obama targeting offshore tax shelters

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yubrew

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Sep 27, 2008
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May 5 - "The Obama administration on Monday announced a proposal aimed at tracking down individuals who evade taxes by stashing assets in secret accounts in Switzerland and other countries."

Article - WSJ.com
 


yubrew said:
May 5 - "The Obama administration on Monday announced a proposal aimed at tracking down individuals who evade taxes by stashing assets in secret accounts in Switzerland and other countries."

Article - WSJ.com
Click to expand...


I heard this 2 days ago. Couple of things...

IF the legislation passes (this is just a small piece of a large corporate tax haven package) it would take place in 2011.

Also, there is not a DAMN THING the IRS can do if foreign banks won't give over information. Not. A. Thing.

You think the Seychelles is going to say, "Oh, ok, now that you created 800 new IRS agencies (this is actually in the plan) we will give you all the info you desire." LOL. Right.

Switzerland cracked under years of pressure and gave up a little info recently. But what is the US going to do, sanction the Seychelles and other small countries like that? I guess we might invade. We do like to go to war for money.

Maybe we'll go after WMDs in Belize next.
 
I go to every length to be friendly to the IRS when dealing with offshore accounts. It's a tricky business, I don't want to end up out of 30% of money sent out or something by accident.

Accounting had to do a lot of research to make sure its right.
 
any american with money hidden in a swiss account should consider moving their money to somewhere else since many swiss bank account secrecy laws have been changed. they will now give away your bank info on request even if you havent been associated with drug dealing or other criminal activities. at least thats what they are claiming.

windjc said:
Switzerland cracked under years of pressure and gave up a little info recently. But what is the US going to do, sanction the Seychelles and other small countries like that? I guess we might invade. We do like to go to war for money.
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yeah switz pretty much cracked down since they export a lot of stuff to the US. agree with you on the seychelles.
 
The US puts pressure on various countries and governments by threatening to not give the country any money.
 
They're targeting these funds so civilians won't be able to fund a war against the government when they shove every dissident in FEMA camps. /tinfoilhat
 
Actually, the reason why they got UBS to cave was because UBS has offices and brances in the US and the US basically said, as long as you want to do business in the US you have to comply with our laws.

Stick to banks without US branches and you might be okay - at least until rules change again.
 
pickledegg said:
Do I take it from this thread, that some of you guys are slightly less than happy with your new choice of President?
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The president is just a figurehead. They are out to get all the money, and control every person and industry.
 
In Norway, if you are busted for hiding away money overseas you are given a 60 % penalty tax. If you admit to the hiding before they find out, you are let away with 1 % penalty I think it is.
 
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