UBS to shut down US offshore accounts

[moneymonger]

Quote from fyshy:

the world ends when poor people destroy it because of wealth disparity

Unfortunatlly, this is where the USA is headed due to burdensome taxation. The US has the highest CAPital gains tax
in the industrialized world. The recent election of Obama illustrates that we have a mass population of voters who
think it is moraly OK to vote themselves entitlements and largese
at the expense of other citizens personal property. We now have
more tax takers than tax payers. This is not sustainable.

 

[BlackBison]

oh dear, this kind of thing could really help cause a selloff in the swiss franc. its already not what it used to be.

the flight to quality into swiss and yen has been a historical tendency, but now the swiss is no longer as reliable a safe haven imo.

i say when the market has moved its focus off GBP its going to focus its fury on the CHF and demolish it.

long USD.CHF one of the big trades of 2009 imo... just make sure u time it right!

 

[libertad]

The real problem in the US is the income tax and the IRS....

Both should be immediately eliminated and replaced by a 10% consumption tax....

Then there would be no need for tax havens....

The treasury department actuarial number crunchers think that a 10% consumption tax would be inadequate because of its difficulty in measurement....

The tax take for any country would increase many times versus the current income tax models for many reasons....

Also the current major issue concerning the banks is valuation....
When taxes are removed from any revenue vehicle, valuations will rocket....particularly so in a low interest environment....

The multiplier effect of money will skyrocket....

And what was thought to be too small in terms of the tax take, turns into record amounts....

A 10% consumption tax only will attract the best of every business category to the countries that adopt it first....

The other easy remedy for any government is management by township.... Even simple matters like accurate employment levels statistics are more manageable by township....

The first and foremost tool to recovery is the immediate elimination of the income tax, to be immediately replaced by the consumption tax.....

Then all the money stays at home.....and valuations will immediately show up on all banks books....

The countries which move first....will attract the best talent in the world...and keep it....

Those countries that are late to change....will fair the worst....

 

[JSSPMK]

Quote from BlackBison:

oh dear, this kind of thing could really help cause a selloff in the swiss franc. its already not what it used to be.

the flight to quality into swiss and yen has been a historical tendency, but now the swiss is no longer as reliable a safe haven imo.

i say when the market has moved its focus off GBP its going to focus its fury on the CHF and demolish it.

long USD.CHF one of the big trades of 2009 imo... just make sure u time it right!

FA is not my cup of tea, yet must be mentioned that CHF is backed by Swiss gold reserves, unlike USD etc.

 

[moneymonger]

Quote from libertad:

The real problem in the US is the income tax and the IRS....

Both should be immediately eliminated and replaced by a 10% consumption tax....

Then there would be no need for tax havens....

The treasury department actuarial number crunchers think that a 10% consumption tax would be inadequate because of its difficulty in measurement....

The tax take for any country would increase many times versus the current income tax models for many reasons....

Also the current major issue concerning the banks is valuation....
When taxes are removed from any revenue vehicle, valuations will rocket....particularly so in a low interest environment....

The multiplier effect of money will skyrocket....

And what was thought to be too small in terms of the tax take, turns into record amounts....

A 10% consumption tax only will attract the best of every business category to the countries that adopt it first....

The other easy remedy for any government is management by township.... Even simple matters like accurate employment levels statistics are more manageable by township....

The first and foremost tool to recovery is the immediate elimination of the income tax, to be immediately replaced by the consumption tax.....

Then all the money stays at home.....and valuations will immediately show up on all banks books....

The countries which move first....will attract the best talent in the world...and keep it....

Those countries that are late to change....will fair the worst....

This would be a practical solution to attain sustainable economic
growth, without the boom bust cycles, and growing gov. revenues. The only problem is most Americans are too dumb
to appreciate the wisdom of this approach. We are now the Obamamation. Pragamatism has now taken a backseat to the ideology "economic justice" and "fairness". Most on this board
know that this approach is doomed. History has proven this
repeatidly. Most Americans-particulary those under the age of thirty-do not recall the folly of the last time this phylosophy was
in vogue. Tax policy should be based on expediency and equal
protection. Not on some politicians idea of "justice".

 

[ammo]

that money could easily be deposited in us banks,watch for a special one time law,allowing transference without normal penalties,or an abbreviated penalty,in an effort to shore up us banks,you can watch for it but it might be a well gaurded law amendment hidden from the public,as are most loopholes

 

[trader_arb]

Quote from libertad:

The real problem in the US is the income tax and the IRS....

I agree with the logic behind the consumption tax, but not with this statement.

The real problems in the US are the politicians and the FED (other countries also). The IRS has more oversight than any other agency, the Fed basically has none. The Fed is robbing you of more wealth than the IRS ever will.