...but enough about Obama's appointees. Apparently The Government is going to start squeezing The Rich to ensure they pay their Fair Share. I like that the Obama is hiring 800 more Tax Collectors.
Obama forgets who he's dealing with. Let me preach on: Most (not all but most) rich people are smart/crafty, meaning they will find a way or place to avoid paying taxes. Some rich people are just well-connected, in which case their connections (who want to keep their share of the money flowing) will find ways for their rich friends to avoid paying taxes. We are AMERICANS.....finding loopholes and circumventing the law is our business- our sacred duty if you will.
Indeed. We have to force these people to be patriotic. Their patriotism will be like the little boy with the fishes and the loaves giving it to Jesus to feed the five thousand. The Obamessiah will multiply this paltry offering and feed our entire nation.
To be honest, that doesn't really bother me. I expect the US government, like almost all governments to try and pursue tax.... avoiders. What bothers me is UBS caving. What the fuck? What were they thinking? I realize they gotta operate here (or at least need to) but I figured when the Swiss Government stated that if any bank looked to be handing over records, they would immediately sieze them theirselves that UBS had the perfect out to say 'oh well, gosh darn, sorry guys, gotta take it up with the embassy we don't have those records.' Why didn't they do that?!?! Not that I have any money with UBS, but them cracking makes me worry about the entire Swiss Banking System. What do they have if they don't have confidentiality?
I really never thought I'd live to see the day the Swiss would roll over like this. I wonder what they were threatened with....
I don't feel sorry for these people. I don't like the tax system the way it is but I also don't like tax cheats. It's one way to look for legal ways to reduce your taxes but it's another ballgame when you are outright breaking the laws as crappy as they are to avoid taxes. They played the game and they finally got burned. Sucks to be them.
"Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands." - Judge Learned Hand, United States Court of Appeals for the 2nd Circuit: Gregory v. Helvering]
Look at the figures, at 52k people with $15B estimated it comes out to less than 300K a person. It's not like these people were hiding fortunes out there, mostly it's just a little hideyhole that no one can get to, to be saved for a rainy day (lawsuits, divorce, bug out, etc). Considering they paid taxes when they earned the money, and being in a foreign bank, it's not like it can be claimed any interest accrued was due to US infrastructure, so I don't see how they owe shit.
Let me say it again since you glossed over it..... I don't like the laws either but if you break tax law I've no sympathy for you. It doesn't matter if it's $1 or $1 billion. There are plenty of good legal ways to reduce your tax burden without breaking any laws. This little episode is a good reason for the whole tax system to be scrapped and replaced with a Fair Tax. And btw you can't claim they paid taxes on that money. You don't know that and according to the IRS they haven't paid the taxes on that money which is why the IRS is going after them.
Is it possible that this is just face by Barack and he knows the taxes will still be dodged but at least he can say come election time that he attempted to do something about it and created more jobs in the bargain?
No because this started under Bush. The Feds want their drug. Doesn't matter if it's a D or an R in the White House.
