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Assault on offshore assets begins

April 21, 2009 by  

Assault on offshore assets begins The Justice Department has asked a federal court to allow the IRS to obtain information about taxpayers who use offshore accounts, and Swiss banks have announced they will be scaling down their discreet banking services.

Banks such as UBS are acting in response to the crackdown on tax evasion which has intensified since the recent G-20 meeting in London.

"UBS is currently conducting a review of its policy and compliance framework for its international wealth management offering," said the bank’s spokeswoman as she announced a worldwide travel ban for wealth management client advisors.

Meanwhile, The Department of Justice has asked a federal court in Denver to approve service of a John Doe summons on First Data Corporation.

"John Doe" summonses allow the IRS to obtain information about U.S. taxpayers whose identities are not yet known to help the authorities identify merchants who use offshore accounts to evade U.S tax liabilities.

"Some U.S. taxpayers are evading billions of dollars per year in taxes through the use of offshore accounts," says John DiCicco, acting assistant attorney general for the Justice Department’s Tax Division.

"The Department of Justice will ensure that the IRS obtains all the necessary information to identify these taxpayers, whether they are individuals or businesses," he adds.

Despite this, representatives of the so called ‘tax havens’ gathered at the Summit of the Americas in Trinidad have vowed to lobby President Obama against the crackdown.

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  • ti vanovickoyo

    Everybody should pay some tax. I haven’t had a job for 18 months. i would love to pay some tax. However the USA should keep our nose out of other countries business. If rich people are sending their money to the Swiss, we should find out why, and compete with them.
    Why can’t the US have as good incentive as the Swiss. Sen. Levin spent all those years and a ton of our tax payer money trying to force the Swiss to reveal the names of our citizens who have money in their banks. What a waste. He could have spent all that time and money on figuring out ways to make our banks more competitive.
    Pres. Obama says that he wants the USA to have a better, more friendly reputation with all other countries. He doesn’t want the US to have that “big bully” reputation.
    What a phoney! He is bullying the Swiss! Yea, how about that. Force the Swiss to change their own laws to please the “big bully” Where are all the protesters from the Iraq invasion? They wanted the US to keep our nose out of Iraq. The principle is the same. No matter what Pres. Obama says, the policy is the same “the US is the boss” His “nice guy America” doesn’t cut it.
    If a citizen from England has an account in a US bank, does England demand that we give up that idenity. no! and a non-resident alien does not pay any capital gain or dividend taxes in the US. that makes the USA a tax haven.

    • Hope Summers

      Two simple words: Tax Evassion.

    • Donald

      I think it is the right move to uncover the U S citizens who are trying to evade taxes by offshore banking. I bet it will be a lot of entainers and bankers and big businesses that are the main culprets.

      • Roger

        Yes Donald but will the Justice Department reveal all the Politicians that currently hold off shore accounts?

        • Donald

          The fair tax bill may be a good thing and make it harder to hide underground cash but you can bet that the culprets are already figuring ways to beat that.

          Congress is among the big culprets and if they don’t vote for this bill, it will never happen. Not only that the Inc tax amendment would have to be repealed first and the new fair tax inserted which would take about 6 1/2 to 7 years to do it.

          Don

    • Ramon

      Off-shore tax havens: If we pass HR 25: The Fair Tax Bill; we will not have a need for such tax havens. Over $15 Trillion is held off–shore to avoid income tax, without the current system which is destroying our economy, this money will stay in the U.S. and help develop our economy. Another proble with the current system (which there are many) is the underground/shadow economy which is said to be about $3.5 Trillion in untaxed income. This is another area which will be ameliorated under HR 25; The Fair Tax bill. Big Corp, which has a stranglehold on our congress and the bureaucrats enabling them to rob us blind through special interests. Wake up America and smell the toxins! We need the ‘Fair Tax Bill’ and we need it now.

    • JR

      “However the USA should keep our nose out of other countries business. If rich people are sending their money to the Swiss, we should find out why, and compete with them.
      Why can’t the US have as good incentive as the Swiss. Sen. Levin spent all those years and a ton of our tax payer money trying to force the Swiss to reveal the names of our citizens who have money in their banks. What a waste. He could have spent all that time and money on figuring out ways to make our banks more competitive.
      Pres. Obama says that he wants the USA to have a better, more friendly reputation with all other countries. He doesn’t want the US to have that “big bully” reputation.
      What a phoney! He is bullying the Swiss! Yea, how about that. Force the Swiss to change their own laws to please the “big bully” Where are all the protesters from the Iraq invasion? They wanted the US to keep our nose out of Iraq. The principle is the same. No matter what Pres. Obama says, the policy is the same “the US is the boss” His “nice guy America” doesn’t cut it.
      If a citizen from England has an account in a US bank, does England demand that we give up that idenity. no! and a non-resident alien does not pay any capital gain or dividend taxes in the US. that makes the USA a tax haven.”

      SO ENTIRELY WELL SAID!!!!

      You are correct, the USA actually is the WORLDS biggest tax haven because we do not generally work with other countries tax agencies the way we want the Swiss to submit to us.

      The “Ugly American” is back.

  • s c

    This move to keep money in foreign banks under close scrutiny is proof that our government is utterly corrupt and paranoid and views all wealth as its “private property.”
    This is unconstitutional, and it is proof that the Founding Fathers were right to view politicians as less-than-human. What makes it worse is the sad fact that we have hundreds of elected freedom-haters in Washington. Short of a divine miracle, I see no way to stop this insanity. America needs – and will get – a healthy
    of justice. America will have freedom or slavery.

    • Robbie

      The blue states voted for slavery, the red for freedom in the last election. We are just short of a full-fledged welfare state headed for neo-communism.

      • Ramon

        Robbie: You are delusional, both Republicans and Democrats are in this up to their eyebrows. Until we change the system of income tax we will stay on the slippery slopes to total destruction of our economy. Big Oil, Big Pharma, Big Ag, Big Finance, and the munitions industry (MILITARY INDUSTRIAL COMPLEX) own us and run us under the current tax and fiat currency system.

  • Harry

    No different than the powerful government assaulting onshore assets. Corrupt politicians have created punitive tax policies that force people to protect their assets offshore.

    • Roger

      Yes Harry, the very same politicians that hide their bank accounts in offshore assets are crafting laws that punish the average citizen.

      • http://WOW George

        Can anyone say Senator Rangle?

  • Judy & LIVID

    This is just another attack on Capitalism. It is infringing on our rights and one more way of gaining control over the people. Socialism is what this administration wants, look at all the facts! Wake up people! It’s all about Obama; he and his administration want complete control! They are doing their best to create diversions so they can sneak through and change policies and are even trying to change the Constitution.
    The things that they have already done warrants their immediate resignation. According to Constitution is considered TREASON. Especially Obama’s slamming his Country! I for one am OUTRAGED at his actions and words. Do three things, read and study our Constitution, our Declaration of Independence, and our Bill of Rights.

    • David

      I’m with you. . . Amen

    • Ramon

      Judy and LIVID: The first thing that you need to understand is that the form of Capitalism that we have now under the Federal Reserve (fiat currency) and the Federal Income Tax system is NOT the Free Enterprise system upon which this country was founded and grew to be the strongest industrial economy in the world. What we have now is Capitalistic Imperialism which is first cousin to Socialism and Communism whereby the Oligarchy controls the wealth, the power and the government. Until the people understand this and change the current system nothing is going to be changed by either party. So we have a system of elitism with very little freedom or opportunities for the people in general. We need to get the people educated and they are not getting it in school nor in the media.

      • Donald

        The revolution is just around the corner
        Don

        • Raymond Hartmann

          Don: The revolution needs to be in congress. the only way that can happen is if the constituents of each congressman get together and put extreme pressure on them in a grass roots movement. Two major problems are that the people are ignorant and complacent. If the people try to revolt with power in the streets they will be squashed like grapes with the police and the military. All this bickering, protesting, and finger pointing is totally worthless; it is exactly what they (the oligarchy) like because it only causes confusion and more gridlock. We need the ‘Fair Tax bill’ (HR25) as the first step in stopping the takeover of all freedoms and to return free enterprise.

    • Roger Doxaras

      Bingo Judy! The very best way to defeat socialism comes by way of educating ourselves……knowing our constitutional rights will deter those that seek to destroy America from within. Ever wonder why it is the liberal/socialist who becomes embedded in our educational systems?

      They recognize by indocternating young minds, they can achieve their long term goals.

  • http://www.Zzzoney.blogspot.com Zzzoney

    This is the kind of thing that really gets my goat by the balls!
    Accountability needs to be in the I.R.S. building and its contents………
    TIME IS EXPIRING FOR OLD CAPITALISM.
    Liberty over tyrrany baby.
    Zzzoney.blogspot.com

  • http://www.Zzzoney.blogspot.com Zzzoney

    This is the kind of thing that really gets my goat.
    Acountability needs to be in the I.R.S. building and its contents………
    TIME IS EXPIRING FOR OLD CAPITALISM.
    Liberty over tyrrany baby. I will always side with our democracy that was.
    Zzzoney.blogspot.com

  • David

    The rich will find another way to avoid paying taxes. . . because 5% of the wealthiest pay over 50% of the taxes. You can call it write offs or whatever they still have to pay it first. When the rich are penalized for being successful, they hide their money as best they can. . . thank God for the rich. . . they pay more than their fair share.

    • Dont tread on me

      Do you Know any Poor People that Sign a Payroll Check?? My Cure for Liberalisim, Suck on an Exaust pipe and keep us safe from harmful Fumes.

  • Mr M

    The problem with the concept of seeking those who hide money offshore is that the individuals who violate this the most are international banks. How can you stop that? Its built into their business to have the ability to place accounts where ever on the globe. These are the same guys we bailed out through these bankers privately owned federal reserve. The Creature from Jekyll Island, by G Edward Griffith is a good read recommendation.To stop this tax avoidance, you have to stop the very source that created it. What did Obama refer to in his campaign? If you dress up a pig, isn’t it still a pig? Its time for a good ol’ fashion pig roast.

  • Jonathan

    The IRS is a criminal above the Law, private collection agency, for the private Federal Reserve, the Federal Reserve is as Federal as Federal Express.

    99% of the Income Tax goes to the private Banks, not to run the USA, other Taxes
    run the USA, this is a scam and has been since 1913.

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