If you are rich and have a swiss bank account, your f*cked...

[sgreger1]

Swiss banks to pay billions of dollars in fines and hand over account info of thousands of wealthy tax evaders to US


(Reuters) - The United States and Switzerland are in advanced talks on a multibillion-dollar deal that would let several Swiss and European banks join a common settlement and avoid potential U.S. prosecution for helping wealthy Americans dodge taxes, senior persons briefed on the matter said.

As part of the agreement under discussion, known as a global resolution, U.S. government agencies would invite the banks to pay a fine, exit their undeclared offshore banking businesses for Americans, and turn over client names to the Internal Revenue Service (IRS) and the Justice Department.

In exchange, the agencies would drop an ongoing investigation into the banks.


A resolution would signal another strong blow to the Swiss tradition of client confidentiality, whose laws date to 1934 but whose tradition goes back centuries.

Unlike the United States, the Swiss traditionally distinguish between tax evasion, which they do not consider a criminal matter, and tax fraud, which they do.

A global resolution would also mark a shift in how U.S. officials treat foreign banks suspected of helping wealthy Americans to evade taxes.



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It would be funny if all the rich people hiding money in these banks converted all of their assets to BitCoins to continue evading the IRS. lol

US authorities to swiss banks: "This is going to sting a bit when we slap you on the wrists."

[Monkey]

I wouldn't mind getting in trouble if I was rich enough to have a swiss account....

...the only thing swiss I got is some cheese.....and it's from Wisconsin.

[Bigblue1]

I wouldn't mind getting in trouble if I was rich enough to have a swiss account....

...the only thing swiss I got is some cheese.....and it's from Wisconsin.

Nothing wrong with swiss Cheese Or Wisconsin, But do realize if these f#cks get their way, It won't be so easy for a Fla boy to get Wisconsin Cheese or have to pay a heavy fine because cows Fart Methane which "contributes" to " Global Warming" It's all about the taxes/fines baby.........

[KarlvB]

This has been going on for a while. UBS got fined and most of the Swiss banks exited their US business. The biggest problem for banks right now is FATCA which was signed into law as part of the HIRE that Obama created. Under it all foreign financial institutions are expected to declare any US citizens that hold accounts with them to ensure that the US citizens are paying their taxes. Failure to disclose incurs a 30% withholding tax on all US earned income. For some institutions this could amount to more than a billion dollars in tax.

[Premium Parrots]

just remember......they do it for the children

[GoVegan]

More government intrusion. They just need to come up with a flat tax system and get it over with.

[EricHill78]

I don't blame the folks that trust the Swiss with their money. It's common knowledge that the American banking system is ran (back me up here Tom) by a sophisticated Jewish network thats sole purpose is for world domination.



I keed!

[HK11]

Whew. Good think I pulled all my cash out of the Swiss banks and invested my money with Chinese investors!

[Jwalker]

Isn't that basically the sole purpose of the swiss bank, to shelter money, I'm surprised they just gave up aren't they worried people will suddenly withdraw a lot of money.

[justintempler]

This is nothing more than the U.S. Government going broke and looking at ways to to raise tax revenues and repatriate dollars back in to the economy.

People with money aren't stupid. Any asset priced in dollars is being devalued every time the government turns on the printing presses. When you create 2 trillion dollars of money out of thin air, the existing dollars are worth less. People that have any substantial wealth are moving their money out of the country to protect it, You'd be an idiot to leave it here in the US voluntarily.

[lxskllr]

Why do they deal with the USA? What could we possibly have that Switzerland wants? I'd have told the USA to pound sand, and shove their fines up their asses :^S

[RobsanX]

Nothing wrong with making people play by the rules. I heard on the news that there have been quite a few takers in this program. Unfortunately for them they will only be able to get the 80 foot yacht instead of the 100 foot one they had their heart set on...

[Speedoape]

I gave all my money to an African prince who emailed right outta the blue! I should be seeing my millions any day now!!!

[sgreger1]

this is nothing more than the u.s. Government going broke and looking at ways to to raise tax revenues and repatriate dollars back in to the economy.

People with money aren't stupid. Any asset priced in dollars is being devalued every time the government turns on the printing presses. When you create 2 trillion dollars of money out of thin air, the existing dollars are worth less. People that have any substantial wealth are moving their money out of the country to protect it, you'd be an idiot to leave it here in the us voluntarily.

^ this.

[chainsnuser]

I think this is not about people, who have a Swiss bank account, because they don't trust the Dollar. It's about people, who have a Swiss bank account to evade taxes.

In a world where poor people who would badly need the money themselves have no chance at all to evade paying taxes, why should there be a way for the rich.

The Swiss bank secret is an abomination in my eyes.

The overblown, money wasting goverments of today, producing way too high tax rates, are another topic. But the rich are profiting from a functioning society in many ways. They should be forced, if needed, to give their fair share back. If they don't want to pay taxes like everybody else does, they should simply emigrate to a "better" country.

Cheers!