By Gretchen Morgenson

With all the hoopla over the health care bill, hardly anybody noticed that a job creation bill that President Obama signed on March 18 makes it much harder for United States citizens to avoid taxes by hiding money in overseas bank accounts.

Nobody likes to pay taxes, of course. But for those of us dutifully handing over our share each year, there is nothing more maddening than stories of tax-avoidance schemes created by fee-hungry bankers for well-heeled clients.

Continue reading Death of a Loophole, and Swiss Banks Will Mourn

Related reading:

It’s Official – America Now Enforces Capital Controls
Zero Hedge (28 March 10)

U.S. Hire Act Becomes Law,With Tax And Foreign Accounts Compliance Measures (19 March 10)