Target: Daniel Werfel, Acting IRS Commissioner
Goal: Encourage the IRS to continue enforcing taxation on offshore accounts of the wealthy
For too long, wealthy tax evaders have used banks in places like the Cayman Islands as a sanctuary from paying their fair share. Thanks to a journalistic organization’s leak that disclosed a consequential amount of data on possible tax evaders, the U.S. along with Australia and the United Kingdom, have focused their efforts to investigating the untaxed assets of the rich, housed in the British Virgin Islands, the Cayman Islands, the Cook Islands and Singapore. Please voice your support of these efforts to recover essential tax revenues, so individuals and small businesses no longer have to carry the burden.
While it is not illegal for taxpayers to put funds in offshore accounts, many use them to avoid paying taxes altogether. The International Consortium of Investigative Journalists (ICIJ) recently reported millions of files worth of data that the IRS will use to compare with tax records. This tax investigation shows that illegally evading taxes through these tax havens is no longer an option.
But there is still is so much to be done because in 2012 alone, multinational corporations have reportedly put $80 billion in subsidiaries on island nations like the British Virgin Islands, which is America’s go-to for offshore allocations. “Investments” in these subsidiaries are at an all-time high and are draining tax revenues that would be put to better use reducing the deficit or funding education and healthcare. Please encourage the IRS to conduct their investigation into these island tax havens to the fullest extent.
Dear IRS Commissioner Daniel Werfel,
Thank you for taking action to enforce taxation upon offshore accounts belonging to the wealthiest individuals and corporations. For too long, tax havens like the British Virgin Islands, the Cayman Islands, the Cook Islands and Singapore have been draining this country of vital revenues, while the burden of reducing the deficit and funding public services falls on the shoulders of less wealthy individuals.
Even though trillions of dollars have supposedly been invested in these island nations, advocacy groups for the poor in these developing countries have accused tax evaders of being guilty of corruption, underinvestment, and drug trafficking. With this investigation, the IRS and the efforts of the United Kingdom and Australia, marks the beginning of transparency and clarity of the damages that tax havens have caused.
I encourage you to investigate these cases of potential tax evasion to the utmost extent. However, much more regulation of the U.S. tax code as a whole is needed, especially the tax code that applies to U.S.-based multinational corporations. Please exercise your ability to enforce that every individual and corporation pay their fair share.
[Your Name Here]
Photo Credit: CircStock via Flickr