Thursday, July 30, 2009

Tax evaders confess

From the Wall St. Journal:

"Wealthy taxpayers have inundated the Internal Revenue Service in recent weeks with requests to come clean for past tax evasion, amid a government crackdown on undeclared income from overseas accounts.

The volume has been so great that Wednesday, the IRS issued a streamlined, three-page form for taxpayers seeking entry into its temporary voluntary-disclosure program. "Last week we had 400 [applicants] -- four times as many as in all of last year," said IRS spokesman Frank Keith, who declined to provide more detailed figures."

It's good to see stirrings of guilt, but if we compare these hundreds to the 52,000 people fingered in the UBS case alone, we can't help but feel that we still have a very long way to go.

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