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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.
#62, just because you don’t understand Say’s Law is no reason to have a hissy fit.
Production is what employs people. Employed people earn money. People with money buy stuff. Increased demand for stuff means more people get employed.
#64–SL==Say’s Law? You are right, there are a lot of discredited irrelevant old economic theories that I haven’t heard of. Goodness Bless the Interwebitudes. Wiki article says Say’s Law is only arguably valid in a barter economy.
You do know the USA is not a barter economy?
As the wiki and my common sense does not conger up ANY RELATIONSHIP between Say’s Law and Trickle Down Economics, maybe you’d provide that?
And connect it in such a way as to avoid the following generally accepted factoid: a Dollar of Tax relief to the rich provides 1.05 of economic activity whereas a Dollar of Unemployment provides 1.70 of economic activity?
I’d love to know why/how/when you came to believe “Say’s Law” was such a killer economic law. You should find out and let us know?
#64, glad to see you rely on wikipedia to formulate your highly informed opinions about what is and isn’t viable in a particular economic system.
Paddy-O, #2,
Oh, shut-up! It’s a pity of you when all you have to compete for investors is the freedom you give them to evade taxes.
Miguel Correia said, “Oh, shut-up! It’s a pity of you when all you have to compete for investors is the freedom you give them to evade taxes.”
Welcome to Realityland telling someone to not say what reality is, won’t change it one bit.
Don’t tell me, you’re a liberal. Right?
#68–Paddy Zero==so you’re saying the reality is that rich people don’t care about America and their citizenship and that money is their paramount concern?
Good to know. I have always suspected that was true but its good to get confirmation from the horses ass.
# 69 bobbo said, “so you’re saying the reality is that rich people don’t care about America and their citizenship and that money is their paramount concern?”
Read what Jefferson already knew on the subject. If you are 1st hearing it from me, your education is sorely lacking.
61, YES..
61, you DONT feed a tree from the TOP, you water and fertilize FROM THE BOTTOM.
The tree grows the leaves from the Nurture at the bottom, and opens it leafs, to the SUN..
TRICKLE down only works when the RICH give the money to the POOR, or those at the BOTTOM of the CORP, NOT THE MIDDLE.
Even if you say the Rain(money) still falls from the sky(rich people) to feed the tree..THE MONEY STILL HAS TO GET TO THE BOTTOM.
63,
Rich pay others to do there job.
If a company is doing well, NO. A rich person gets the profit. THE COMPANY pays the employee AND the rich person. And how many of these RICH people STARTED THAT COMPANY? it ISNT/WASNT/NEVER WILL BE THEIRS.
#69, Bobbo,
Don’t be so hard on horses.
#70, Cow-Paddy, Ignorant Shit Talking Sociopath, Retired Mall Rent-A-Cop, Pretend Constitutional Scholar, Fake California Labor Law Expert, Pseudo Military Historian, Phony Climate Scientist, Leading Troll Extraordinare, Asstrologist, and President of the “I Hate America Club”
So why do you hate America?