It is estimated that more than $3 trillion in taxable income is being hoarded in offshore bank accounts. From Democracy Now – “Former UBS AG banker Brad Birkenfeld first reported in 2007 that he and his colleagues had encouraged rich Americans to store more than $20 billion in offshore Swiss bank accounts and cheat the IRS. But after coming forward, Birkenfeld was prosecuted and convicted of conspiracy and sentenced to prison. Following Birkenfeld’s release last month, on Tuesday the IRS vindicated his actions with the largest amount ever awarded under its whistleblower program”
