Daylife/AP Photo
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Offshore tax havens used by rich Americans in Switzerland, the Cayman Islands and other nations are targeted for shutdown by bills offered by Democrats in both chambers of Congress.
The Senate bill expands on one co-sponsored last year by then-Senator Barack Obama and Senator Carl Levin, who has sought a broad crackdown on tax dodgers estimated to deprive the U.S. government of more than $100 billion a year. A thriving business in tax evasion developed in recent years on Wall Street among consulting firms, hedge funds and other elite financial players. Some purveyors even sought patent protection for their off-the-shelf schemes…
Similar legislation was introduced in the House by Texas Democrat Lloyd Doggett and more than 40 co-sponsors…
Mark Branson, chief financial officer of UBS Global Wealth Management and Swiss Bank, appeared Wednesday before the Senate Permanent Subcommittee on Investigations, which is chaired by Levin.
Branson appeared last July before the same panel at a hearing on the same topic. At that time, Branson apologized and announced the bank would stop offering cross-border private banking through its unregulated units to U.S.-domiciled customers. He also said then that UBS was working with the U.S. government to identify U.S. clients who may have engaged in tax fraud…
Branson maintained UBS’ stone wall: “the U.S. is attempting to resolve this diplomatic dispute in a courtroom, which is neither productive nor proper.”
“Productive and proper” according to Swiss law is why UBS is chartered there. That’s what being a hideout for tax dodgers is all about.
IRS has government employees working at most 8 hours a week. Lawyers for tax dodgers work overtime.
So how much money do you think Congress will raise?
You can’t make everyone a Cabinet member.
So, the wealthy will just change their residency. Bye, bye to even more tax revenue. What idiots.
Poor babies gonna cry when they have to pay their fair share.
Cue the violins…
# 3 Olo Baggins of Bywater said, “Poor babies gonna cry when they have to pay their fair share. ”
Nope. If those people are made to pay FAR more than they consume, they’ll just leave and be a citizen of another country and then the U.S. will lose ALL of the tax revenue…
Looks like a Romulan to me.
Not the country club pimp in the comments. The suit in the photo.
But, rich oil republicans don’t want to pay taxes. What is Congress doing??
@3,4: And it happened that exact way just last year in UK. Raised taxes on the rich. Rich moved capital and themselves to Switzerland. Swiss must see present USA situation as an excellent way to increase their domestic wealth base.
@#6: Aren’t the Democratic big heads the ones presently being caught red handed in avoiding taxes? Haven’t the biggest tax cheat ever been pardoned by he Democratic President? (…and does he now live in Switzerland…)
A major argument in the supply-side case for tax cuts raising revenue is that it reduces cheating.
Jude Wanniski’s classic case is someone who can build 1 house by himself, or gets two partners and builds 6 houses. If the tax rate is 49%, then they are paying 2.94 ‘houses’ in tax, leaving 1.02 for each of them. Raise the rate to 51%, and suddenly he will build by himself, and not declare. Less economic output, and less revenue for the government.
The headline “foreign tax havens targeted” sounds good, but the article fails to define how are they avoiding taxes.
Are they avoiding taxes by making foreign investments that go to foreign bank accounts or what?
The gravy train is done choo’ing for the tax cheats and need to restore adherence to the law of the land.
Republicans don’t like it? Then move to Bahrain with Michael Jackson and other tax cheats and child molesters.
# 11 Dallas said, “The gravy train is done choo’ing for the tax cheats and need to restore adherence to the law of the land.”
Could well be. Obama has hired so many of them I’m sure that since they know all the tricks, it’ll help in tracking down others.
This “progressive” idea of “change” for shutting down tax havens for the rich may cause highly-depended-upon BIG political campaign contributions to all suddenly dry up…which means, this bluff congressional posturing is all sound and fury signifying ZILCH.
Reminder Congressmen, THE RICH OWN YOUR ALWAYS-FOR-SALE ASS!
naw the rich will just get more tax breaks for here..
all those tax abatement plans will sky rocket
wish those were banned in the bailout monies…
At that time, Branson apologized and announced the bank would stop offering cross-border private banking through its unregulated units to U.S.-domiciled customers.
Let’s fix this, Paddy-O style:
At that time, Branson apologized and announced the bank would stop offering cross-border private banking through its non-US Government Controlled units to U.S.-domiciled customers.
There, that’s better.
Bullshit! When UBS got their license to operate in the US they agreed to obey the law. That they refuse to operate under our laws should be reason to seize the bank and its assets before the bank goes bankrupt.
*
For all the right wing nut hypocrites,
America is a nation of laws. That you have becomes familiar to obeying only the laws you like for the past eight years is now only a memory. Once again, the laws of the land will apply to everyone.
Yeah what’s with all the bad-hires by ‘Bam? Can’t he pick someone’s who has paid his/her taxes?
# 17 TreeBeard said, “Yeah what’s with all the bad-hires by ‘Bam? Can’t he pick someone’s who has paid his/her taxes?”
You mean, find an honest lib Dem? Obama’s good but he’s not God. Cut him SOME slack.
This is very cool!!
Our politicians are starting to read Mother Jones! See the section with the header “Invade the Caymans”
http://tinyurl.com/clveh3
>That you have becomes familiar to obeying only the laws you like for the past eight years is now only a memory. Once again, the laws of the land will apply to everyone.
More of this same double standard. If Bush does it, it’s bad. If Obama/Clinton, it’s good.
Just now his climate change negotiator said the plan is ‘too ambitious’, ‘it’s not gonna happen’. Where are the liberals complaining about Obama abandoning the world?
#2 so we should just sit by and do nothing????
#18 – Paddy-trZEROll,
You mean, find an honest lib Dem? Obama’s good but he’s not God. Cut him SOME slack.
Yeah. Even most democraps have really just been more repugnicans since the Reagan era. We need some new ones. Obama’s better than anyone we’ve had for years, but is still fairly mainstream.
The corporate media won’t let us elect anyone truly liberal or truly libertarian. That would be too much of a change.
I’ll take what change I can get though and still be glad we’re out of the hands of the repugs for the time being.
When trolls like you vote the repugs back into power even after seeing what 28 years of Reaganomics can cause, then it truly is time to leave the country.
This isn’t going to go anywhere. There’s just as many, if not more, rich fat cat democrats off shoring the wealth as there is republicans.
# 22 Misanthropic Scott said, “then it truly is time to leave the country.”
Don’t let the door hit you on the way out.
# 21 Personality said, “#2 so we should just sit by and do nothing????”
No, change to a viable, fair tax system. Here’s an axiom that when violated kicks into action:
“Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains. “
MacDonald’s begins a drive-thru policy of adjusting the price of a Quarter Pounder with Cheese based upon the value of the automobile you are driving. Me with my 14 year old pick-up truck with the inoperative driver’s side window pays 75 cents for the QPwC. The guy behind me in the Rolls is charged $32.00 for the same QPwC.
Eventually MacDonald’s notices that all the really expensive automobiles can be seen in the Wendy’s drive-thru across the street.
MacDonald’s now wants a cut of the traffic at Wendy’s.
If all men are created equal, shouldn’t they pay the same the same dollar value in taxes. If not why not?
#26, uni,
This isn’t going to go anywhere. There’s just as many, if not more, rich fat cat democrats off shoring the wealth as there is republicans.
So what? If they are evading taxes then they deserve to be hauled into court and made to pay along with interest.
It doesn’t matter what someone’s political affiliation is, no one is above the law or deserves to get a special break.
#21, no but you should realize the effects of your policies instead of engaging in wishful thinking.
WSJ Mar 4 – Obama Gets Strong Support in POLLs
– “Widespread backing for get well agenda”
– “More popular than ever”
– “Americans hopepul about his LEADERSHIP”
– “sharp jump nation heading in right direction”
– “Republican views shift more negative”
WOW. That says it all !!
Americans sent Dick and Bush pack’n and see what happens! Now, even GOP minority leader John Boehner is nervous.
Dick, Bush and Boner. Why all the porn in the GOP? Did you think that would help ?
@#2
Hopefully the door won’t hit them in the butt. Perhaps we can pass a law that says if you change your residency you must change you physical location as well. I don’t want to see their sorry butts sitting in the Hamptons if they’re not citizens. In other words, GTFO tax scofflaws, I pay mine.
# 28 MikeN said, “#21, no but you should realize the effects of your policies instead of engaging in wishful thinking.”
Classic mistake and what has been the driving force for all totalitarian governments to forbid people from leaving country. It’s a type of slavery favored by left wingers.