Mitt Romney recently released his 2011 tax returns. So far he has produced only two years of tax returns. Why not more?
Speculation continues to percolate the possibility in which the Romney's, along with other millionaire and billionaire global plutocrats, were busted in an illegal Swiss banking (USB)tax avoidance scheme.
In 2009 the U.S. Department of Justice had charged USB with enabling tax avoidance for the very wealthy. Thanks to the USB scheme, global millionaire and billionaires could evade paying their country's income taxes.
USB complied with the demands of the DOJ including the release of over 4000 names of its U.S. clients. The IRS offered the tax cheaters an amnesty package once their names were disclosed.
Wealthy U.S. taxpayers, concerned about an Internal Revenue Service crackdown on the use of secret overseas bank accounts as tax havens, are rushing to meet a Thursday deadline to disclose those accounts or face possible criminal prosecution.
The concern was triggered this summer when Switzerland's largest bank [UBS], caught up in an international tax evasion dispute, said it would disclose the names of more than 4,000 of its U.S. account holders.
The decision shattered a long-held belief that Swiss banks would guard the identities of its American customers as carefully as they did their money, and it raised concern that other international tax havens might be next.
Under an amnesty program, the IRS is allowing taxpayers to avoid prosecution for having failed to report their overseas accounts. As a result, tax attorneys across the nation have been besieged by wealthy clients who are lining up to apply even though they will still face big financial penalties.
