British banks revolt against Obama tax plan (Ha Ha!)

Telegraph (U.K.) ^ | 24 May 2009 | Louise Armitstead

[RU88]

British banks and stockbrokers may refuse to take on American clients if new international tax proposals outlined by President Obama are passed.

By Louise Armitstead Last Updated: 12:02AM BST 24 May 2009

The decision, which would make it hard for Americans in London to open bank accounts and trade shares, is being discussed by executives at Britain's banks and brokers who say it could become too expensive to service American clients. The proposals, which were unveiled as part of the president's first budget, are designed to clamp-down on American tax evaders abroad. However bank bosses say they are being asked to take on the task of collecting American taxes at a cost and legal liability that are inexpedient.

Andy Thompson of Association of Private Client Investment Managers and Stockbrokers (APCIMS) said: "The cost and administration of the US tax regime is causing UK investment firms to consider disinvesting in US shares on behalf of their clients. This is not right and emphasises that the administration of a tax regime on a global scale without any flexibility damages the very economy it is trying to protect."

[RU88]

Either way you look at it, Obombi can hold his hand on his you know what!

[SandRat]

‘O’ your chickens are coming home to roost.

[GeorgiaDawg32]

the law of unintended consequences strikes again..

[freekitty]

Can you blame them?

[Brilliant]

Isn’t this what Obama is trying to accomplish, though?

[Scotswife]

LOL!
Chickensssssssss

[TribalPrincess2U]

are designed to clamp-down on American tax evaders abroad.

How about your friends you try to put in positions? How about those Dems tax evaders? You let them slide?

[NotSoModerate]

One executive at a top UK bank who didn't want to be named for fear of angering the IRS

BWAHAHAHAHA! Even foreigners are scared of the IRS storm troopers! Maybe they should be called the International Revenue Service. LOL!

[RU88]

Every thing your parents told you about socialists are true, in spades. I have this sneaky suspicion that the Brits have a better handle on the situation because they've already seen the ravages of socialism in their own economy and their press is much more forthright in their coverage of American news than the MSM.

[Frantzie]

UK Telegraph is such a good paper. One of the few honest newspapers in the world. They slammed the corrupt members of Parliment causing an earthquake in the UK. Sadly we have maybe one paper like that in teh US in Investors Business Daily.

Hopefully other banks will slam the Kenyan marxist.

[FormerACLUmember]

Geez, where will all the connected democrat party crooks in Hollywood, the government, and Wall Street put their money?

Oh, I forgot. Democrats never pay their taxes anyway.

[FatherofFive]

it could become too expensive to service American clients

Just print more money to make up the shortfall. Geez, these guys are dumb.

[DUMBGRUNT]

" letter to the IRS complaining that the "unfair" proposals represent "no benefit but... significant cost" to its members."

If they are evading US tax smoke them out.

Korea sells almost one million autos here each year. Korean purchase of US made autos less then 1%. Buying a US made car includes a free audit.

ALL of our good friends dump here.

[Nachum]

The list, ping

[mriguy67]

I need some advice- I notice since feb that our dollar has lost 25% of its value compared to the Euro. Should we be be trading in foreign currencies to protect ourselves from the inflationary economic ideology of this current admin?

[Rockiette]

Great, didn’t know that, so glad we sacrificed so many in the “Korean War”, if these are our friends who needs enemies?

[Red Dog #1]

I'm not entirely sure these potential results are unintended or even unwanted. Indeed it would tend to keep capital from fleeing U.S. Government controls.

[PGR88]

The best place for the wealthy Americans to keep money will be banks such as Bank of China in Hong Kong. When the IRS or US Treasury try to throw their weight around, demanding access to accounts, etc... only the Chinese and possibly the largest French Banks are independent enough to tell the US Gov’t to cram it. I already have several customers doing just this.

[CaptainK]

DO you go to their US branches to do so?

[FatherofFive]

US real estate.