Group of Rich Americans Sues UBS to Keep Names Secret in Tax Case

So these rich bastards don't want there names released to the federal government. because they know they didn't pay a penny in tax on the money sitting in there accounts.

But yet they will put there names on a lawsuit to keep their names from the federal government. so they don't have to pay the taxes they owe the government plus interest and penalties?

anyone else see the stupidity of the elites on this issue or is it just me?

They want to keep their names secret because they're democrats working in the Obama administration.

Seems like democrats like the idea of taxing the rich, they just don't seem to like paying taxes.

Hang em high! Hang em, take their money, their homes, every thing. When a person steals your car they are punished and your property is returned. When these people steal your life savings they are rewarded.

Autonomous here, can't log in at work.

I'm really surprised by the response here. I think most people are concerned with "the rich" getting away with something that the average person can't. I say this as an average person.

A lot of ATS folks know the story of how the Federal Reserve came to power, as well as the IRS. Many people know they are being robbed, unconstitutionally by the IRS, but we fear reprisal. Many other people stopped paying the IRS, knowing their rights and taking a serious risk that if it came to court, they could hopefully depend on the People to understand these facts (serious risk, with how many will not question their government).

So there are people with enough money to protect their assets by banking with the Swiss. They depend on the Swiss to keep their money away from our shady tax collectors. Thats the sad part, that people must trust in a foreign entity to protect them from the tyranny of their own government.

So in the end, if you know the income tax to be totally unconstitutional, and you are still mad at these "rich people" because they can protect their money from our government, then you are really just mad because you can't.

On a side note, taxing corporations is well within the right of the government, atleast by the current valid law. If the Swiss are hiding corporate tax evasion ( which I am sure they are), then that is a totally different situation.

Originally posted by Frankidealist35
This kind of behavior does nothing but help promote the stereotype that rich people only care about money and power.

I mean come on...

I dunno... I think it's only a stereotype if it's not true.

Shouldn't the court case details be a matter of public record, thereby exposing those bringing the lawsuit?

.... or can they also suppress the courts?

"On the money" again DD.

I read this article today.
www.huffingtonpost.com...

This article speaks of banks, and companies that received money from the bailout. Disgusting.

It's not just a Swiss thing. As watchdogs get a taste for pursuing tax scams, they are exploring some intriguing findings by the Government Accountability Office. A 2008 GAO study shows that 83 of the top publicly held U.S. companies have set up operations in such tax havens as the Cayman Islands, Bermuda, and the Virgin Islands. In addition, 14 of the corporations with operations in tax-haven countries are beneficiaries of the current $700 billion government bailout, including American International Group (AIG), Bank of America, Citigroup and Morgan Stanley.

I'm not in the prediction business, but I would put my money on some sort of uprising soon. These "revelations" are exposing these people. I, as a citizen, want names.

I bet its the same group of lechers who said they would work for $1 a year salary.

reply to post by DimensionalDetective


Gee, I wonder if any share holders from comanies like Halliburton, Like say Richard Cheney have funds in one of those off shore tax shelters.

Could get ugly

reply to post by lycopersicum
More true words have never been spoken.

Originally posted by arizonascott
reply to post by DimensionalDetective

 

Gee, I wonder if any share holders from comanies like Halliburton, Like say Richard Cheney have funds in one of those off shore tax shelters.

Could get ugly

Same could apply for GWB and family. I can't wait to see who's heads are going to roll if they ever get exposed.

It is outrageous that the government would go after these names in my opinion.

First, if the money was earned in the US it was subject to income taxes.

Second, if the money was made outside of the US by a US citizen, it may or may not be subject to income tax, depending upon how the money was made and what country the money was made in. If the money was made outside of the US, why is it any business of the US government?

The secrecy of Swiss banking laws is sacred. It was and has been in effect due to some of the historical events which have occurred throughout the world, and notably in Europe over the past 100 years. The unfortunate fact of the matter is that there have been times when folks with certain ethnic sounding names have had all of their assets taken away from them (along with all of their personal assets, homes, everything). The Swiss system provides protection from that and a short read of history tells you that it is important and necessary.

Most of this money is money made by a US citizen, subject to income tax and then moved off-shore. It is moved off-shore for a number of reasons.

1. folks don't want the government to have access to the money to the extent that we get an administration/government entity who feels entitled to the money.

2. folks wish to invest the money with off-shore investment advisors and with the money kept off-shore they are not subject to US capital gains taxes, nor any form of reporting to the government.

I hope UBS holds their ground and does not release the names. If they do, the Swiss banking industry is dead and it will be a good day for the Caymans and others who are providing private, off-shore banking

Tax evasion is not considered a crime in Switzerland. Seriously...it is not. In fact, it is the other way around in Switzerland...

it is a crime to tell on those who keep thier money there. Now I am not saying this is right or wrong...that is just the way it is. I dislike law suits and tax evaders just as much as the next person.

Disclosing client names under Swiss law is a criminal offense and can expose bank executives and officers to fines, prison terms and other penalties.

Furthermore...if the names were to be reavealed, dont kid yourself or think of it being fair play. Some people or "organizations" or what have you will always be protected... always...even if some end up fined, or taxed, some will not.

This is not about right or wrong, or tax or no tax. This is about power. Make no mistake here. The IRS is not Robin Hood.

Nor will the poor or middle class ever pay less tax if the rich pay more!!!

The G20 will be making a global assault on all those secret bank accounts
G20 assault on secrecy

The G20 is not Robin Hood. Nor, as I heard someone say recently, are they on an amiless tea party! in fact I would be so bold to say that the goal is to take everything from you and I. Every last penny. The governments, and the world governments have nothing good in store for anyoneThey are a bottomless pit when it comes to taxing and spending!!


Swiss Secrets

reply to post by dolphinfan


Actually, the United States is one of, I believe two countries (the other being China) that requires it's citizens to pay taxes in the United States no matter where in the world they live. I could be wrong about the number of countries that require that, it could be more.

I find it amusing that some people take offense that the names of these wealthy individuals might be released because, "hey, they're people too."

Well, these are the same people who can afford the ear of our government and write the legislation that screws over the good, hard-working people in-favor of protecting "corporate interests". I think it might be a very good thing for these people to be exposed for their belief that only the serfs should pay taxes.

reply to post by Malynn


The matter of taxes is related to both your country of origin and the residential status you have in the country you are making your money in. For example, as a US citizen, if I were to get a job in the EU I can apply for permanent residence status which is akin to a green card. I am subject to reporting income to the US, but not under an obligation to pay US taxes beyond Social Security taxes. That income reporting relates to cash compensation, not stock, either actual or phantom. That can go into a EU security account and I have no obligation to report it.

I think that it is hilarious that folks think that the majority of folks who have off-shore money want anything at all to do with the US government, legislation, greasing politicians or any of that stuff. They want to be left alone. Ranting aside, the top 1% of income earners pay 40% of the income taxes. They top 5% of income earners pay 70% of income taxes. These folks have paid enough and who can blame them from doing what they can to keep the government from taking any more of their money. It is, afterall, their money.

If I make money in the US, pay income taxes on it and then move it to an off-shore account, why is that anyone's business? Why is that any different than taking that same money and keeping it in cash at my house? If I am going to invest the money overseas and not report the capital gains, how is that different than my taking the cash and buying art or gold for cash, selling it privately and not reporting the gains?

First of all, we don't yet know who these 300 people are.

Since everyone is taking a guess, here's mine.

They are not the wealthy elite - though there may be some among them for the most part they are wealthy enough Americans that they travel around the world and perhaps have a property or do business outside the U.S.

For some reason (not yet disclosed) the IRS believes they are involved in TAX evasion - meaning they have probably been audited or suspected of making money outside the U.S., but not claiming all of it. So, they are business people, perhaps traveling musicians or entertainers, or just some folks that sold some property's over in Europe etc.

In terms of right & wrong I'm not going to pass judgment on them as it's been my experience that those in the wrong are usually the people stealing other peoples labor - meaning the IRS and their cronies - not the so called tax evaders.

The real crooks on the planet don't need a Swiss Bank account - they own their own Banks. So - only the scape goats here - to keep everyone worth more than a million afraid enough that they continue paying the crooks, so they don't get the jack booted AFT & treasury agents breaking down their doors.

reply to post by verylowfrequency


I believe you are correct. The 300 are folks whom the government has reasonable proof that they have broken the law, either through direct tax evasion or through fraud. My fear is that they don't stop there.

OFF WITH THEIR HEADS

The UBS was ivolved in tax fraud which is illegal in Switcherland, they have already been let off easy with lesser penalty of only 7 or 8 hundred million.
If you break the law you pay, unless your rich or have connections, so for get about it you will never see real names only the sumucks.


[edit on 25-2-2009 by googolplex]

reply to post by Zepherian


I agree whole heartedly. Finally, someone with the bigger picture in mind.