Obama administration going after rich tax cheats

[scheming daemons]

But..... he's just another corporate stooge... :eyes:


For decades, rich (mostly Republican-leaning) Americans squirreled their money away in "secret" swiss bank accounts to avoid paying U.S. taxes.

No more. The administration is first going after UBS... then other swiss banks.

There's nowhere to hide anymore, you treasonous bastards (yes.. I said treasonous).

You can try the Cayman Islands.... but we'll get to them next.

Swiss to Hand Over 4,450 Account Details to US

The Swiss government will hand over details of about 4,450 bank accounts to U.S. authorities as part of a deal struck with Washington over UBS, it said on Wednesday.

The agreement brings to an end a row which has strained relations between the United States and Switzerland and challenged the latter's jealously guarded bank secrecy laws.

It could help UBS, the world's second-largest wealth manager, restore an image that has been battered by the financial crisis and the U.S. dispute, and may open the way for the Swiss government to sell its stake in UBS.

UBS shares were down 3 percent after the announcement.
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http://www.cnbc.com/id/32472613

[Jackpine Radical]

1. I predict a surge of wealthy immigrants to certain Caribbean islands.

Little island nations that lack extradition treaties, or that have no income taxes and won't extradite for something that isn't a crime there.

Good place to get into the real estate business, if ya ask me.

[onehandle]

7. Anyone who attempts that, strip them of their assets and down to their shorts...

Boat them to the island of their choice.

That would be Tyranny I Can Believe In.

[crim son]

2. I hate to use the word "treasonous"

but I have no doubt it's these people whose interests are being protected by the lobbyists screaming against, for example, healthcare reform. They don't want to be treated like the rest of us because they are clearly "above" us.

Hey, I felt sorry for Paris Hilton when they put her in jail, but she needed to go. Same principle applies here.

[redqueen]

3. And for decades, most administrations quietly looked the other way.

Glad that's changing.

[havocmom]

4. Yep. While the circus goes on and bread gets tossed to the crowd, the rich are getting caught

Bravo!

[Cresent City Kid]

5. This is where the trickle-down money trickles to

I'm glad to see something done. Raising the tax rate for the rich won't mean much if they play keep-away in foreign banks.

[PVnRT]

6. Good, I hope they go after the Cayman Islands next

[shraby]

8. What makes me think UBS tossed the low hanging fruit?

The bottom of the pile so to speak with the smallest accounts. There are 52,000 accounts in question. If they are only giving info on 4500 of them, that's a lot of taxes left that we aren't recovering.

[scheming daemons]

9. The 4,500 are those the US govt (IRS) suspects of tax fraud...

...and the other 48,000 or so names will come as they are requested by the IRS.