14,700 people have come forward and declared their overseas assets to the IRS. Sen. Carl Levin, D-Mich., called the voluntary disclosures “progress,” but said Congress still needs to enact legislation to “crack down on offshore tax abuse and collect the estimated $100 billion in unpaid taxes being lost each year.”[1] The government considers themselves to deserve a share of your wealth, and will do anything they can to go after it.
1. http://abcnews.go.com/Blotter/14700-americans-admit-foreign-bank-accounts-irs/story?id=9106670
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