Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Long arm of the US taxman must be resisted
The Times of London ^ | 7/2/2009 | Carl Mortished

Posted on 07/02/2009 6:34:07 AM PDT by SeekAndFind

When you next visit your bank, spot the American flag. If the Stars and Stripes is not displayed proudly in the lobby, call for the manager. Ask if he is an agent of the US Government, a “Qualified Intermediary”, with a duty to report on the financial activities of customers with American connections, to monitor the payment of US dividends, interest and other income, to withhold taxes and make appropriate payments to the US tax authorities.

Frighten him further, if you dare: tell him that British banks that are not “qualified” according to the US Internal Revenue Service (IRS) will soon suffer discrimination from US paying agents. If he fails to qualify, his American customers will be deemed to be tax evaders — criminals — unless they prove otherwise. It’s a fair bet that your bank will soon be flying Old Glory and, for good measure, a framed picture of President Obama will hang behind every branch manager’s desk from Morecambe to Mumbai.

The American tax authorities are on a roll. Propelled by panic about the deficit and fuelled by political opportunism, the long arm of the IRS is to be extended — everywhere. Most of the world’s big financial institutions already take part in the QI programme, a regime set up in 2001 to ensure that the correct tax is withheld by financial institutions on US-sourced dividend income from stocks and bonds. But Mr Obama wants to take another big step.

It’s a giant leap, not for mankind, but for the power of the State. If the President gets his way in Congress, every bank in the world, or at least every bank that matters, will be forced to become an American bank. It’s a Martini clause for global financial services.

(Excerpt) Read more at business.timesonline.co.uk ...


TOPICS: Business/Economy; Editorial; Government; News/Current Events
KEYWORDS: irs; tax; taxes

1 posted on 07/02/2009 6:34:07 AM PDT by SeekAndFind
[ Post Reply | Private Reply | View Replies]

To: SeekAndFind
The stench of our government reaches far and wide.

When will we finally rid ourselves of this foul smell?

2 posted on 07/02/2009 6:38:00 AM PDT by unixfox (The 13th Amendment Abolished Slavery, The 16th Amendment Reinstated It !)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

I think the long arm of the taxman needs to be ripped out of its socket so we can beat him with it.


3 posted on 07/02/2009 6:53:53 AM PDT by cripplecreek (The poor bastards have us surrounded.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: cripplecreek

With the USA in huge deficit, Obama’s administration is going to get all the money it needs to fund all of its new spending.

Even as we speak it is strong-arming Switzerland to do away with its bank secrecy laws so that he can milk more money from about 52,000 US citizens who have their money in the Swiss vaults.

The Swiss are of course fighting this.

Obama is a weird dude. He says doesn’t want to interfere in Iran by taking sides but then goes about taking sides in Honduras, and then actually is interfering with Swiss laws.


4 posted on 07/02/2009 7:01:25 AM PDT by SeekAndFind
[ Post Reply | Private Reply | To 3 | View Replies]

To: cripplecreek
I think the long arm of the taxman needs to be ripped out of its socket so we can beat him with it.

I met a retarded kid named Greg with a wooden leg
Snatched it off and beat him over the head with the peg

Amazing << Hear this. Feel this, and tell me that this isn't music.

Oh, dear...


5 posted on 07/02/2009 7:09:36 AM PDT by rdb3 (The mouth is the exhaust pipe of the heart.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: SeekAndFind

The Swiss are fighting? With what? Tiny little pitch forks with cheese on the end of them?


6 posted on 07/02/2009 8:53:26 AM PDT by Vendome
[ Post Reply | Private Reply | To 4 | View Replies]

To: SeekAndFind
Why doesn't Swiss just say "no". He probably would not understand the word though.

Which brings me to another point......If im' a millionair or close enough with my private business at these dealerships and they get taken over, i would just say NO and fight it in courts. This GM prez got fired by obozo, i would have said NO and dared him on what legal authority he has to do this.

7 posted on 07/02/2009 9:10:41 AM PDT by urtax$@work (The best kind of memorial is a Burning Memorial.........)
[ Post Reply | Private Reply | To 1 | View Replies]

To: urtax$@work
This GM prez got fired by obozo, i would have said NO and dared him on what legal authority he has to do this.

Well for one, GM is over 70% owned by the US government ( via taxpayer money of course ). Since Obummer is the Chief Executive of the US government, GM's prez is technically under Obummer. That's what you get when you lie in bed with Uncle Sam.
8 posted on 07/02/2009 9:30:28 AM PDT by SeekAndFind
[ Post Reply | Private Reply | To 7 | View Replies]

To: Vendome

“The Swiss are fighting? With what?”

May I suggest a bit or reading on Swiss military history and preparation? “Turns out there was a reason - the Swiss were out of season”. Apologies to Tom Lehrer.

Invasion of Swiss held lands has been vastly too difficult for centuries. Now, they can pull their entire population underground for extended periods of time should they be nuked.

They even have airports under lots of solid granite. The blast door pops open the jet is launched, and the door drops back into place.


9 posted on 07/02/2009 5:15:25 PM PDT by GladesGuru (In a society predicated upon freedom, it is essential to examine principles,)
[ Post Reply | Private Reply | To 6 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson