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G20 may spell trouble for offshore investors

April 3, 2009 by  

G20 may spell trouble for offshore investors Politicians gathered at the G20 summit in London have vowed to crack down on tax havens by introducing cross-border regulation.

Blaming offshore tax havens for the current financial crisis, G20 leaders, with the exception of China, pushed for more regulation and compliance on the part of countries with favorable tax laws.

Media sources have reported that President Obama was instrumental in bridging disagreements between the Chinese and the French, in particular.

"There will be no guarantee about the safety of funds there," commented British prime minister Gordon Brown.

"If tax information is exchanged on request, as these countries have agreed to, then the benefits from being in these countries will diminish every day," he added.

According to a commentary on the Radio Free Europe website, governments have a variety of options to enforce such rules, including the freezing of assets of independents states if they refuse to comply.

The Organization for Economic Cooperation and Development has estimated that $1.7 trillion to $11.5 trillion dollars are being held in tax havens around the world.
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  • Kitty, Lakeland Fl.

    It is about time that the super rich be held accountable for their taxes. I am tired of paying their share along with mine. If they move their company overseas then they deserve no tax breaks here. If they bring workers here from overseas to take our jobs then they deserve no tax breaks. As far as I am concerned they are traitors to America and the American people.

    • Bob

      If the American taxes stopped rising and the system was more friendly to operating a business without being shaken down by the government then maybe the incentive of the offshore accounts would be less and we would not have to strong arm these tax haven countries to give us the info they don’t want to give. What happened to sovereignty?

      • Kitty, Lakeland Fl.

        What happened to American pride? What happened to taking care of those that made your company grow in the first place? True we could do more to help the companies but greed took over as far as profits go. We are suppose to tighten our belts but not them, they want it all or nothing. Most workers make the same or less than in 1974, how is that fair? No if you are American then act like it. Why bring workers from overseas and put your fellow Americans out of work. Work together as Americans or get out and live in the countries you moved your company to or to the country you get your workers from, we do not want them here. Good-bye and don’t come back, just give a good American a chance to open good companies. Traitors all of them, period. As for the tax havens, I hope they catch everyone of them.

      • Eauboy

        Good comment Bob. If taxation was kept to a bare minimum, the nation would once again be a true wealth builder…which benefits everyone. Soveriengty is rapidly deteriorating toward government control of all aspects of life.

        Interestingly enough, the U.S. government is cracking down on U.S. citizens who invest off shore (because we’re going broke and they need the tax dollars), yet for foriegners, the U.S. offers one of the best offshore deals in existance…funny no one mentions that, isn’t it?

    • Eauboy

      Kitty:

      You are not paying for those who invest overseas.
      Corporations that bring workers from overseas DO pay taxes. And so do those workers.
      The traitor to America is the government of America for enforcing an illegal, unapportioned tax on labor (federal income tax
      It’s American to be as successful as possible; therefore hats off to the rich, that have earned their money. It’s un-American to mind anyone elses business but our own. Whatever someone does with their money is their business and their choice. Free choice is American!

      Don’t be fooled by folks that argue for “paying their fair share”. No one in America pays a “fair” share…unless they pay no federal tax!

      • Kitty, Lakeland Fl.

        I am all for fewer taxes and would love to see the fair tax act incorporated here but until they get it the companies need to do their part is helping this country. You can say what you want but there are many of us that see them as tax cheats and traitors to this country. Greed keeps them from helping the Americans that help them build their companies in the first place. Everyone that takes their companies overseas or brings workers here to take our jobs are traitors and tax cheats. If I had my way they would all be thrown out of this country.

        • Eauboy

          First; How can you throw out companies that are already out?

          Second, is there really such a thing as a tax cheat, when the federal income tax itself is nothing more than a method of cheating citizens out of the fruits of their labor? (It’s an unapportioned tax on labor and is un-Constitutional). And what about the hidden tax of inflation, which is created by the phoney money foisted upon us by the Federal Reserve (which is neither Federal, nor does it have reserves)? Inflation is the most heinous tax, paid in equal proportion by rich and poor alike. It is truly taxation without representation…and it’s sponsored by those to whom you believe we owe allegiance. Do some homework. Read “Creature from Jekyll Island” by G. Edward Griffin. It’s documented information about who the real cheats are.

          Your anger is misplaced. It’s that very taxation and regulation that’s driving companies out. Companies are private. It’s their job to be profitable…as profitable as possible, while maintaining safety and quality. And until the government takes over the private sector (an act which is looming closer) it’s not treasonous to move a private business to a place where it can thrive instead of being on the brink of bankruptcy, due to high taxes and regulation. No, all companies are not angels. But those more deserving of our anger are those that are right here in the country seeking government bailout. There is no place in a free market for companies that mismanage themselves to a point of bankrupcy, and there is no room in a country founded on free market capitalism for government sponsored bailouts of any company.

          Steer your anger instead at politicians that continue failing to do their jobs…part of which is ensuring that businesses have the best economic climate in which to thrive. Steer your anger at an educational system that “dumbs down” Americans, making higher skilled employees from overseas attractive. Steer your anger at the creation of “fiat money” that drives higher inflation, making overseas employees more affordable.

          Loyalty to America is not displayed by paying taxes…it’s displayed by exercising and teaching the ways of freedom and liberty. Taxes have nothing what-so-ever to do with either. Indeed taxes are the bane of a free nation. That’s the reason the Founders rose up against it.

          I understand your anger. But gathering the mob, and the shovels and pitch forks to drive out what is falsely shown to you as an enemy smacks not of the acts of free citizens, but the dark side of a democratic dictatorship, with a fascist twist.

          Want to help the American way? Tell the government you want a sound monetary sytem; the start a business.

        • Bob S

          The Fair Tax is not a good thing for the average working American. You can NOT lower the taxes on the rich and keep the same revenue without raising the taxes on the middle class! It is the wealthy that are promoting the fair tax along with the fools that patriot their propaganda.

          “Greed keeps them from helping the Americans that help them build their companies in the first place.” You got that right. You got CEOs paying themselves 100′s of millions of dollars even when they are destroying the company, yet they complain about paying the worker that produces the goods $5 dollars an hour. They do not want to pay the taxes that support country and infrastructure that allows them to make all that money, and expects the military to protect their ill-be-gotten assets even with our lives.

          We need to put an end to their greed by taxing all personal income over $250,000 at 120%. As long as they keep the money in a job producing business they keep it, but as soon as they use it for personal use it is taxed.

          They have betrayed America & the American people by selling out our jobs and our technology to our enemies (China, Iran, North Korea, Libya, Russia…). They and their puppet Politicians all should be tried for treason. We need a new political party that represents the American Worker, and small business against the Globalist & their lackey Politicians (I.E. Republican & Democratic parties). A vote for either the Republicans or Democrats is a wasted vote because you never get what you voted for. They pay lip service to us while selling us out.

      • Bob S

        “government of America for enforcing an illegal, unapportioned tax on labor” The much maligned Income tax is fairer than many other taxes. It taxes on the ability to pay. That is those who benefit the most from what government does. The government determines what is legal and illegal, so it is just plan foolish to claim that the income tax is illegal.

        I agree with you that,inflation is a hidden tax , most people fail to understand that.

        When you want all of the benifits of this country and what the American workers have built, but do not want to pay the price (the taxes) necessary and turn your back on those who fought in wars to protect those benifits then it is treason.

        Capitalism is NO great thing. Capitalism is survival of the fittest. Uncontrolled Capitalism leads to the many being subjugated to the few (King of the hill). It is anything but democracy, equality, fairness unless you are the King of the hill.

        These companies you want to support do not want a fair playing field; rather they want a rigged system that greatly favors them. But then that is unfettered Capitalism.

  • Bob Livingston

    The threat of cross-border regulations is another nail into personal liberty.

    Blaming off-shore tax havens for the current financial crisis is a ruse and a cover-up for the G20 nations themselves printing vast quantities of worthless fiat.

    After all, the largest tax haven in the world is the United States of America. Not for American citizens, but for non-American citizens. This is an official policy of the U.S. Government and there is no tax on capital gains or interest for non-Americans.

    • Eauboy

      Right on Bob!!!

  • John Mitchell

    Conservative AMERICAN investors ought not to invest offshore. Be a patriot and invest in AMERICAN!

    • jmac

      Yeah! Right John, now tell us what happens when the US Thugs come and take yur investments and pay you 2% to make sure you are secure.
      Go check where one of our South American neighbors did just that with their citizens retirement accounts, then tell us how the Thugs wouldn’t do that here.

  • Patricia

    The U.S. loses 100 Billion a year to tax-cheats and their offshore havens. If they want to take advantage of living here they need to pay like everyone else. Taxes are a necessary evil, we have to fund roads, schools, police, fire, defense, + make sure the certain corporate entities aren’t poisoning us with tainted food, water, drugs etc. Government regulation comes from industry not providing safe products or harming the environment in making products. If not, we wouldn’t need them.
    The amount of scams and cheaters out there is appalling. But Capitalism doesn’t care how you make a profit, all it rewards is $. I have zero respect for those that cheat there way to wealth.

  • Al

    First of all, congress sold out to federal reserve system structured by the world’s elite banksters. Then federal reserve system created IRS to collect taxes to satisfy their “out of thin are” dollars. Keep in mind that both federal reserve system and IRS are private entities even till today. The whole thing is one giant Ponzi scheme intended to control the world’s finance. Now what power does the court have to allow a private entity to juridic foreign banks?
    Our politicians set out to take over and they sure did. As we witness the treasonous deeds they do upon us, what do you thing they do to foreign countries? Why do think other countries don’t like us? Because all the private businesses the politicians do with foreign countries are classified… which mean dirty, rotten and can’t see light. Hence, you and I are the ones who have to pickup the tap for their profits.

  • Al

    Furthermore, FRS created “debt by design” that can never be paid off.

  • Al

    Patricia,

    Out taxes do not go to all the things you mentioned. They go directly to FRS, then laundered back to US treasury department for politicians to use as they please. FRS has never had a open book and no one has the power to request or demand an audit since 1913. You don’t believe this… go and request IRS to itemize our taxes usage and see what happens. I hope you won’t do that… once the ants is on you they never leave.

  • Al

    Bob and Eauboy,

    You gentlemen should start a class to educate those who didn’t have the chance to learn. I grew up and lived in America for 50 years and witnessed Americans abandoned George Washington’s warning.
    Glenn Beck is doing a great job but America needs more one true educator. Remember Moi Sei Tong educated his 1.3 billion citizens by his little red book? Our politicians did it with providing a poor education system and created as much confusion as they can.

  • Robert

    I guess some of these people enjoy giving their money to the goverment so the politicans can squander it in any manner they choose. I personnally don’t like the way the government takes or spends my money. The comment about Beck teaching the uneducated masses is a great idea.

  • http://liberty1st@wi.rr.com john

    Site what law requires one to file in the first place ,not some ILLEGAL IRS PAMPHLET . DID I SAY ILLEGAL -YES- YES – YES -in this Republic? Show me the Law. The IRS commissioner(s) will not and refuse to answer questions about law and many more Questions and they shutter ,see Arron Russo videos and Joe Banister ,and many many others who speak TRUTH and HONESTY as defined by our countries founding fathers and the values enshrined in the Constitution based on the Bible and Godly DIVINE LAWS–Remember all the BRAINS WE NEED ARE IN —–THE CONSTITUTION AND BILL OF RIGHTS –HIgher than any judge ,senator ,congressman ,president,or yes even a Supreme Court Judge-or any ZIONIST ON CAPITAL HILL..

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