" We will require overseas banks to submit 1099 like we do here, if they don't we will assume they are concealing funds"

not an exact quote of what I just heard on the news..but damm close..

What i dont know is, is obama declaring war on the banks of the world ? i mean wtf...


http://www.abc.net.au/news/stories/2009/05/05/2560761.htm


" In one of the proposals to crack down on tax evasion, the administration would require financial institutions to share information with the Internal Revenue Service about its US customers.

Foreign institutions must sign up with the IRS to become "a qualified intermediary" or else face a presumption that they are helping individuals evade taxes. "

Fuck the IRS.

I don't know if I hate the IRS or banks/bankers more.  Fuck 'em all.

Word from the Mother. ( My mother works for the ATO, Australian Tax Office. )

Tax dept. worldwide have been asking for this for awhile. It seems rather easy to do.

It's because a lot of people with a lot of money operate trans-nationally in the business world and evade taxes by declaring their assets/profits/whatever in X location with low or no taxes.

The tax structure has to evolve in order to pin them to the wall and fuck them back.

However, this will just be a small blip before the rich just evolve new methods to evade taxes.  The game won't change.

Which is why I'm a firm believer in donating lead to the rich.

So that, over time, we can engender an overall decline in their mental efficacy?

interesting move to make in a recession

I was hoping this was a thread that would be about some fun European medievel war or something.

Instead, I get some tax advice.

Bummer.

Tax advice ? Think about banks fees, we are going to be paying for this shit.

Why should corporations and individuals skate while we bear the tax burdens? Yeah, the Swiss will cry about it. And the Caymans. And other countries. But it's time people stopped skirting the law. Right?

I have a strong feeling that the Madoff and Stanford busts were a precursor to exactly this.

Just to point it out...

One in, all in. All tax dept. will be getting the info from other nations banks.

So that, over time, we can engender an overall decline in their mental efficacy?

Over time?  Well, I guess if by over time you mean as long as it takes for them to hemorrhage after my rapid donation of lead, then yes.

But it's time people stopped skirting the law. Right?

That sounds like an incredibly lawful thing to say.

I just realized that this is going to affect me. Goddam

Tax advice ? Think about banks fees, we are going to be paying for this shit.

You might be, I'm ensconced in the Banking system. Bank fees barely touch me.

Okay, how about the expenses generated just in consultation about how to implement the the changes to the system. Good excuse not to adjust interest rates.

I'm not arguing with you... I think banking fees are over the top, personally. $2 to withdraw $20 from a foreign cash machine? That transaction cost is around 7 cents. At most.

O yeah, I know that. I just have a deap seated desire for affirmation. Love me Mosh, thats all i ask !

How can I love someone as asexual as you?

I just have to be a bit circumspect about what I say about the hand that feeds me.

I have clarity.