IRS wants millions hidden in Swiss accounts
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Originally Posted by mrfva' post='613817' date='Jul 1 2008, 04:16 PM
How does one go about supporting this [FairTax] initiative?
TX Senator Cornyn is a Co-Sponsor but Kay Bailey Hutchinson does not support it. Suggest writing to them. Don't know your Congressional District so can't comment on your US Rep.
BTW, the FairTax would eliminate the need for Swiss banking by US citizens.
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Originally Posted by ImSort0fABigDeal' post='613964' date='Jul 1 2008, 05:58 PM
Thanks for the heads up..time to move the funds..
I'll hang on to them for ya
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Originally Posted by sixcard' post='613815' date='Jul 1 2008, 01:16 PM
If that is a serious comment, please explain it. I do not understand what you are saying.
The US tax code taxes worldwide income including income from offshore gains and assets. US law also requires disclosure of most foreign bank accounts where aggregate balances exceed $10,000. For most people, most of the time, there are few circumstances other than tax avoidance or tax evasion to hide or fail to declare offshore assets or to hide or fail to declare foreign bank accounts. That's because earned and taxed foreign source income can already (in many cases) be legitimately excluded from the US tax net or the foreign taxes paid can be credited against US taxes on the same income. It's not always the case, and it won't always work, but in principle, the foreign income exclusion, foreign tax credits and the international tax treaties try to ensure that income is only taxed once.
The IRS is not targeting tax avoiders here (those who legally arrange their affairs to pay the minimum tax that is lawfully due). They are targeting evaders. Furthermore, because congress has failed to index the thresholds on previous attempts to bring in anti avoidance rules such as AMT, more and more US taxpayers are like me getting royally screwed whilst others pay less by breaking the law and failing to declare income and assets.
So - to those of you who say the Swiss should tell the IRS to "F OFF". Be sure to send the IRS a check to cover the extra taxes that I and others have to pay because most of us follow the law compared to those f*ckers who - with a little help from our friends in Liechtenstein and Switzerland - don't.
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Originally Posted by swajames' post='614197' date='Jul 2 2008, 02:04 AM
I don't know m630's take but here's mine.
The US tax code taxes worldwide income including income from offshore gains and assets. US law also requires disclosure of most foreign bank accounts where aggregate balances exceed $10,000. For most people, most of the time, there are few circumstances other than tax avoidance or tax evasion to hide or fail to declare offshore assets or to hide or fail to declare foreign bank accounts. That's because earned and taxed foreign source income can already (in many cases) be legitimately excluded from the US tax net or the foreign taxes paid can be credited against US taxes on the same income. It's not always the case, and it won't always work, but in principle, the foreign income exclusion, foreign tax credits and the international tax treaties try to ensure that income is only taxed once.
The IRS is not targeting tax avoiders here (those who legally arrange their affairs to pay the minimum tax that is lawfully due). They are targeting evaders. Furthermore, because congress has failed to index the thresholds on previous attempts to bring in anti avoidance rules such as AMT, more and more US taxpayers are like me getting royally screwed whilst others pay less by breaking the law and failing to declare income and assets.
So - to those of you who say the Swiss should tell the IRS to "F OFF". Be sure to send the IRS a check to cover the extra taxes that I and others have to pay because most of us follow the law compared to those f*ckers who - with a little help from our friends in Liechtenstein and Switzerland - don't.
The US tax code taxes worldwide income including income from offshore gains and assets. US law also requires disclosure of most foreign bank accounts where aggregate balances exceed $10,000. For most people, most of the time, there are few circumstances other than tax avoidance or tax evasion to hide or fail to declare offshore assets or to hide or fail to declare foreign bank accounts. That's because earned and taxed foreign source income can already (in many cases) be legitimately excluded from the US tax net or the foreign taxes paid can be credited against US taxes on the same income. It's not always the case, and it won't always work, but in principle, the foreign income exclusion, foreign tax credits and the international tax treaties try to ensure that income is only taxed once.
The IRS is not targeting tax avoiders here (those who legally arrange their affairs to pay the minimum tax that is lawfully due). They are targeting evaders. Furthermore, because congress has failed to index the thresholds on previous attempts to bring in anti avoidance rules such as AMT, more and more US taxpayers are like me getting royally screwed whilst others pay less by breaking the law and failing to declare income and assets.
So - to those of you who say the Swiss should tell the IRS to "F OFF". Be sure to send the IRS a check to cover the extra taxes that I and others have to pay because most of us follow the law compared to those f*ckers who - with a little help from our friends in Liechtenstein and Switzerland - don't.
every rich beastard that evades taxes by hiding their cash offshore, means that the rest of us have to make up the difference, and the only reason someone would hide money is that they have too much anyway 
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Originally Posted by m630' post='614556' date='Jul 2 2008, 01:48 PM
beastard they have too much anyway
How much is too much? Who sets the limit?
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