1% loses....Swiss Bank Fined!

[JimH52]

US tax evasion: Swiss bank pleads guilty; fined $2.6 bn | The Indian Express

Oh my....the GOP is not going to be happy.

 

[editec]

“This is the largest bank to plead guilty in 20 years. The bank will pay a total of USD 1.8 billion in the form of a fine of over USD 1.13 billion and nearly USD 670 million in restitution to the IRS.

So the bank will toss a couple nobodies to the wolves, the government will get less in fines than Credit Suisse made over the years.


Now what OUGHT to happen is the CEO and board of directors ought to go to prison after being stripped of everything they own, the corporation ought to be fined every cent it has, the stockholders ought to lose every cent they have invested, too.

ONLY corporations can commit crimes year after year, case after case and STILL get away with it.

As they are in this case.

 

[DriftingSand]

Wow. Glad my money is safely hidden in the Cayman Islands. Take THAT 99%ers.

 

[hipeter924]

US tax evasion: Swiss bank pleads guilty; fined $2.6 bn | The Indian Express

Oh my....the GOP is not going to be happy.

Yep, the 'job creators' who avoid paying tax, might see a little hit in their fees. But the 'job creators' will make it up by sacking thousands of workers, and cutting benefits and wages of the rest. So it isn't a win win, instead a parking ticket.

 

[Katzndogz]

The actual result is the more Americans will give up their citizenship. obama targeted banks that had American depositors. Many European banks simply closed the accounts held by Americans. Americans responded by just giving up citizenship. The end result is that the US will lose all the tax revenue they were making off of hardworking Americans living abroad.

The more money you have, the less desire a sane person has to be an American citizen.


BBC News - Why are Americans giving up their citizenship?

 

[Pennywise]

Who gets the money?

 

[SteadyMercury]

The end result is that the US will lose all the tax revenue they were making off of hardworking Americans living abroad.

How are they going to lose what they weren't getting anyway? They were doing it because of how many of the people living abroad who weren't paying their taxes, to the tune of over 100 billion per year according to your link.

A law-abiding citizen who pays their taxes has no reason to be trying to hide shit in secret Swiss accounts anyway.

 

[Katzndogz]

The end result is that the US will lose all the tax revenue they were making off of hardworking Americans living abroad.

How are they going to lose what they weren't getting anyway? They were doing it because of how many of the people living abroad who weren't paying their taxes, to the tune of over 100 billion per year according to your link.

No. Americans living abroad were paying taxes to the US. Some for years, decades. Then obama decided to punish the foreign banks with reams of paperwork and examinations to find absconders. The banks started closing the accounts of American depositors. That induced Americans to give up their citizenship. So the US not only lost presumed taxes from cheaters, but all the taxes they were getting from taxpayers. Tina Turner, who has lived in Switzerland for many years just gave up her citizenship. Thousands of Americans are giving up citizenship for the same reasons that companies move out of the country. It's too expensive for no benefit.

I didn't give a link. You must mean someone else's link. The figure of 100 billion isn't real. It's an approximation based on an assumption.

 

[SteadyMercury]

No. Americans living abroad were paying taxes to the US. Some for years, decades. Then obama decided to punish the foreign banks with reams of paperwork and examinations to find absconders. The banks started closing the accounts of American depositors. That induced Americans to give up their citizenship.

No. Americans who are lawfully paying their taxes have no reason to renounce citizenship because of some Swiss banks closing accounts. There are other banks, it is the tax cheats who are having problems with it.

So the US not only lost presumed taxes from cheaters, but all the taxes they were getting from taxpayers.

No. Over 6 million expatriates, about 1000 renounced citizenship in 2013. Clearly this isn't a case of the US losing some massive amount of income since the other 5,999,000 americans living abroad will continue to pay their taxes and many absconders have settled under amnesty.

The figure of 100 billion isn't real. It's an approximation based on an assumption.

Of course it is an approximation, but there is no reason to doubt its validity unless we have additional information that calls it into question. You're doubting it because it isn't convenient to your argument.

 

[SteadyMercury]

Tina Turner, who has lived in Switzerland for many years just gave up her citizenship.

What relevance is this? She lived there for decades and built a life there, she considers herself Swiss with few ties to the United States.

 

[Dont Taz Me Bro]

No. Americans who are lawfully paying their taxes have no reason to renounce citizenship because of some Swiss banks closing accounts.

Actually, yes, they do. The U.S. is one of very few nations that requires expatriots to continue paying taxes here as opposed to just the country they reside in. The paperwork, rules, and regulations have become so burdensome at this point that a few thousand Americans a year, mostly those who haven't lived here in years or have no plans of permanently returning, have found it easier just to turn in their passport.

 

[SmedlyButler]

The actual result is the more Americans will give up their citizenship. obama targeted banks that had American depositors. Many European banks simply closed the accounts held by Americans. Americans responded by just giving up citizenship. The end result is that the US will lose all the tax revenue they were making off of hardworking Americans living abroad.

The more money you have, the less desire a sane person has to be an American citizen.


BBC News - Why are Americans giving up their citizenship?

The Banks plead guilty to helping Americans avoid taxes. Do you suggest the Justice Department ignore the crime? Aren't there enough legal tax avoidance avenues for the wealthiest citizens. Do we have to let them conceal taxable assests to keep you and them happy?

 

[SmedlyButler]

Who gets the money?

They say; "The penalties will be paid to the Justice Department, the Federal Reserve and the New York State Department of Financial Services."

That's all I've found so far. Seems to me if taxes were avoided they should be prosecuting the tax cheats and some of this money should go to finance that investigation. And maybe some of it should go to the IRS to make up for unrecoverable lost taxes. So those of us who pay our taxes don't have to cover as much of the shortfall.

 

[Pennywise]

Who gets the money?

They say; "The penalties will be paid to the Justice Department, the Federal Reserve and the New York State Department of Financial Services."

That's all I've found so far. Seems to me if taxes were avoided they should be prosecuting the tax cheats and some of this money should go to finance that investigation. And maybe some of it should go to the IRS to make up for unrecoverable lost taxes. So those of us who pay our taxes don't have to cover as much of the shortfall.

I'm always amazed when I hear that someone is getting fined and the money goes to some organization. Like this bullshit NBA thing with that old fart who owns the Clippers. They are fining him 2.5 million and people are cheering about it, and who the fuck gets the money?

 

[SteadyMercury]

Actually, yes, they do. The U.S. is one of very few nations that requires expatriots to continue paying taxes here as opposed to just the country they reside in. The paperwork, rules, and regulations have become so burdensome at this point that a few thousand Americans a year, mostly those who haven't lived here in years or have no plans of permanently returning, have found it easier just to turn in their passport.

I understand the rules and how unique it is to the US, but the number who have given up citizenship compared to how many expats there are demonstrate it is hardly an insurmountable task to be in compliance while retaining citizenship.