IRS wants millions hidden in Swiss accounts

Quote from hughb:

I have to admit that in the end, I was always treated fair by the IRS. I've been examined by them twice. Once I had to cut them a check with interest and penalties, and once they had to cut me a check with interest.

Anyway, back to Swiss bank accounts - I understand that under Swiss law a bank has to withhold 35% in taxes from the interest you earn on your deposit. In an American bank you will be paying a lot less in taxes on your interest and it isn't automatically withheld by the bank, you pay it at your leisure as long as you meet the dead line. With that in mind, the only reason I can see to have a Swiss bank account is to keep anybody from knowing you have those assets, not so much to avoid taxation.

Not entirely true. Under Swiss law you can negotiate a flat amount of tax you will pay regardless of income earned.
 
Quote from achilles28:

^^^

Thats actually a great point.

The Tax Code declares citizens Guilty until proven innocent.

By which authority does the IRS get that awesome, yet completely Unconstitutional Power from?

What happened to Due Process? And the onus on the Prosecution (IRS) to prove guilt beyond a reasonable doubt?



Thank you.

The hypocrisy of this Nation and it's rulers makes makes me believe that due process takes a back seat to profits for the taxpayer. The absolute greed shown by the myriad of laws put into place to hurt the middle class(if it still exists) and benefit the already super wealthy. Meanwhile the average Joe can hardly keep up with daily expenses that are threatening to send the whole family to the poor house.

Their laws apply to the populace but not to them. The powers that be can afford to hire a gaggle of lawyers, accountants, and bookkeepers to "smooth things over".

You know, i love this country and it's people. But i find that folks don't really know the WHY of this huge mess we are in. Hopefully, we can all wake up and take steps to put an end to this injustice.

It seems that we can't really catch a fair break unless your name is Mr. Moneybags.

Oneday
 
Today's WSJ reports that the Senate Permanent Subcommittee on Investigations has subpoenaed four taxpayers. Peter Lowy who owns Westfield Group, Steven Greenfield, Shannon Marsh and William Wu.

The subcommittee is getting their info from former employees at UBS and a Lichenstein bank called LGT. LGT is being the least cooperative citing privacy laws.

Spanish authorities are raiding financial firms in Spain to get the names of Spanish citizens who are avoiding taxes. This is a worldwide push, I wonder how far it will go. This stuff comes up from time to time but I've never paid much attention to it. It sounds pretty serious, but if it's happened before with no results, why are they doing it again?
 
Quote from hughb:

...but if it's happened before with no results, why are they doing it again?

To prove to their constituents that they're "doing something" about "it"
 
Quote from SWhiting:

"... A flat tax is the most regressive tax and, besides being completely immoral...

Sounds like you (a) never made any money in your life, (b) never intend to, and (c) happy to suckle from the public teat at the expense of others... that's the definition of a PARASITE! Shame on you...
 
Excellent Commentary All
..........................................................................

Consumption tax only.....

YOU USE IT....YOU PAY FOR IT......

IRS ELIMINATION
 
these offshort accounts avoid paying taxes on. Unless you report to the IRS, it's impossible for the IRS to track down unpaid the owner of these offshore accounts.

1. interest on bonds, t-bills
2. dividends on stocks
3. capital gains

if you don't want to pay the us taxes, leave the country. everybody including a the min. wage worker pays those taxes.




Quote from oneday:

Thank you.

The hypocrisy of this Nation and it's rulers makes makes me believe that due process takes a back seat to profits for the taxpayer. The absolute greed shown by the myriad of laws put into place to hurt the middle class(if it still exists) and benefit the already super wealthy. Meanwhile the average Joe can hardly keep up with daily expenses that are threatening to send the whole family to the poor house.

Their laws apply to the populace but not to them. The powers that be can afford to hire a gaggle of lawyers, accountants, and bookkeepers to "smooth things over".

You know, i love this country and it's people. But i find that folks don't really know the WHY of this huge mess we are in. Hopefully, we can all wake up and take steps to put an end to this injustice.

It seems that we can't really catch a fair break unless your name is Mr. Moneybags.

Oneday
 
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