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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.
#26, WmDE,
Your little story about McDonalds and Wendy’s is typical right wing nut bullshit.
Wendy’s doesn’t carry Quarter Pounders.
If you want your kid to play in McDonald’s Play Center, don’t be bringing in any Wendy’s bag. If you’re sitting at Wendy’s, don’t be bringing the family with a bunch of McDonald’s take out bags.
# 30 stansb said, “Perhaps we can pass a law that says if you change your residency you must change you physical location as well.”
Oh, you mean kick out all non-citizens?
33,
No just the deadbeats.
Fuck them. Why do they hate the US? People who set up tax havens to shelter their money from the authorities are anti-American.
Consideruing the dirt on both sides of the aisle, the country should offer a tax amnesty, then throw the book at all they catch afterwards.
Your little story about McDonalds and Wendy’s is typical right wing nut bullshit.
Value for money. What is right wing about that?
# 35 smartalix said, “No just the deadbeats.”
You mean like illegals who consume more in gov services than they pay in taxes?
#16,
In its filing, UBS argued that it signed an agreement with the IRS in 2001 that allowed it serve as a “Qualified Intermediary” that would permit it to withhold the identities of U.S. taxpayers from the federal tax collectors.
http://tinyurl.com/bwa89m
Of course, they violated that contract by sending in “covert bankers” with encrypted laptops to hide the money.
Interesting things, contracts — they all usually have a clause saying that if one part is violated or found unenforceable, the rest remains in effect.
They don’t have a leg to stand on for the covert banker squad.
However, the US Government should abide by the law . . . contract law. They don’t have a right to the names because they signed a contract saying they didn’t.
People who want to wring every last dime out of their fellow men and see this as “rich” versus “poor” drive me insane.
Why don’t they just hand their entire paycheck over to the state so that it can spend it for them. I’m sure that would make them feel all warm inside. Just leave me the F alone. Tax havens for the wealthy?? Give me a break. If I could I’d be depositing funds in over seas accounts too. People who see taxes as good, or even necessary belong on the short bus with all the other mouth breathers.
Sounds like if anything is to happen, we’ll have to take them to the world court. But even if they rule in our favor, the Swiss may just ignore it.
Obama, do you have a big stick you can use after talking softly? I don’t know.
Dude, it is very rich versus comparatively poor because that’s how the very rich got rich, by stealing from those middle income and on down, making them poorer. Yes, there are those who got very rich by doing things correctly and honorably but they aren’t the ones hiding their money in tax havens like Switzerland (home of the get rich from Nazi stolen goods scheme) and Luxembourg.
# 40 gmknobl said, “Yes, there are those who got very rich by doing things correctly and honorably but they aren’t the ones hiding their money in tax havens like Switzerland”
ROFL!
#40, The rich got rich by privatizing the gains and socializing the losses. And the poor believe it was THEIR idea for all the social programs.
Now that is something to laugh at.
This is funny coming from all the people who told us it was the right thing for Geithner to not pay his taxes for the years he wasn’t audited.
>Your little story about McDonalds and Wendy’s >is typical right wing nut bullshit.
>
>Value for money. What is right wing about that?
The left doesn’t eat at Wendy’s. We saw that in the 2004 campaign when Kerry’s had a stop there, didn’t know what chili was, and it turns out it was just a photo-op, and they had their shrimp later.
While going after the foreign tax havens, they made sure to take away EVerify, so there’ll be no going after foreign workers here illegally.
#38, Loser.
Good comment. I do believe though that most agreements with government agencies are hinged upon the complete honesty of the other party.
There is also this thing in contract law about the intent has to be apparent and solely one party may not benefit. In other words, you don’t get something for nothing. If UBS did not abide by the “contract”, they probably would lose their advantage.
But, I’m not a lawyer.
#35, “People who set up tax havens to shelter their money from the authorities are anti-American.”
What would be more “American” is to just corner the tax collector in an alleyway, strip off his clothes, an then douse him in tar sprinkled with feathers. That’s how they did things in the olden days.
Good, no more tax cheats, like the rich bass turds who get more in services than what they pay into the system. If they decide to move out of the country to evade paying taxes, their citizenship should go with them. No more corporate welfare, no more of these bass turds cheating WE THE PEOPLE our of our money. They should be made to pay with heavy interest.
#45, It all comes down to the argument in court regardless of what the contract says, so UBS needs to lawyer up and keep greasing palms.
# 47 Rabble Rouser said, “Good, no more tax cheats, like the rich bass turds who get more in services than what they pay into the system.”
I don’t think those exist. Throughout my life as I’ve moved up the tax brackets I’ve not received more gov’t services. So, you must be talking about poorer people who don’t really pay taxes yet consume gov’t services…
and some IDIOT said..
“the top 1% pay more then all those below.”
Until the money is FLOWING FROM THE BOTTOM UP, it wont go ANYWHERE..
#50, ECA,
Good point.
What those with money all seem to forget is that their wealth came on the backs of the middle class’s labor. Well all except Cow-Patty as his poopcycle stand is looking for a bailout so he can give himself a bonus.
Back to making cuckoo clock, I guess.
They got one company to talk because it was dumb enough to invest in the states.
The rest won’t invest in the states and they aren’t talking.
To many are still looking at the “TRICKLE DOWN THEORY”..
Which didnt work the first time.
The rich HOLD ONTO their money, and when they spend it, its NOT at McD.
Here’s an idea. Make the USA a tax haven! Institute the FAIR tax, thus removing taxes on interest income, investment income…all income. Then all this money will come home to the USA.
Rather than hounding people to pay burdensome taxes on income and plunge us into a depression, give them an incentive to truly invest in America. (Invest doesn’t mean raise taxes and spend on pork.)
fairtax.org
iF YOU THINK ABIT,
IF these RICH RICH folks had takenb the LOWER paid workers, WITH THEM..
Paid more in wages, benefits, and such, they could have taken us to the ULTRA expensive Life styles..
But, then they wouldnt BE as rich, and we WOULDNT be as poor, and the cost of living would be thru the roof.
If every tax cheat left the country it would be a net positive, but it isn’t going to happen. I can’t see Joe Blow in Indianapolis, who owns, say a string of a dozen or two fast food franchises, calling out to his wife one afternoon, “Pack your duds, Francine, and crate up the dogs — we’re moving to Berne!”
# 36 WmDE said:
[quoting]
Your little story about McDonalds and Wendy’s is typical right wing nut bullshit.
[end of quote]
“Value for money. What is right wing about that?”
The problem is the tax cheats want the value without paying the money.
That’s theft.
Do all you guys really want to go on record defending tax cheats like this? Did you all convert from Reaganomics to Helmsley-nomics? (“Only the little people pay taxes.”)
Eat the rich.
#55, It’s not called “Trickle Down Economics” because the rich eat at McDs. The rich create jobs by starting and growing their businesses. Ever worked for a poor man?
#59, It’s called “Civil Disobedience.” Kinda like sit-ins that are clearly against the law or tree-huggers living in trees for a year.
And, yes, I do support it. If I thought I would get away with it without putting my people out of work, I’d do it in a heartbeat.
#61–Loser== oh – – -my – – – god!!! Still touting trickle down as if it were not completely discredited?
My god, what color is the sky in your world??????????????
How deep is your stupid hole????????
Or do you just hate everyone and think you have it made?
You are worse than contempt for all rationality. I think he knows he is full of shit yet continues fecal vomiting because of lack of alternatives ((no real education)) but you take the cake.
LIEBERTARIANS. Great engines of intellect with no wheels.
Stationery. Would be sad if you weren’t so repulsive.
# 55 ECA said, “The rich HOLD ONTO their money,”
Oh? They don’t employ people? The poop employ people? Do you read what you write?