Posted on 04/03/2010 6:00:07 AM PDT by Candor7
Scary legal ping!
Then they get to create more jobs by hiring more security goons. What a deal!!
I have a better idea, get rid of the IRS and the income tax and they won't have to worry.
All it takes is one low-level employee at a foreign bank to get hold of a list of account holders and be rewarded by the IRS for (illegally) revealing it. Didn’t that happen last year at a Swiss bank?
The IRS will tell you that you pay US Taxes wherever you are, unless they have a tax treaty whereby enforcement is exchanged with the treaty nation then the tax is paid where you are resident for 6 plus months a year.
The chances of them catching you? well it depends on how you do it.
You got it. HBC, Shanghai branch.
I have read the excerpt above, and it is confusing. Are they saying that if you deposit some money and it earns interest, that the interest income is subject to IRS withholding? I thought that was already the case. Or is it that they now demand the closure of all accounts where people refuse to allow withholding?
He really likes this plan and govt subsidized high speed rail. What do you think?
When you withdraw money from the account , 20% of the sum withdrawn for international transfer is witheld by your institution.
Witholding by treaty nation banks is supposed to be mandatory.
This is actually not witholding,its confiscation.
Ping.
I never thought that I would see our country under attack by its government. But here we are.
Melancholy wrote: Many Americans left other countries to come here and be free of tyranny. Those are the people who won’t run again, guaranteed!
Yes! That's exactly the reason I co-authored "Pursuing Liberty." People often don't recognize tyranny when it's overtaking your country within the system. But the people who left tyranny for personal liberty, who came to the United States, hear that same song and know what follows. That's why their stories, in their own words, are so powerful and immediate. And that's why it's so important for people of all political stripes (and students!) to read what they have to say. Many people don't realize what we're all about to lose if we don't act in the best interest of liberty.
Gee, I wonder what Obama and his Commie crew are going to sneak by the public in other turd legislation coming down the pike?
Next thing you know, it will be exit visas necessary for Americans making over a certain amount of annual salary, or in certain professions such as doctors and nurses and firefighters and the like.
On second thought, maybe Bush was right when he dragged his feet about putting up that fence along our southern border. I hope the American government stays as lax about border crossings once the human traffic starts going south.
When will it stop????
Well there is alway...
When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
“I wrote a few months ago that we were, historically speaking, reaching a time when the next logical step was violence against those who resist.”
Friedrik Hayek, in “The Road to Serfdom”, wrote that it is inevitable that any social democracy will evolve into a totalitarian state, because of resistance and foot dragging by the vested interests that would be affected.
Come to think of it, a couple of years ago, one of our more leftist Chief Justices (Brier?) commented in front of the press that government should do “whatever it takes” to enforce “social justice” issues. Scalia, who happened to be present, sarcastically remarked “whatever it takes, eh?”
How would our gov. know about the accounts?
To your #15; AMEN!
Sounds fascist to me.
PING!
OK, this is the first I have heard of this and excuse me of my lack of experience, but I am only 24. I do agree that if you give the government an inch, they will try to take a mile and this act could be laying the groundwork for the government to take more control. But from what I understand of this bill right here, it is designed to stop tax cheats like mafia bosses, gamblers, drug dealers and other money launderers. If you have properly paid your taxes, the government shouldn’t be able to stop you from investing abroad. Not only would that be un-Constitutional, but it would be a Protectionist move that should be illegal under the WTO.
With that said, I don’t like the idea of withholding 30% just in case someone is a tax cheat. That seems to me like they are treating someone like they are guilty without any reason to be suspicious.
I like the idea of greater transparency. If someone is deemed a tax cheat after making a foreign investment, that is when the government should pursue them. Then again, with banks in places like Switzerland being willing holders of illegitimate funds in secret accounts, that may not be an effective policy.
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