American Express Co. agreed on Monday to turn over to U.S. tax authorities information on offshore accounts held by Americans suspected of evading taxes, the second major card company to do so after MasterCard International Inc. A settlement agreement between the government and American Express, filed in federal court in Miami, allows the tax agency to collect identifying information, such as passport and driver’s license numbers, of customers with accounts in Antigua, Barbuda, Bahamas and the Cayman Islands. The Internal Revenue Service (IRS) is looking for records showing charges greater than $2,500 for purchases of cars, boats, hotels or travel services in the U.S. In trying to detect unreported income and prosecute people who are failing to file tax returns, the IRS is pursuing a form of tax evasion that uses credit cards issued by offshore banks.
I find it hard to comment on such news as there is nothing I could add to fire up the appropriate sentiments concerning this topic among us, libertarian bloggers. The warning is contained within the words of Internal Revenue Service Commissioner Charles Rossotti:
“Simply put, the guarantee of secrecy associated with offshore banking is evaporating…”
although I am sure he was swelled with pride as he said them and not fear for liberty and property rights….
When the state watches you,
dare to stare back
