Tax Evasion
Jamie Brymer
Economics
Coach Sugg
May 21, 2012
Page 1
Taxes argon a major contributor of the American economy. The measureation administration in the coupled States depends on voluntary compliance, which means that each citizen is responsible for filing a tax return when undeniable and for determining and paymenting the correct amount of tax. When individuals downstairs report, exaggerate deductions, and hide money in off marge accounts, this is clearly misrepresentation of their income to the Internal Revenue Service (IRS) and is deemed tax dodging. The term tax evasion is defined as victimization illegal means to avoid paying taxes. The U. S. Government loses billions of dollars any year because of tax evasion. Wealthy individuals have engaged in hiding their earning in offshore accounts.
This student believes that it is necessary for the unify States to continue to monitor and implement justnesss to improve monetary transparentness globally in order to curtail tax evasion in addition, the integrity of the federal income tax system continues to be tested by individuals and entities in their attempts to defraud the United States Government.
The United States Treasury, IRS, and Congress took a look at the global financial system and determined that UBS, the Swiss bank giant interchange tax evasion services to those who did not want to pay their taxes. A new law signed by chairwoman Barak Obama in March of 2010, the Foreign Account Tax residency Act (FATCA), which goes into effect January 1, 2014, is meant to expose billions of dollars in offshore tax evasion. FATCA is an instrument where foreign banks must spend millions of dollars to help the U.S. lend oneself its own tax law.
As a result of the FATCA law by the U.S. the private banking arm of HSBC said it would stop offer services to U.S. residents outside the United States because of the...If you want to get a full essay, order it on our website: Orderessay
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