What do you think of wealthy Americans that hide money in offshore bank accounts to avoid paying U.S. taxes?
Ray
September 18, 2009 19:10:13
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1 vote
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33% | |||
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2 votes
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67% | |||
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0 votes
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0% | |||
UBS warns U.S. clients as tax amnesty deadline nears
http://www.reuters.com/article/newsOne/idUSTRE58H3FZ20090918
Fri Sep 18, 2009 2:03pm EDT
By Kim Dixon
WASHINGTON (Reuters) - UBS AG has formally warned wealthy American clients that secret Swiss accounts may be revealed to U.S. tax authorities after the Wednesday expiration of an amnesty program that could give them immunity from prosecution.
A letter from UBS told clients they have 20 days to hire a representative, or be assigned one by Swiss authorities who will be processing the names, according to a copy of one of the letters obtained by Reuters, dated September 10.
The letter landed in the mailboxes of rich Americans as they decide whether to participate in the U.S. Internal Revenue Service's tax amnesty program -- an uncommon chance to reveal income in tax havens such as Switzerland, Cayman Islands and Monaco.
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As part of the August civil settlement with the U.S. government, UBS promised to hand over the first 500 of the 4,450 names to the Swiss authorities within 60 days. The Swiss would then evaluate the cases and forward them to U.S. officials.
------------------------ snip
http://www.reuters.com/article/newsOne/idUSTRE58H3FZ20090918
Fri Sep 18, 2009 2:03pm EDT
By Kim Dixon
WASHINGTON (Reuters) - UBS AG has formally warned wealthy American clients that secret Swiss accounts may be revealed to U.S. tax authorities after the Wednesday expiration of an amnesty program that could give them immunity from prosecution.
A letter from UBS told clients they have 20 days to hire a representative, or be assigned one by Swiss authorities who will be processing the names, according to a copy of one of the letters obtained by Reuters, dated September 10.
The letter landed in the mailboxes of rich Americans as they decide whether to participate in the U.S. Internal Revenue Service's tax amnesty program -- an uncommon chance to reveal income in tax havens such as Switzerland, Cayman Islands and Monaco.
------------------------- snip
As part of the August civil settlement with the U.S. government, UBS promised to hand over the first 500 of the 4,450 names to the Swiss authorities within 60 days. The Swiss would then evaluate the cases and forward them to U.S. officials.
------------------------ snip
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Not only do our tax laws provide the wealthiest Americans with an enormous tax break, but these leading banks are providing their wealthy clients with tax havens and protections by creating shell companies in offshore accounts....thus shifting the tax burden almost entirely onto the backs of the majority of working class Americans.
And now, to add to this obscenity, the working class is also BAILING THESE BANKS OUT!!!!
Swiss banks aren't the only ones.
Secret accounts have traditionally been the province of private banks in Switzerland, Austria, and Luxembourg. But those nations have lost favor among depositors in recent years as they have eased bank secrecy laws in response to international pressure. Small states in the Caribbean and the South Pacific, eager to offset declining tourism and lower prices for farm exports, have rushed to fill the void, turning to offshore banking as an easy and effective means of attracting big money from abroad.
The world's largest financial institutions are also growing richer by offering private banking services to their top clients. Big-time American players include Merrill Lynch, Chase Manhattan, J.P. Morgan, Morgan Stanley, and Goldman Sachs. The leading U.S. private banker is Citiba...
Not only do our tax laws provide the wealthiest Americans with an enormous tax break, but these leading banks are providing their wealthy clients with tax havens and protections by creating shell companies in offshore accounts....thus shifting the tax burden almost entirely onto the backs of the majority of working class Americans.
And now, to add to this obscenity, the working class is also BAILING THESE BANKS OUT!!!!
Swiss banks aren't the only ones.
Secret accounts have traditionally been the province of private banks in Switzerland, Austria, and Luxembourg. But those nations have lost favor among depositors in recent years as they have eased bank secrecy laws in response to international pressure. Small states in the Caribbean and the South Pacific, eager to offset declining tourism and lower prices for farm exports, have rushed to fill the void, turning to offshore banking as an easy and effective means of attracting big money from abroad.
The world's largest financial institutions are also growing richer by offering private banking services to their top clients. Big-time American players include Merrill Lynch, Chase Manhattan, J.P. Morgan, Morgan Stanley, and Goldman Sachs. The leading U.S. private banker is Citibank, which administers trusts and shell corporations for some 40,000 clients through its operations in New York, London, the Bahamas, the Cayman Islands, the Isle of Jersey, and Switzerland.