Tax Evaders Beware! Money’s Getting Harder To Hide

Republican presidential candidate Mitt Romney has acknowledged that he had money in a Swiss bank account until 2010. Romney says he wasn’t trying to hide the money, since he reported the account to the government.

Even so, he closed the account at a time when the federal government was in the middle of a major crackdown on offshore tax havens — a crackdown that has made it harder for Americans to hide their money overseas.

The amount of money stashed in offshore tax havens is staggering. A recent report from The Tax Justice Network estimates it’s as much as $31 trillion worldwide — and that’s just an educated guess.