Senators' Statements on the Offshore Voluntary Compliance Initiative
Statement of Sen. Charles Grassley, incoming Senate Finance Committee Chairman
"I think this is an opportunity for a fresh start that taxpayers would be smart to embrace. Further, I am also pleased that while taxpayers will be getting a fresh start, IRS plans on making it the end of the line for crooked perpetrators."
Statement of Sen. Max Baucus, senior Democrat, Senate Finance Committee
"As the annual tax filing season begins, the majority of Americans will step up and pay their fair share of taxes. These taxpayers expect everyone else who enjoys the benefits of this great country to also pay their fair share. When the IRS alleges that hundreds of thousands of taxpayers may have offshore financial accounts to conceal taxable income, this is clearly a serious threat to the integrity of our tax system. When the government alleges that tens of billions are lost each year from these abusive schemes, the trust of those paying taxes is violated.
“I applaud the IRS for today's initiative that will help to restore public confidence and eliminate the illegal practice of avoidance through offshore tax shelter schemes. The agency should be commended for its innovative approach to gathering information on promoters and to efficiently disposing of the thousands of cases already identified. The IRS' message to tax evaders is clear -- either come forward and pay what is owed to the country today, or find the IRS knocking on your door with jail time and high financial penalties tomorrow.”