NYT: IRS Grows a Pair

In today’s New York Times:

“In the criminal investigation that led to this week’s settlement, the Justice Department had zeroed in on about 19,000 wealthy Americans. Those UBS customers had a combined $20 billion in assets at the bank, and may have evaded $300 million a year in federal taxes through UBS’s undeclared offshore private banking services. But the I.R.S. has been conducting a parallel investigation, and on Thursday the Justice Department asked a federal judge to require UBS to disclose to the I.R.S. the identities and records of the 52,000 clients. In the past, UBS has suggested that the 19,000 accounts under investigation, which it is now closing, were the extent of its undeclared offshore banking services. UBS, the world’s largest private bank, said it would vigorously challenge the efforts.”

Ooooooowee! They’re taking this shit seriously!  Note to IRS auditors: I’ve heard the Cayman Islands and Bahamas are lovely this time of year.  Perhaps there are some institutions there worthy of investigation?

Time for those that made so much during the boom years to pay up.  Up until now, they have shirked their responsibilities to bear the costs of their government’s ‘functioning’, but now that the government’s sole purpose is to clean up their mess they made while partying, I think it’s time they open their wallets a bit.

I am so happy.

… and the cow goes moo