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  1. #1
    Atomic Punk
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    Default U.S. Millionaires Told Go Away as Tax Evasion Rule Looms

    Go away, American millionaires.

    That’s what some of the world’s largest wealth-management firms are saying ahead of Washington’s implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC Holdings Plc (HSBA), Deutsche Bank AG, Bank of Singapore Ltd. and DBS Group Holdings Ltd. (DBS) all say they have turned away business.

    “I don’t open U.S. accounts, period,” said Su Shan Tan, head of private banking at Singapore-based DBS, Southeast Asia’s largest lender, who described regulatory attitudes toward U.S. clients as “Draconian.”

    The 2010 law, to be phased in starting Jan. 1, 2013, requires financial institutions based outside the U.S. to obtain and report information about income and interest payments accrued to the accounts of American clients. It means additional compliance costs for banks and fewer investment options and advisers for all U.S. citizens living abroad, which could affect their ability to generate returns.

    “In the long run, if Americans have less and less opportunities to invest overseas, it would be a disadvantage,” Marc Faber, the fund manager and publisher of the Gloom, Boom and Doom report, said last month in Singapore.

    The almost 400 pages of proposed rules issued by the U.S. Internal Revenue Service in February create “unnecessary burdens and costs,” the Institute of International Bankers and the European Banking Federation said in an April 30 letter to the IRS, one of more than 200 submitted to the agency. The IRS plans to hold a hearing May 15 and could amend how and when some aspects of the rules are implemented. It can’t rescind the law.

    http://www.bloomberg.com/news/2012-0...ule-looms.html
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  2. #2
    Atomic Punk Dave's Dreidel's Avatar
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    I have a hard time feeling sorry for guys trying to avoid paying their taxes.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

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    Top Of The World jroundy5150's Avatar
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    Quote Originally Posted by Dave's Dreidel View Post
    I have a hard time feeling sorry for guys trying to avoid paying their taxes.
    I have a hard time feeling bad for anyone that has way more than they need!!
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    The poor folks play for keeps down here...They're the living dead. Nobody rules these streets at night like Van Halen!!

  4. #4
    Baluchitherium Ted Van Halen's Avatar
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    Quote Originally Posted by jroundy5150 View Post
    I have a hard time feeling bad for anyone that has way more than they need!!
    If you're posting on a message board you probably have more than you need & definitely have more than the majority of the rest of world.
    -TVH-


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  5. #5
    Damage your reputation seenbad's Avatar
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    11.30.17 @ 06:15 PM
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    I'm a minority sadly, but I do feel bad for millionaires. For the most part, they are the creators of wealth. The movers and shakers, the capable, the intelligent, ambitious, and driven. Rather than hearty thank you's for what they have created and earned with their own hands and minds, they are leeched ruthlessly by a mafia government and soul sucking public with inclinations of entitlement driven by class warfare mentality.

    It's actually one of the things I feel sorry for the most in this world. People of capability and reason (some of the most admirable traits) scorned and looked upon with seething jealousy, judgement and expectation..that is fucking SAD.
    sheepa latta peepah dabba looka foh a moopy

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  6. #6
    Atomic Punk Dave's Dreidel's Avatar
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    I agree with your general sentiment, most of the millionaires I have as clients deserve every penny of it, but tax evasion just cannot be condoned, unconditionally.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

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    DONATE TO THE LINKS YA CHEAP BASTARDS!!!!

  7. #7
    Atomic Punk bsbll4's Avatar
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    Quote Originally Posted by Dave's Dreidel View Post
    I agree with your general sentiment, most of the millionaires I have as clients deserve every penny of it, but tax evasion just cannot be condoned, unconditionally.
    Except that money has already been taxed at least once. That's the problem with government taxation; they have us so convinced that it's okay to tax the same thing multiple times in perpetuity that it starts to seem like it's them doing us a favor by letting us keep our money.

    I live in Missouri, for example, where when I buy a car, I pay a hefty sales tax. Then I have to pay a tax to license the vehicle. Then I have to pay a yearly tax to own the vehicle called a "personal property tax." Because even though it's paid for and licensed, apparently the government gets to tax you just for having it. Same thing for when you buy a home.

    As for income, that gets taxed when I make the money (not to mention the additional SS and Medicare/Medicaid taxes taken out. Then, if I use it to buy anything, I owe a tax for that too. If I just let it sit and earn interest, allowing the bank to invest and grow the economy, I get taxed for that too. If I die and give it to my kids, it gets taxed again.

    This shit will drive you crazy if you think about how stupid it all is.

    I don't want to condone people evading their taxes, but I can certainly see why they do it.
    CNN may think my opinion matters, but you shouldn't.

  8. #8
    Atomic Punk
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    Quote Originally Posted by bsbll4 View Post
    Except that money has already been taxed at least once. That's the problem with government taxation; they have us so convinced that it's okay to tax the same thing multiple times in perpetuity that it starts to seem like it's them doing us a favor by letting us keep our money.

    I live in Missouri, for example, where when I buy a car, I pay a hefty sales tax. Then I have to pay a tax to license the vehicle. Then I have to pay a yearly tax to own the vehicle called a "personal property tax." Because even though it's paid for and licensed, apparently the government gets to tax you just for having it. Same thing for when you buy a home.

    As for income, that gets taxed when I make the money (not to mention the additional SS and Medicare/Medicaid taxes taken out. Then, if I use it to buy anything, I owe a tax for that too. If I just let it sit and earn interest, allowing the bank to invest and grow the economy, I get taxed for that too. If I die and give it to my kids, it gets taxed again.

    This shit will drive you crazy if you think about how stupid it all is.

    I don't want to condone people evading their taxes, but I can certainly see why they do it.
    Says it all right there!!
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  9. #9
    Damage your reputation seenbad's Avatar
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    I condone it completely.

    Well said by the way.
    sheepa latta peepah dabba looka foh a moopy

    Gunter glieben glauchen globen

  10. #10
    Top Of The World jroundy5150's Avatar
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    Quote Originally Posted by Ted Van Halen View Post
    If you're posting on a message board you probably have more than you need & definitely have more than the majority of the rest of world.
    Yep....I do, and I am not even close to being rich by any means what so ever, but I pay my taxes, because it's necessary.
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    The poor folks play for keeps down here...They're the living dead. Nobody rules these streets at night like Van Halen!!

  11. #11
    Top Of The World jroundy5150's Avatar
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    I have tons of respect for Bill Gates, and Warren Buffett. Too bad the mega wealthy weren't more like them.
    .
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    The poor folks play for keeps down here...They're the living dead. Nobody rules these streets at night like Van Halen!!

  12. #12
    Top Of The World jroundy5150's Avatar
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    Quote Originally Posted by bsbll4 View Post
    Except that money has already been taxed at least once. That's the problem with government taxation; they have us so convinced that it's okay to tax the same thing multiple times in perpetuity that it starts to seem like it's them doing us a favor by letting us keep our money.

    I live in Missouri, for example, where when I buy a car, I pay a hefty sales tax. Then I have to pay a tax to license the vehicle. Then I have to pay a yearly tax to own the vehicle called a "personal property tax." Because even though it's paid for and licensed, apparently the government gets to tax you just for having it. Same thing for when you buy a home.

    As for income, that gets taxed when I make the money (not to mention the additional SS and Medicare/Medicaid taxes taken out. Then, if I use it to buy anything, I owe a tax for that too. If I just let it sit and earn interest, allowing the bank to invest and grow the economy, I get taxed for that too. If I die and give it to my kids, it gets taxed again.

    This shit will drive you crazy if you think about how stupid it all is.

    I don't want to condone people evading their taxes, but I can certainly see why they do it.
    Don't confuse State taxes with Federal taxes, and Social Security you should get back more than you will put in, unless the system collapses.
    .
    .

    The poor folks play for keeps down here...They're the living dead. Nobody rules these streets at night like Van Halen!!

  13. #13
    Baluchitherium Ted Van Halen's Avatar
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    Quote Originally Posted by jroundy5150 View Post
    ... and Social Security you should get back more than you will put in...
    You're not actually counting on that are you?
    -TVH-


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  14. #14
    Top Of The World jroundy5150's Avatar
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    Quote Originally Posted by Ted Van Halen View Post
    You're not actually counting on that are you?
    Probably won't exist when I am old enough.....but when I pay my social security tax, I know where it's going. To my mother, and grandparents, and I am OK with that.

    I suppose no one on this board has grandparents or parents old enough to collect social security?
    .
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    The poor folks play for keeps down here...They're the living dead. Nobody rules these streets at night like Van Halen!!

  15. #15
    Atomic Punk lovemachine97(Version 2)'s Avatar
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    I won't get back what I put in as I am going into teaching and the 14 years of SS that I paid into is considered double dipping with a teacher retirement.

    As far as all of this tax stuff, the problem is the complicated tax system. This is why a VAT or national sales tax makes more sense.

    As someone mentioned above, the tax system has become so large that it is to the point where the government might as well tax 100% and then dole out money back to us as it sees fit.

    That seems where they are inevitably going with this "fair share" bullshit.

    Anyway, laws shouldn't treat you differently because you make more money, and taxation falls into that category.

 

 

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