[markomalley]

Will somebody smarter on finance than me explain why this is ANY of the government's business?

If the money was made in the US, it will either be reported on a W-2 or a 1099 (of some variety), right? If the money was made outside of the US, it's foreign income and exempt from taxation then, right?

If interest is earned on the money deposited in the foreign account, it is foreign income...and thus not taxed...right?

(Obviously, if it is illicit, under-the-table, earnings, then that would be a separate situation)

So what am I missing?

[a fool in paradise]

I’d take this crap seriously if the Obama Administration figures were honest enough to pay their taxes in the FIRST place.

[BAW]

If the money was made in the US, it will either be reported on a W-2 or a 1099 (of some variety), right? If the money was made outside of the US, it's foreign income and exempt from taxation then, right?

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.

[taildragger]

Stupid &*($&#@s.... If the Corp Tax rate was lower and the Death Tax was truly gone, this wouldn't be an issue. Note this is on top of the 41% tax if you immigrate on anything above 625K , they passed last year and Bush signed.

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...

[Dubya-M-DeesWent2SyriaStupid!]

They are hell bent on taking everybody’s money but their own and they’re campaign donors.

[Hoodat]

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.

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.

[SunkenCiv]

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