. Most of us will agree that a simplified tax code of say a flat tax of 10% for all would be fair, we all know that this is not going to happen. As politicians protect the companies and individuals who contribute to their campaigns, one can only suspect how corrupt the system really is.

In steps WikiLeaks with some information that could expose thousands of individuals and companies who avoid paying taxes. In one recent article it states that:

Rudolf M. Elmer, who ran the Caribbean operations of the Swiss bank Julius Baer for eight years until he was dismissed in 2002, refused to identify any of the individuals or companies, but he told reporters at a news conference that about 40 politicians and “pillars of society” were among them.

He told The Observer newspaper over the weekend that those named in the documents come from “the U.S., Britain, Germany, Austria and Asia — from all over,” and include “business people, politicians, people who have made their living in the arts and multinational conglomerates — from both sides of the Atlantic.”

Mr. Elmer claims that he wished to educate the public by presenting evidence on how individuals, including politicians, and companies hid income from the tax man.

Most of us are familiar with the off-shore banks located in the Caribbean, that are used to hide income, whether legal or illegal, and do not cooperate with tax authorities who are conducting an investigation. It is also alleged that these same banks are used to launder money for both individuals and companies.

It should be interesting to see who is on the list, once the information is released.

How do you hide your illegal gains? Do you bury yours in a coffee can in the back yard? LOL

Comments welcome.

Source – NY Times

Comments welcome.