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Why not an "off-shore account" tax?


From this morning's Muckraker files;
"A group of wealthy Americans is suing Swiss bank UBS in federal court to keep their identities secret. The suit alleges that UBS' actions in cooperating with U.S. investigators violate Swiss bank secrecy laws and amount to illegal activities involving foreign authorities. UBS, the world's largest private bank, had been charged by US authorities with conspiring to help wealthy clients avoid their taxes. As part of a settlement, the bank agreed to release the names of 19,000 clients. (New York Times)"

It won't be those 19,000 we need to know about, it will be the ones whose names WERE NOT released whose culpability becomes glaringly evident.

Here's a simple answer; double the tax rate on all Americans' foreign deposits, so that they pay a built-in penalty for offshore moneys.

Again, whoever is included in this lawsuit to silence the banks is, by the very nature of their resistance, admitting to mischief that, once uncovered, would likely constitute a crime.

So I suggest we not only find out who has what money where, we should start charging an "offshore savings tax" on any money earned here in the US, but saved in overseas banks.

Just tax it up front, whenever it leaves our borders headed for foreign banks, with a simple stroke of the legislative pen.  Include severe penalties for the cheats and book-cookers.

And then lets see who howls the loudest, and we will know who the guilty parties really are. This lawsuit represents that howling, and I, for one, would like to know whose names WERE NOT RELEASED IN THE LIST OF 19,000.

THAT is the real rogues-list. 




3 Comments

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It would be a very informative list!

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Penalize people for not supporting the American banking industry? Hmmmm ...

I admit I'm no financial wizard, but how do you get foreign banks to cooperate with revealing the names of their American clients (and their account balances)? What incentive to cooperate is there for foreign banks with no subsidiaries in the U.S.? ... And how do you assess a tax on money that's already out of the country?

It seems to me, that what you're really doing is giving the U.S. citizens with money in foreign banks incentive to leave and move abroad ...

It's a nice thought though. But, I suspect, impossible to put into effect.

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It should not be a tax it should be a seizing. If people are hiding money then we should just take it all! It would only take a few seizures and these SECRET off shore accounts would quit being secret!

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JEP07

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