He who places his hope on thee, O Virgin all-glorious, will prosper in all he does.

Inscription on Byzantine coin during reign of Romanus III

Wednesday, December 28, 2011

Monetary Freedom Remains Elusive

The US government is now issuing subpoenas to American taxpayers compelling them to furnish offshore banking records. The subpoenas are being challenged as not meeting the required records exception to the 5th Amendment's self-incrimination protection.

What's a little criminal contempt amongst friends?


John (Ad Orientem) said...

The law already requires all offshore bank accounts if there is an aggregate value of more than $10,000 to be declared annually to the Treasury Dept. The penalties for failure to disclose are draconian.

Visibilium said...

Yes, that particular form has been around since the 70s, and the threshold amount hasn't been indexed to inflation. Tax returns and associated schedules (including TDF 90-22.1) are fair game in divorce or creditor litigation.