Posted on 05/05/2014 12:03:11 PM PDT by Olog-hai
As the United States attempts to punish Russia for its actions in Ukraine, the Treasury Department is deploying an economic weapon that could prove more costly than sanctions: the Internal Revenue Service.
This summer, the U.S. plans to start using a new law that will make it more expensive for Russian banks to do business in America. […]
Long before the Ukraine crisis, Congress approved the law in 2010 to curb tax evasion that relies on overseas accounts. Now, beginning in July, U.S. banks will be required to start withholding a 30 percent tax on certain payments to financial institutions in other countries—unless those foreign banks have agreements in place to share information about U.S. account holders with the IRS. The withholding applies mainly to investment income. …
(Excerpt) Read more at hosted.ap.org ...
This will get interesting.
Will the IRS bring back their heavy hitters like criminal Lois ( The Mask) Learner, to do to screw the Russians like what was done to conservative groups in the USA?
Once again, the Federal government of the United States shows that the only thing it is any good at doing is stealing money from people. They don’t even have to be American citizens.
Wait, I thought the IRS was only for political dissidents.
Russian banks will close their branches here.
And the IRS has no extra-territorial jurisdiction in Russia.
Economic Cleansing.
Even if Putin were ten times more devious than a Bond villain, he could not have come up with a better plan to destroy America’s economy.
The financial system is a big, big earner for the U.S.A. Any financial system relies on trust. In particular, if foreign investors don’t trust your system, they won’t invest in the U.S.A.
The blow-back from weaponizing your financial and tax systems will do far more harm to the U.S.A. than it will to Russia.
Now they will need all that ammo.
Did I miss something? When did the Russian Banks join the Tea Party?
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