Tax cheats pay a steep price. 79 Year old faces up to 6 yr prison sentence.

[politicaljunkie41910]

"...Mary Estelle Curran pleaded guilty in United States District Court in West Palm Beach, Florida, to two charges of filing false tax returns that failed to report her UBS accounts from 2001 to 2007, court papers show.

Curran's UBS accounts used foundations in Liechtenstein and Panama, two tax havens, to conceal money, the Justice Department said in a statement. She faces six years in prison.

At their peak, in 2007, the accounts held more than $42 million, making the case among the largest of its kind.

More than four dozen American clients of Swiss and Swiss-style banks have been charged or indicted in recent years, part of a widening crackdown on offshore tax evasion by the U.S. Justice Department. Over the past four years, the crackdown has ensnared dozens of American clients of overseas banks as well as foreign bankers.

Curran's accounts evaded U.S. taxes of $667,700, court papers show. Under onerous U.S. penalties for failing to report the accounts, Curran agreed to pay a civil penalty of more than $26.6 million, representing 50 percent of the high balance in the accounts. In addition, she owes back taxes of more than $667,700, plus penalties and interest, court papers show. ..."

http://www.huffingtonpost.com/2013/01/08/ubs-tax-evasion_n_2436211.html?utm_hp_ref=business

Talk about pure greed. Curran will pay $26.6 million as a penalty on what would have been anoriginal $667,700 tax liability had she reported the money in the foreign bank accounts. It just goes to show the lengths the wealthy will go to in order to save a dime. The article also says she tried to make a deal with the government after the amnesty program had ended but the government said it was too late. USB had already turned over her name to the feds.

I'm sure that Romney would not have made the same mistake.

[dlwickham]

1. doubt she'll go to jail

unfortunately

[TheDebbieDee]

3. The US Attorney's only send enough rich people to jail

to scare the other wealthy tax cheats into coming clean on their own taxes.....

Besides, I think it's a waste of money to send non-violent offenders to prison - they should just get probation and then locked up if they fail to meet those probations standards. That would leave more room in the prisons for the dangerous criminals that should not be allowed to walk amongst us.

[dlwickham]

5. I think they should increase the fine to where it really hurts

if she can afford to put however many millions away, then she can certain afford to pay a much larger fine

some country in Europe-Finland sticks in my mind for some reason-bases fines on the income of the individual

if someone sees that a tax cheat is going to get stuck with a BIG multimillion dollar fine, maybe they'll think twice about not paying taxes on their investments or hiding them

[politicaljunkie41910]

8. Actually she has received a VERY stiff fine.

She was fined $26 million. The penalty is based on 50% of the highest balance in the account.

[dkf]

2. Geez like there aren't enough ways to get around taxes legally. How lame.

[MADem]

4. Six years--I think she got off light.

I think the government should let her buy her way out of jail--say, a million a year.

That way we don't have to support her.

[dlwickham]

6. I actually like that idea

of course people will say that we're treating the rich differently but hell, if they can pay to stay out of jail, let them do so

the taxpayers won't be stuck with housing her, feeding her, and taking care of any medical problems she may have and at her age, I'm betting that she has a few

[MADem]

7. We could even double down, and make her pay a million to stay outta the pokey, AND make her

pay for an ankle bracelet and monitor to keep her "imprisoned" in her home and yard, except for doctor appointments!

She's not violent--why should we lock her up and pay for her keep, when we can do it electronically and make her pay for her comforts?