Tax News - April 25th, 2011


The tax rate for the wealthy are lower today than nearly at any time since the 1930s. Although President Obama promised to repeal Bush-era tax cuts, the government has agreed to postpone the move for another 2 years. On top of that, Republicans are pushing for cuts in public program spending to push the rate down even further. Does this mean that the government's tax revenue will nosedive? Hardly.

The Obama Administration has been hard at work ensuring the super rich pay their dues in taxes. The IRS has initiated a Global High Wealth Industry offce aimed at carrying out investigations into the tax compliance of wealthy American taxpayers. And we all know about the high profile tussle between the government and Swiss banking giant UBS Bank that has resulted in the bank divulging account details of 4,450 of their American clients suspected of tax evasion. As a follow up measure, the IRS has also opened up investigation offces in several countries like China, Panama and elsewhere.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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