Taxes and the IRS

[nnuut]

IRS allows Illegals to steal Billions$$$$$$
:nuts:Tax loophole costs billions
Tax loophole costs billions - 13 WTHR Indianapolis

 

[RealMoneyIssues]

Well, now I know how to fully fund my retirement account each year. I will submit a name for an ITIN, then submit a claim for 18 kids (I get around). I can then use that money for living expenses while increasing the money I put into my retirement account. Woohoo!!! I didn't think I could get to that point for another 10 years.

I can do it next year... oh, wait... I can just submit a late return this year since there is nothing due I won't have to pay any penalties.

Ok, gotta go do some paperwork. I think this is the first time I will ENJOY doing taxes !!!!

 

[nnuut]

U.S. Millionaires Told Go Away as Tax Evasion Rule Looms

Go away, American millionaires.

By Sanat Vallikappen - May 8, 2012 11:46 PM ET
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.

Bank of Singapore, which managed $32 billion at the end of 2011, is the private banking arm of Southeast Asia’s second-largest lender, Oversea-Chinese Banking Corp. Photographer: Munshi Ahmed/Bloomberg

“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.”
U.S. Millionaires Told Go Away as Tax Evasion Rule Looms - Bloomberg

 

[RealMoneyIssues]

U.S. Millionaires Told Go Away as Tax Evasion Rule Looms

Go away, American millionaires.

By Sanat Vallikappen - May 8, 2012 11:46 PM ET
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.

Bank of Singapore, which managed $32 billion at the end of 2011, is the private banking arm of Southeast Asia’s second-largest lender, Oversea-Chinese Banking Corp. Photographer: Munshi Ahmed/Bloomberg

“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.”
U.S. Millionaires Told Go Away as Tax Evasion Rule Looms - Bloomberg

Good, we didn't want the 1% here anyway...

 

[nnuut]

It seems that they don't want them overseas, so some may come back home with their money?

 

[RealMoneyIssues]

It seems that they don't want them overseas, so some may come back home with their money?

Not likely. OWS will just try to take all their money once they can get the 95% tax rate reinstated..