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Rich tax frauds freaking out, thoughts on this?

WASHINGTON – A deal with Switzerland settling U.S. demands for the names of suspected tax dodgers from a Swiss bank has a lot of wealthy Americans with offshore accounts nervously running to their tax advisers — and the Internal Revenue Service.

"They are very frightened," said Richard Boggs, chief executive of Nationwide Tax Relief, a Los-Angeles-based tax firm that specializes in clients with tax debts exceeding $100,000. "You have the super rich who are not used to being pushed around and they are finding themselves in unfamiliar territory."

The U.S. and Swiss governments announced a court settlement last week in efforts by the IRS to force Zurich-based UBS AG to turn over the names of some 52,000 Americans believed to be hiding nearly $15 billion in assets in secret accounts.

http://news.yahoo.com/s/ap/20090815/ap_on_bi_ge/us_tax_haven_crackdown

Answer Question
 
sweet-a-kins

Asked by sweet-a-kins at 11:43 AM on Aug. 15, 2009 in Politics & Current Events

Level 34 (67,502 Credits)
Answers (11)
  • One of the reasons Switzerland has been able to claim neutrality in world events is because they have so much foreign money funding their economy. Rich and powerful people all across the world utilize their services, which protects them. The Swiss are the ones who should be frightened.
    mancosmomma

    Answer by mancosmomma at 12:07 PM on Aug. 15, 2009

  • I don't believe in penalizing the rich for being rich, but I think they ought to cough up their fair share. They live in America and enjoy it's benefits, they should pay like everyone else. If they don't, treat them like everyone else and stick their fat asses in jail for tax evasion. Time they learned they are equal to the rest of us--not better. (This is for the cheats and frauds, not normal rich people who play by the rules.)
    pagan_mama

    Answer by pagan_mama at 12:08 PM on Aug. 15, 2009

  • Who in the hell is the US to be telling Switzerland what to do? I had last heard that Switzerland was holding out and basically telling the US where to stick it. It was hilarious! I wonder what changed their minds?

    Anonymous

    Answer by Anonymous at 12:10 PM on Aug. 15, 2009

  • Hmmmm....and I wonder how many of them are "A-List" CELEBRITIES and FORTUNE 500 COMPANY OWNERS--you know, the evil business people that actually EMPLOY people?!

    Perhaps if US Business Taxes were LESS....people in this top income/investment bracket wouldn't feel the need to hide THEIR money!

    Why do liberals hate people who have done well financially?! The government cannot manage the simplest of programs, like Cash For Clunkers!

    What would the government do if they recouped the taxes on that estimated $15 billion?! You KNOW it would go into the black hole of government fiscal mismanagement and wouldn't actually HELP people! And when THAT money is gone, and business owners/investors cut back on how hard they work and how productive they are, then what?!
    LoriKeet

    Answer by LoriKeet at 12:24 PM on Aug. 15, 2009

  • Why do liberals hate people who have done well financially?! The government cannot manage the simplest of programs, like Cash For Clunkers!


    We don't, we hate the ones that are TAX FRAUDS! Many rich people pay very little if any taxes through ILLEGAL channels..your for that? Thats an odd stance to take

    sweet-a-kins

    Answer by sweet-a-kins at 12:26 PM on Aug. 15, 2009

  • Maybe if they had to pay their fair share, they would do something about the laws that unfairly tax the producers of jobs...just a thought there...
    Anonymous

    Answer by Anonymous at 12:32 PM on Aug. 15, 2009

  • Well, anyone who is not paying their taxes deserves to be confronted and made to pay but if it is a legal loop hole, well, I have no problem with it. If I had money and i could somehow legally not pay taxes on it I would.
    itsmesteph11

    Answer by itsmesteph11 at 12:40 PM on Aug. 15, 2009

  • We don't, we hate the ones that are TAX FRAUDS!


     


    Uh-oh, then I guess you hate most of the people your precious president picked for his cabinet and other high positions!  LOL

    Anonymous

    Answer by Anonymous at 12:54 PM on Aug. 15, 2009

  • I'm still not seeing the outrage at 90% of the people picked by Herr Obama to serve him. You remember, the ones that owed taxes.........................

    I'll tell you one reason people "hide" their money overseas. They are tired of getting taxed on the tax of the tax of the money they already paid taxes on. Example: in my state you even pay taxes on the money you paid in Federal taxes. You also pay tax on your Fed & State refund if you get one. Another example: Death taxes. All assets owned upon a persons death, except maybe their last paycheck, has already been taxed.

    A lot of money invested overseas has already been taxed before it was ever tranferred. You don't actually think people are sending millions of dollars in cash do you? Most of it goes via wire and if it is wired it has been in a bank account. Typically, money in bank accounts has been earned and a tax paid upon it.
    yourspecialkid

    Answer by yourspecialkid at 1:03 PM on Aug. 15, 2009

  • Uh-oh, then I guess you hate most of the people your precious president picked for his cabinet and other high positions! LOL


    LOL..He isn't "precious" to me, and he is OUR President!

    sweet-a-kins

    Answer by sweet-a-kins at 5:44 PM on Aug. 15, 2009

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