Swiss banks to hand over staff names in U.S. tax row

[dmcowen674]

I wonder how much money will go into the general fund from getting all these tax scofflaws money?

How many rich Republicans in here are affected?

4-14-2012

http://finance.yahoo.com/news/swiss-banks-hand-over-staff-105510489.html

Swiss banks to hand over staff names in U.S. tax row

Switzerland will allow banks to hand over the names of any employees and other third parties who helped wealthy Americans evade taxes to U.S. prosecutors

Eleven Swiss banks including Credit Suisse and Julius Baer are under investigation in the United Stated for aiding U.S. citizens suspected of dodging taxes.

In the latest attempt to end the long-running dispute, Switzerland's Federal Council has now authorized banks to hand over email traffic in connection with such clients to U.S. prosecutors

U.S. authorities suspect tens of thousands of Americans have used Swiss banks to squirrel their savings away from the tax inspectors.

Switzerland is trying to get the investigations dropped, in return for the payment of a hefty fine and the transfer of names of thousands of U.S. bank clients.

It is also seeking a deal to shield the remainder of its 300 or so banks from U.S. prosecution.

In an interview published on Friday, Swiss Finance Minister Eveline Widmer-Schlumpf said she expects to clinch a solution with the United States this year.

 

[Lemon law]

Yee haw, dare we hope, ole ex-Senator Phil Graham is on the list. He always claimed he was dumbest kid in school, and going to jail would cement his claim.

Silly Phil, just because Swiss law used to shield your illegal acts against your own country, does not mean the Swiss law can't change. Being dumb should have its own rewards.

As everyone in the USA, can vote for Phil Graham for Federal Prisoner.

 

[amish]

US/Swiss relations on banking are getting very interesting. I have a few clients that are Swiss citizens that had to close their accounts as soon as they took a position in the US. The Swiss banks no longer want anything to do with anyone that has ties to the US.

if I were a betting man, I would have to guess that the cash is no longer in Switzerland and the US government is going to have to chase it to some island in the caribbean.

 

[CanOWorms]

Good. The Swiss have been fostering financial terrorism for too long.

 

[Zebo]

I've also read most ppl are going to the carribean islands these days, Antigua etc for thier secret banking needs. Govt is behind curve probably.

 

[Craig234]

You don't mind taking on the debt from the 0.01% not paying their taxes, do you?

They're job creators. Be grateful.

 

[dmcowen674]

I've also read most ppl are going to the carribean islands these days, Antigua etc for thier secret banking needs. Govt is behind curve probably.

These Islands are in our backyard and easy to surround and take over especially since they have no Military unlike the Falklands.

When the U.S. Government decides to cash in on the Caribbean piggy bank it will be easy pickings.

You heard it from The Great Nostradaveous first.

 

[jagec]

These Islands are in our backyard and easy to surround and take over especially since they have no Military unlike the Falklands.

When the U.S. Government decides to cash in on the Caribbean piggy bank it will be easy pickings.

You heard it from The Great Nostradaveous first.

Do you think that the rich people who are sheltering their assets in the Caribbean are going to let the US government seize them just like that?

 

[1prophet]

Do you think that the rich people who are sheltering their assets in the Caribbean are going to let the US government seize them just like that?

If they fall out of favor with the politicians that protect them:hmm:

 

[cybrsage]

Ouch, now where the union bosses keep the money they forcibly took from the union members' paychecks?

 

[Jhhnn]

I've also read most ppl are going to the carribean islands these days, Antigua etc for thier secret banking needs. Govt is behind curve probably.

Probably, but the paper trail from Switzerland won't go away, and one of the side effects of the WoT and the WoD is much, much better ability to track international electronic cash flows.

The US isn't the only country interested in squeezing illegal tax dodge havens out of existence, either.

 

[Jhhnn]

Ouch, now where the union bosses keep the money they forcibly took from the union members' paychecks?

Even the most corrupt Union boss imaginable doesn't make enough money for Caribbean tax dodge bankers to sneeze at. They like people like Mitt, the Koch Bros, Mexican Cartels & Colombian drug lords. They all dress the same way, speak the same language of finance, and have the same conservative values...

 

[JS80]

Even the most corrupt Union boss imaginable doesn't make enough money for Caribbean tax dodge bankers to sneeze at. They like people like Mitt, the Koch Bros, Mexican Cartels & Colombian drug lords. They all dress the same way, speak the same language of finance, and have the same conservative values...

lol only republicans and drug dealers are tax dodgers

 

[Jhhnn]

lol only republicans and drug dealers are tax dodgers

Not at all. I'm sure there are some wealthy Dems who share those same conservative values.

 

[davmat787]

Not at all. I'm sure there are some wealthy Dems who share those same conservative values.

If tax evasion is a conservative "value", does that mean over taxation is a liberal value? Why the need to make this a partisan issue?

 

[Jhhnn]

If tax evasion is a conservative "value", does that mean over taxation is a liberal value? Why the need to make this a partisan issue?

Tax evasion is an extension of tax hatred, and of extremely stupid anti-gubmint raving & pontificating. If the dreams of anti tax Libertopians were realized tomorrow, all of us would shortly end up as bugs on the windshield of international capitalism.

Even as anti democratic forces achieve higher levels of organization, fools seek to limit the power of egalitarian democracy by starving it of revenue, burying it under debt. Consult Grover Norquist.

 

[Craig234]

If tax evasion is a conservative "value", does that mean over taxation is a liberal value? Why the need to make this a partisan issue?

In a time of record deficits and 'drowning our government in a bathtub' of debt, when taxes on the rich are at record lows, the clear main issue is taxing too much.

 

[Ronstang]

In a time of record deficits and 'drowning our government in a bathtub' of debt, when taxes on the rich are at record lows, the clear main issue is taxing too much.

I know you're an idiot so you won't understand this but the deficits are only a reality because of two things. The government overspending and the contraction of our economy that has been caused by decades of shitty policy. Tax rates are irrelevant. If the government stopped strangling the economy they would have more money. But they, as you, are stupid. All they see is someone making money, which they don't, and they lick their chops trying to figure out how to steal a bigger slice. If they were smart they would realize the secret to bountiful tax revenue is increasing the NUMBER OT TIMES MONEY CHANGES HANDS because each time it does the get a cut. This only happens in a flourishing economy, which they have basically destroyed. Increasing taxes is self defeating because it decreases the amount of times a dollar changes hands and can thus be taxed. Government always spends money inefficiently and as a result that money does not result in as much tax revenue in the future. Too bad politicians and government workers have no understanding of what it takes to MAKE money rather than steal it. If they did things would dramatically change.

Personal attacks are not permitted in P&N. Admin DrPizza

 

[Zebo]

I know you're an idiot so you won't understand this but the deficits are only a reality because of two things. The government overspending and the contraction of our economy that has been caused by decades of shitty policy. Tax rates are irrelevant. If the government stopped strangling the economy they would have more money. But they, as you, are stupid. All they see is someone making money, which they don't, and they lick their chops trying to figure out how to steal a bigger slice. If they were smart they would realize the secret to bountiful tax revenue is increasing the NUMBER OT TIMES MONEY CHANGES HANDS because each time it does the get a cut. This only happens in a flourishing economy, which they have basically destroyed. Increasing taxes is self defeating because it decreases the amount of times a dollar changes hands and can thus be taxed. Government always spends money inefficiently and as a result that money does not result in as much tax revenue in the future. Too bad politicians and government workers have no understanding of what it takes to MAKE money rather than steal it. If they did things would dramatically change.

Back when we had balance top marginal rate was 93% and everyone paid more taxes top down. A lot of conservatives look at these times as good ole days, days of eisenhower. Flourishing economy doesn't happen on it own. Good government policy makes it happen. What would auto/agriculture industry have looked like if Eisenhower hadnt built the largest road systems in the world and we were still on dirt separating towns? How about that giant sucking sound Ross Perot was right about after NAFTA/MFN?

 

[Ronstang]

Back when we had balance top marginal rate was 93% and everyone paid more taxes top down. A lot of conservatives look at these times as good ole days, days of eisenhower. Flourishing economy doesn't happen on it own. Good government policy makes it happen. What would auto/agriculture industry have looked like if Eisenhower hadnt built the largest road systems in the world and we were still on dirt separating towns? How about that giant sucking sound Ross Perot was right about after NAFTA/MFN?

Do some research. Those 93% rates Democrats salivate about were a joke, a smoke screen. There were so many loopholes deductions that NO ONE paid that rate. As for everyone paying more taxes, the people in the middle are the ones getting squeezed the most these days. It is ridiculous that someone can have a $40K salary and because they have a family they get so many deductions that instead of paying income tax they get more money back than they paid in, essentially they get a nice welfare check on the backs of people a little higher in the middle. Tax policy like all other policies of our government have become a complete mess.

 

[Zebo]

Do some research. Those 93% rates Democrats salivate about were a joke, a smoke screen. There were so many loopholes deductions that NO ONE paid that rate. As for everyone paying more taxes, the people in the middle are the ones getting squeezed the most these days. It is ridiculous that someone can have a $40K salary and because they have a family they get so many deductions that instead of paying income tax they get more money back than they paid in, essentially they get a nice welfare check on the backs of people a little higher in the middle. Tax policy like all other policies of our government have become a complete mess.

I know the research like today with deductions and depending on source no one pays full 35% but they did pay more. Everyone did. I can deduct everything from business trips to F350s and everything it takes to run them perfectly legal, among other things. I'm not much into welfare but massive govt work projects which create an massive national asset which would be impossible to do on private capital.

 

[Ronstang]

I'm not much into welfare but massive govt work projects which create an massive national asset which would be impossible to do on private capital.

If you want government spending on things like that you had better figure out a way to dismantle the dysfunctional welfare state our government has created to buy votes. It didn't exist in the 1950's like it does today. People had pride, they wanted to work for what they got. The government has destroyed those kinds of principles in the lower half of society and is consuming most of government spending.

 

[Zebo]

Everyone is in on it Ron. Rich buy with campaign cash where they don't have to pay much (google hedge fund manager tax loophole) Poor buy freebies with a vote. I've long said our problems are cultural not financial. No one wants to pay, everyone wants govt cheese. hence we borrow half what we take in and getting worse. Fix will look like Wiemar republic for a awhile.

 

[JS80]

I know the research like today with deductions and depending on source no one pays full 35% but they did pay more. Everyone did. I can deduct everything from business trips to F350s and everything it takes to run them perfectly legal, among other things. I'm not much into welfare but massive govt work projects which create an massive national asset which would be impossible to do on private capital.

AMT you stupid fuck.

No personal attacks in P&N
-Admin DrPizza

 

[Anarchist420]

Do some research. Those 93% rates Democrats salivate about were a joke, a smoke screen. There were so many loopholes deductions that NO ONE paid that rate. As for everyone paying more taxes, the people in the middle are the ones getting squeezed the most these days. It is ridiculous that someone can have a $40K salary and because they have a family they get so many deductions that instead of paying income tax they get more money back than they paid in, essentially they get a nice welfare check on the backs of people a little higher in the middle. Tax policy like all other policies of our government have become a complete mess.

+1.

The only way the Democrats are going to bleed the wealthy is if they start a wealth tax that's a high rate with a large exemption. Fortunately, they're too dumb to know how to redistribute wealth on an even more massive scale than they already do. Obama probably doesn't even realize that annual income and accumulated wealth are not exactly the same.