tagged w/ Offshore Banks
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In recent days, the fact that Mitt Romney has millions of dollars parked down in the Cayman Islands has made headlines all over the world. But when it comes to offshore banking, what Mitt Romney is doing is small potatoes. The truth is that the global elite are hiding an almost unbelievable amount of money in offshore banks. According to shocking research done by the IMF, the global elite are holding a total of 18 trillion dollars in offshore banks. And that figure does not even count any money being held in Switzerland. That is a staggering amount of money. Keep in mind that U.S. GDP in 2010 was only 14.58 trillion dollars. So why do the global elite go to such trouble to hide their money in offshore banks? Well, there are two main reasons. One is privacy and the other is low taxation. Privacy is a big issue for those that are involved in illegal enterprises such as drug running, but the biggest reason why people move money into offshore banks is in order to avoid taxes. Some set up bank accounts in foreign nations because they want to legally minimize their taxes and others set up bank accounts in foreign nations because they want to illegally avoid taxes. You would be absolutely amazed at what some large corporations and wealthy individuals do to get out of paying taxes. Unfortunately, the vast majority of the rest of us don't have the resources or the knowledge to play these games, so we get taxed into oblivion.In recent days, the fact that Mitt Romney has millions of dollars parked down in the... more
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The strategy of appearing on the popular video-sharing site is believed to be a new one, with the department previously having opted for more traditional TV campaigns to promote their latest messages.
The video is informing people about the Government’s “new disclosure opportunity” which allows people to reveal all the details of their offshore accounts, in exchange for reduced penalties and immunity from prison.
Do you think the million and billionaires who have so much money that they have to put it into offshore bank accounts will really watch youtube? or even take any notice of this video? I think it's just there to make it seem like the government is 'trying' to do something about tax evaders, and they're doing it in a super cool trendy way by putting a video on youtube.
http://www.telegraph.co.uk/technology/google/6486222/Taxman-appeals-to-evaders-on-YouTube.htmlThe strategy of appearing on the popular video-sharing site is believed to be a new... more
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WASHINGTON (Reuters) - A senior Democratic senator said Tuesday he will introduce a bill to end "the extravagant spending practices of U.S. banks" after reports that Northern Trust Corp, which got taxpayer bailout money, last week threw lavish parties around a California golf tournament.
"I'm sick and tired of picking up the newspaper and reading about another idiotic abuse of taxpayer money, while our country is on the brink," Sen. John Kerry, a Massachusetts Democrat, said in a statement released to Reuters.
Kerry plans to introduce legislation targeting banks that received taxpayer assistance under the government's $700 billion Troubled Asset Relief Program (TARP).
Northern Trust received $1.6 billion under TARP, according to the Kerry statement. A spokesman for the bank did not immediately return telephone calls seeking comment. (Reporting by Kevin Drawbaugh; editing by Jeffrey Benkoe)WASHINGTON (Reuters) - A senior Democratic senator said Tuesday he will introduce a... more
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gooma2
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added this
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3 years ago
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It's not very patriotic to not pay your income taxes.
Some Americans even hide their money in foreign banks to their shame.
Patriotic, tax paying Americans have been let down by this shameful act of income tax evasion.
It's time all Americans pay their fair share.It's not very patriotic to not pay your income taxes.
Some Americans even hide... more
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January 8, 2009
ANP: A look at how offshore financing helped to enable the economic meltdown.
.January 8, 2009
ANP: A look at how offshore financing helped to enable the economic... more
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UBS remains under the cloud of a massive investigation into its alleged role in helping wealthy U.S. clients avoid paying taxes by sheltering their money in secret offshore accounts.
U.S. authorities are demanding the names of thousands of investors who counted on Swiss secrecy laws, and Swiss discretion, to keep their financial affairs private. One client, a part-time Lighthouse Point resident unmasked early in the probe, has been forced to pay $52 million in back taxes and penalties.UBS remains under the cloud of a massive investigation into its alleged role in... more
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The disgruntled Liechtenstein man who ratted out super-rich tax dodgers and sold the stolen information to the US and a few other countries lives in hiding and has $10 million bounty on his head (that was only to be expected...). Did he pay any tax on the millions of dollars and euros he made selling this information? I seriously doubt it.
American News Project: They hide an estimated $100 billion a year from the IRS, but now the U.S. Senate is turning up the heat on super-rich tax cheats. The man who ratted out some of these tax dodgers now lives in hiding and has a $10 million bounty on his head. This is a story straight out of our new Gilded Age -- one of billionaires, foreign bankers, corruption, secrecy and, of course, greed.The disgruntled Liechtenstein man who ratted out super-rich tax dodgers and sold the... more
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