Here is Jack Townsend’s report of activity this weekend at the ABA Tax Section meeting.
This short report confirms some thoughts I have been having. I have worked in and watched this topic (offshore tax planning, trusts, banking, etc.) for 25 years. Hunches follow:
For the overall impact of the Voluntary Disclosure Program? Check out the OECD statistics for tax compliance by individuals. I have one word for the IRS:
Regression to the mean.
This program has accelerated the trend.
(Hint to non-readers of economic statistics. USA has a higher rate of truth-telling for its taxpayers than other countries. I’m saying specifically that the trendline for the USA and truthfulness of its taxpaying citizens will be in the downward-sloping direction. And I’m willing to make a Long Bet on that.)