Fight against tax evasion

In the article “U.S. Seeks New Powers to Fight Tax Evasion”, the Justice Department is backing a new Senate antifraud bill to broaden its power to prosecute offshore tax evasion along with other financial crimes such as misuse of government bailout money. If this bill is passed, it would make it easier for the Justice Department to “apply money-laundering statutes” when tax evasion is suspected, especially with offshore accounts. The bill would be known as the Fraud Enforcement and Recovery Act of 2009.

Rita M. Glavin, acting assistant attorney general of the Justice Department’s criminal division, feels this is necessary “due to the rapid globalization of the financial system”. Tax evasion is becoming very common and some of the same methods are very similar to that of money laundering.

I feel this is a very necessary step, especially now with all of the bailout money being given out by the government. If the laws are not “tightened up” around tax evasion, then more and more people are going to try and get away with it. Just look at how many are getting caught now, and things are only going to get worse.