Stop Tax Haven Abuse Act to affect US Brokers International Wiring

[Daal]

"The bill, S. 580, originally and in its new introduction, targets U.S. citizens and companies hiding their money offshore to avoid tax. The bill also takes issue with 34 offshore financial centers and puts them on a quasi-black list, assuming that if you have money in or transfer money into one of these black listed places you must be a tax cheat." - Trust Markets Advisors

I bet this will include countries that are typical financial centers where a big chunk of the world payments system go through every day. However it seems that larger public companies(higher than $50m market cap) are exempt from some rules

 

[dont]

Looked it up

A resolution expressing the sense of the Senate on preventing Iran from acquiring a nuclear...

http://www.govtrack.us/congress/bill.xpd?bill=sr110-580&tab=summary

Can you give a link or something?

 

[makloda]

There are thousands of mutual funds, family trusts and hedge funds set up in "blacklisted" Caribbean financial centers. If US brokers will be prohibited to receive wire transfers from these jurisdictions then this money will go to Europe and Asia. If this is what US lawmakers want then so be it. Won't change a thing.

 

[Daal]

Quote from makloda:

There are thousands of mutual funds, family trusts and hedge funds set up in "blacklisted" Caribbean financial centers. If US brokers will be prohibited to receive wire transfers from these jurisdictions then this money will go to Europe and Asia. If this is what US lawmakers want then so be it. Won't change a thing.

True. Prohibition would probably setup overnight chaos as those centers are too important, what they could do instead is to 'flag' you and maybe say they dont want your account. Clients with tax haven accounts connected to US brokers could became a smaller version of being a muslim and the implication that carries

This could became particulary worring if the fiscal deficit continues to baloon

 

[hilojack]

Offshore Funds?

 

[Bob111]

i'm getting tired from all this..you put your money in bank-next day FDIC says they don't have money to cover..you put your money into treasuries-next day you got this-

U.S. sovereign-credit spreads rise sevenfold in year
Risk gauge outpaces measure of corporate-credit risk as U.S. bails out banks


then by the end of they day you think about move your money away from this f* up country before it's go bankrupt (money, on which taxes was paid already multiple times) but..no..you can't! you will be accused in tax evasion. wtf is wrong with those people? how about stop pissing the money away in iraq? stop this war now! how about cut government spending? i know, it's easier for us government to look into my pocket instead of his own..because i do have some in it and all they have is big black hole that they not even trying to fix

 

[ASusilovic]

Quote from makloda:

There are thousands of mutual funds, family trusts and hedge funds set up in "blacklisted" Caribbean financial centers. If US brokers will be prohibited to receive wire transfers from these jurisdictions then this money will go to Europe and Asia. If this is what US lawmakers want then so be it. Won't change a thing.

There is a huge STOP sign in Europe :

hedgefund regulation area [European Finance Minister Protection Area] Please move further to Asia. We don´t want you anymore here. You are responsible for the global crisis. Bad, bad, bad hedgefunds !

 

[dbell66]

Quote from Bob111:


then by the end of they day you think about move your money away from this f* up country before it's go bankrupt (money, on which taxes was paid already multiple times) but..no..you can't! you will be accused in tax evasion. wtf is wrong with those people? how about stop pissing the money away in iraq? stop this war now! how about cut government spending? i know, it's easier for us government to look into my pocket instead of his own..because i do have some in it and all they have is big black hole that they not even trying to fix

I suspect that this is what this is really all about. Laying the framwork for future restrictions on capital movement/ flight.

Don't forget, your money is not your money, it's their money. To do with as they see fit. And they want to make sure it stays within their reach.

Your job is to shut up and bend over....and then say thank you!