Bunch of SOB's crying in their highballs tonight. - Pensacola Fishing Forum

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Old 07-16-2008, 08:06 PM   #1
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Default Bunch of SOB's crying in their highballs tonight.

For years, the LGT Bank in the tiny European principality of Liechtenstein, tucked between Austria and Switzerland, has been regarded as a safe haven for wealthy Americans trying to hide their money from the IRS. It helps that the reigning prince there, Hans-Adams II, and his family own the bank and strictly enforce the country's bank secrecy laws.

"Liechtenstein is regarded as one of the most secretive places in the world," said John Christensen of the London-based Tax Justice Network.

But all that changed when a disgruntled computer technician at LGT, Heinrich Kieber, downloaded all the names and secret accounts on to two CDs and turned them over to tax authorities in the US and Europe.

"It completely exposed the fact that Liechtenstein is nothing but a place to hide your money from tax collectors, and any other police who might be interested," said Kieber's Washington-based attorney Jack Blum. Kieber is now wanted in Liechtenstein for violating bank secrecy laws there, but his attorney says it is the tax cheats that are the real criminals.

"They are the people who are taking advantage of the rest of us, who are withholding and paying," said Blum. "They're the crooks."

http://abcnews.go.com/Blotter/story?...687&page=1



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Old 07-16-2008, 08:16 PM   #2
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Default RE: Bunch of SOB's crying in their highballs tonight.

Yay IRS! Screw folks with money. I don't have a lot, they shouldn't either.

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Old 07-16-2008, 08:43 PM   #3
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Default RE: Bunch of SOB's crying in their highballs tonight.

Remember, innocent till proven guilty.Hopefully a few have filed for bankruptcy or reached tax settlements and claimed no assets or maybe a few deadbeat Dad's or Mom's trying to avoid child support will get pinched. Unless they are an easy target and in the system I dare say many will be investigated. There are too many folks that report their income and make mistakes to pursue with little or no work involved.
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Old 07-16-2008, 08:44 PM   #4
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Default RE: Bunch of SOB's crying in their highballs tonight.

I pay mine,..... and I hope they use a rake to drag it out of their colon !

I say make an example out of them, and give the computer rat a Nobel Prize !
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Old 07-16-2008, 08:50 PM   #5
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Default RE: Bunch of SOB's crying in their highballs tonight.

David..."<SPAN id=_ctl1_ctlTopic_ctlPanelBar_ctlTopicsRepeater__c tl3_lblFullMessage>Remember, innocent till proven guilty". so true, but if reported why have it stored in a offshore account?



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Old 07-16-2008, 09:42 PM   #6
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Default RE: Bunch of SOB's crying in their highballs tonight.

This is another example of why I want a consumption tax (Fair Tax). An income tax only punishes the middle class workers in our society. A consumption tax would spread the burden of taxation equally across the board, and those with the greatest spending power (the wealthy) would continue to pay the greatest share. Think about all of the money that the truly wealthy Americans spend, yet none of their money goes to the IRS. However, if you are a middle class worker, the IRS is paid before you are. Call me heartless, but I am also sick of the fact that the poor don't carry any weight of the tax burden. EVERYONE should pay taxes, and then EVERYONE would have some investment in our society. And I haven't even brought up all of the "fringe" elements of our society that don't pay taxes: illegal immigrants, drug dealers, etc.
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Old 07-17-2008, 01:34 AM   #7
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Default RE: Bunch of SOB's crying in their highballs tonight.

Quote:
bayou bandit (7/16/2008)This is another example of why I want a consumption tax (Fair Tax). An income tax only punishes the middle class workers in our society. A consumption tax would spread the burden of taxation equally across the board, and those with the greatest spending power (the wealthy) would continue to pay the greatest share. Think about all of the money that the truly wealthy Americans spend, yet none of their money goes to the IRS. However, if you are a middle class worker, the IRS is paid before you are. Call me heartless, but I am also sick of the fact that the poor don't carry any weight of the tax burden. EVERYONE should pay taxes, and then EVERYONE would have some investment in our society. And I haven't even brought up all of the "fringe" elements of our society that don't pay taxes: illegal immigrants, drug dealers, etc.
What? Doesn't the top 10% of earners pay like 70% of the taxes? I was under the assumption rich people paid more taxes than the middle class. A person who makes a million a year pays Uncle Sam a lot of money, if he is honest. I'm not defending these unpatriotic a-holes that hide their money in offshore accounts, but I'm not sure the middle class is paying the majority of the taxes. I do agree with a consumption tax though. You choose to consume more, put you are paid based on how much you achieve.
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Old 07-17-2008, 01:42 AM   #8
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Default RE: Bunch of SOB's crying in their highballs tonight.

Quote:
Tuna Man (7/16/2008)David..."<SPAN id=_ctl1_ctlTopic_ctlPanelBar_ctlTopicsRepeater__c tl3_lblFullMessage>Remember, innocent till proven guilty". so true, but if reported why have it stored in a offshore account?


If you earn it abroad or travel a lot it is handy to access abroad. Many US companies set up sister companies abroad and pay their overseas employees through these companies. Say you inherited or bought property abroad and sold it or rented it. The funds might be directly deposited to an offshore account you could access anytime you needed it. If you sell something on ebay do you report the proceeds as income? What if you sold something to someone overseas and knew you would be taking a cruise to the bahamas that year. If you had the money deposited there you could spend it when you arrived or have it wired (and taxed) here if you wanted. I don't condone tax fraud by any means but just having funds overseas doesn't necessarily mean you are doing anything illegal.



I second the "Fair Tax" as a great solution to recouping the billions of dollars hidden offshore by corporations and wealthy citizens. Hal will back me up. Right Hal?



I also agree with P-cola_Native. The wealthy float our bloated budget in this country. Our obscene tax code is the primary reason our manufacturing jobs and huge amounts of wealth have left our borders. When's the last time you heard of a poor person owning a company and employing a bunch of folks? Most of our millionaires are small business owners.We have taxed the rich to death and they are sick of it! The fair tax will bring their money back home where we really need it. Don't hate the rich. Most of them work harder and longer than you are willing too or can imagine. A very small (statistically insignificant) portion of our very wealthy have inherited their money. (What's wrong with that anyway?) Wouldn't you love to leave your family millions or billions if you could? Should they pay taxes again on money you earned and have paid income and capitol gains taxes on? Most have worked their asses off to attain their wealth and I applaud them and appreciate their contribution to our economy and welfare. Without them most of us would be jobless and homeless.
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Old 07-17-2008, 01:52 AM   #9
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Default RE: Bunch of SOB's crying in their highballs tonight.

Quote:
David Ridenour (7/16/2008)
Quote:
Tuna Man (7/16/2008)David..."<SPAN id=_ctl1_ctlTopic_ctlPanelBar_ctlTopicsRepeater__c tl3_lblFullMessage>Remember, innocent till proven guilty". so true, but if reported why have it stored in a offshore account?


If you earn it abroad or travel a lot it is handy to access abroad. Many US companies set up sister companies abroad and pay their overseas employees through these companies. Say you inherited or bought property abroad and sold it or rented it. The funds might be directly deposited to an offshore account you could access anytime you needed it. I don't condone tax fraud by any means but just having funds overseas doesn't necessarily mean you are doing anything illegal.



I second the "Fair Tax" as a great solution to recouping the billions of dollars hidden offshore by corporations and wealthy citizens. Hal will back me up. Right Hal?


Nope. No prebate to me. Actually, I'm quite content with the system we have in place right now though it could use some changes. In theory, a vat or consumption tax would be awesome and would tax all illicit income that currently never makes it to the system, but I do believe in a progressive tax rate. I think that those of us who make money on investments should pay the regular income tax rate instead of a reduced cap gains rate, but at teh minimum, the rich folks should pay at least equal to the same percent of income in taxes as the rest of us.



Maybe a hybrid would work where we have a VAT or flat consumption tax coupled with a small progressive tax. And, bayou, the reason you can't depend on a consumption tax entirely is because those of us with high incomes don't necessarily spend all our earnings. In fact, the more you make, the less likely you are to spend it so you end up with someone making 50k paying a higher percentage of their income in taxes than someone making $10mil.



Maybe a 12% VAT or flat tax with exclusions or my hated prebates coupled with an income tax above $200k?



Whatever the case, we need to spend less or tax more. Borrowing from your kids and grandkids via federal debt is not cool!
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Old 07-17-2008, 02:09 AM   #10
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Default RE: Bunch of SOB's crying in their highballs tonight.

David, With ALL the banks world wide, why would a honest company or person choose a bank in Liechtenstein that is regarded as one of the most secretive places in the world, put their money. :doh Yes some are honest, legal transactions, but I'd put my money that most are NOT.

Take Peter Lowy of the Westfield group http://uk.westfield.com/corporate/?redirect=nofor example. Why would you think he would need to use a secretive bank in Liechtenstein while the corporationhas holdings in the U.S., Australia, New Zealand and Great Britain, all of which have solid banks? I could be wrong in my thinking but kind of doubt it.....we will see.



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