Scott Michel and David Rosenbloom Quoted On the Impact of Offshore Tax Evasion
Scott D. Michel and H. David Rosenbloom were quoted by CardHub.com regarding offshore tax evasion and its affect on the U.S. economy. A recent report from the U.S. Government Accountability Office revealed the IRS could be leaving billions of dollars in taxes, penalties, and interest owed by evaders on the table. For the complete story, please visit CardHub.com's website.
Excerpt taken from article.
"If we want to impede evasion, or address aggressive tax planning, or respond to any of the other trendy ideas for a better and more egalitarian tax system, we should do this: provide the Internal Revenue Services with the resources it needs to do its job," David Rosenbloom, director of the International Taxation program at NYU Law, recently told CardHub via e-mail. "That entails cessation of the practice of starving the agency, probably means refraining from giving it assignments for which it is ill prepared (health care!), avoiding the enactment of stupid laws and particularly laws that require IRS to spend vast numbers of man and woman years interpreting whatever whims have passed through the vacuous mind of some member of Congress. These are absolutely necessary first steps toward a better tax system. Oh, and trying to stop listening to the many voices complaining about the tax system and effectively demanding a reduced burden. Government costs, it needs to be paid for."
"With the aggressive enforcement by the IRS and the DOJ's Tax Division, and the coming implementation of FATCA, we are rapidly approaching the point where anyone who wants to ‘game the system' has to take significant risks that their money won't be there when they want it," Scott Michel, president of the tax law firm Caplin & Drysdale, said. "Surely there are countries that will not bow to the will of the US on this issue, but one should fairly ask whether they provide a safe financial climate for the holding of substantial assets."