Posted on 10/27/2009 9:17:09 AM PDT by markomalley
Congressional Democrats are set to announce Tuesday legislation aimed at squeezing more information from foreign banks and U.S. citizens with offshore accounts to ferret out tax evaders.
The bill from Senate Finance Chairman Max Baucus (D., Mont.), and House Ways and Means Committee Chairman Charles Rangel (D., N.Y.), includes some of President Barack Obama's proposals to fight offshore tax cheating. According to a summary of the bill obtained by Dow Jones Newswires, it is expected to raise $8.5 billion for the U.S. government over 10 years.
Foreign banks with U.S. customers would face a 30% withholding tax on income from U.S. financial assets, unless they agreed to disclose the identities of their U.S. customers and report to the IRS on annual balance and account activity of those customers.
Individuals with holdings in foreign accounts of more than $50,000 would be required to report information on those accounts annually when they file their tax return. Failure to do so could incur a penalty of up to $50,000.
(Excerpt) Read more at online.wsj.com ...
Charlie used a little “offshore” hide-the-greenbacks deal to not declare his DR rental income and claimed a language barrier as the excuse (no habla espanol)
what a hyprocrite
My suggestions - look at Bank of China in Hong Kong or French Banks, such as Credit Lyonnais.
Why? They are state-owned flagship banks, so those socialists won’t let their flagships fail. Also, Hong Kong is very modern, and private world banking center.
Finally, if the IRS or Treasury tries to strong-arm these guys, it’s the Chinese and the French who are most likely tell the US Gov’t to get stuffed.
I suppose it only matters if you are truly wealthy. I don’t have that luxury myself, but know of several wealthy people who have done so.
This is the beginning of confiscation. You can’t let money leak offshore.
Our tax system was designed to get the most from the most without creating poverty.
Well, the Government back is against the wall and they are getting desperate.
Rumor has it that Montana is circulating petitions to recall/impeach Baucus.
Overdue.
This bunch in Washington hates the thought that anyone might have worked hard and saved money. They want everyone (except themselves) to be equally poor and miserable.
Right, they write the bills, know the loopholes, so they can cheat the sytem for decades before anyone figures it out. Typical Barney Frank move.
They want ?their? money, because you all know they fully believe are our masters.
I’d take this crap seriously if the Obama Administration figures were honest enough to pay their taxes in the FIRST place.
He shouldn't be on this panel. He shouldn't even still be in office. He should be behind bars for criminal offense and Nancy Pelosi should resign for not bringing us the "most ethical Congress in History" as she promised.
No, wrong. We pay taxes to Uncle Sam and our states based on "worldwide income." That means if I earn interest on bank deposits in Switzerland, I must include that interest on my US income tax return. Same is true if I sell property in Canada . . I am required to report the gain or loss on my income tax returns. Worldwide income. There are some exceptions (US citizen employed overseas), but none that I know of for bank interest.
My guess? More people with big money knows we are so over and are getting out and it scares the $&!+ out of them, because the Dem's know we are broke and they are to big a bunch of cowards to tell us the truth, and they need these deep pockets to keep their Ponzi schemes going...
They are hell bent on taking everybody’s money but their own and they’re campaign donors.
Easy fix - foreign banks dump their US customers. The intent here is to further dry up the availability of investment capital.
Think about it. The Fed hands out $700 billion to our largest banks and investment firms, and then those firms subsequently cut off all credit lines to small investment firms. The Fed has managed to drive out of business all future competition for the large firms while at the same time has gained control of those same large firms. We as a nation may never recover from this. And our legislature is giving it their seal of approval.
I think things are going to get very ugly sooner rather than later now. Next year, probably.
We’d best be ready!
CA....
so simple: the moslems in USA reportedly, it appears, have their own banking sytem whereby they use 2 different accounts in 2 different coutries and deposit/withdraw funds through a middleman who instructs both parties on mirrored transactions- This way they do virtual transfer of funds out of USA and international business transactions- no govt scrutiny on taxes even though they are making money here=the USA moslem guy reportedly, it appears, gives funds to the middleman who has USA bank account. The middleman instructs the foreign account holder to deposit matching funds overseas or keep in account overseas. The foreign bank cannot be investigated by IRS/FBI because it is not USA account holder and no funds are leaving the USA or foreign country. The middleman in USA also holds funds for the foreign accountholder in the middleman`s USA bank. The 2 accounts mirror each other. The foreign bank account holder also deposits earned money in his foreign account to be picked up by US citizen from middleman`s account as he needs it when he returns to USA. Each bank account can be used as collateral, or loans or credit or money-making deals in other countries through the middleman, kind of a do-it-yourself funding escrow service - this was reported by 60 Minutes, it appears, maybe dunno. Is it legal?
Dunno.
Sounds like kiting, tho.
But who’s gonna move on them???
CA....
Rats! City to Pay for Informing on Tax Cheats (Chicago)
[Emanuel on the list?]
NBC5 Chicago | 10-27-09 | Andrew Greiner
Posted on 10/27/2009 8:35:15 AM PDT by STARWISE
http://www.freerepublic.com/focus/news/2371997/posts
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.