Posted on 10/06/2018 7:29:25 AM PDT by SeekAndFind
ZURICH (Reuters) - The era of mystery-cloaked numbered Swiss bank accounts has officially come to a close as Switzerland, the world’s biggest center for managing offshore wealth, began automatically sharing client data with tax authorities in dozens of other countries.
The Federal Tax Administration (FTA) said on Friday it had for the first time exchanged financial account data at the end of September under global standards that aim to crack down on tax cheats.
Bank secrecy still exists in some areas — Swiss authorities cannot automatically see what citizens have in their domestic bank accounts, for example — but gone are the days when well-paid European professionals could stash wealth across the border and beyond the prying eyes of their tax man.
The initial exchange was supposed to be with European Union countries plus nine other jurisdictions: Australia, Canada, Guernsey, Iceland, Isle of Man, Japan, Jersey, Norway and South Korea.
“Cyprus and Romania are currently excluded as they do not yet meet the international requirements on confidentiality and data security,” the FTA said.
Transmission of data to Australia and France was delayed “as these states could not yet deliver data to the FTA due to technical reasons”, it said, adding that it also had not yet received data from Croatia, Estonia and Poland.
(Excerpt) Read more at reuters.com ...
“Cayman Islands, my FRiends.”
How long before the Caymans cave to global pressure?
The mattress fink at the furniture store ratted you out. You may wish to move your hidden cash dollars from your mattress to the cookie jar.
“cookie jar”
No...wife would find that immediately.
I’ll just hide it in the vacuum cleaner bag or the mop bucket. She’ll never find it there.
I guess this means that I’ll have a really big tax bill on my $12,345,678,900 savings account...
There were warning signs for over a decade that the Swiss were giving up on secrecy in banking.
And hopefully we will soon not need to hide our money offshore. If we can defeat the left, we can keep it here.
Hmmm...... among the nine other countries, the United States of Amreica is missing
" — but gone are the days when well-paid European professionals could stash wealth across the border and beyond the prying eyes of their tax man [emphasis added]."
FR: Never Accept the Premise of Your Opponent’s Argument
Regarding the "big, bad" tax man, patriots are reminded that a previous generation of state sovereignty-respecting Supreme Court justices had clarified that Congress is prohibited from appropriating taxes in the name of state power issues, basically any issue that Congress cannot justify under its constitutional Article I, Section 8-limited powers.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States."—Justice John Marshall, Gibbons v. Ogden, 1824.
H O W E V E R …
Regardless that Pres. Trump has been doing a great job of draining the swamp, the corrupt, anti-Trump Congress continues to appropriate a “tsunami” of unconstitutional taxes like it has been doing since FDR established his unconstitutional social spending programs. Such unconstitutional taxing and spending is evidenced by the bloated Omnibus spending bill that Trump reluctantly signed earlier this year.
Trump Signs Omnibus Spending Bill: I Will Never Sign Another Bill Like This
The remedy …
Simply put, patriots need to finish the job that they started when they elected Trump president by doing what Pres. Trump cannot do.
More specifically, patriots need exercise their voting power to fire as many corrupt career lawmakers as they can in the 2018 midterm elections, replacing them with patriot lawmakers who will respect Congress's limited power to appropriate taxes as clarified by the Gibbons v. Ogden excerpt above.
And to make Section 8-limited federal taxes and Trump's vision for MAGA as permanent as possible, patriots will need to support their state lawmakers in working with Trump to repeal the 16th and ill-conceived 17th Amendments imo.
Is this the beginning of the end for Swiss banking....?
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