Sunday, March 28, 2010
A law the Banksters did not fight to stop
Not the US Banksters. The foreign banks would just as soon not have to comply with the new law that was passed as part of the recent job creation bill.
Foreign tax havens like Switzerland, Liechtenstein and some Caribbean countries thrive by keeping their clients’ money under wraps and safe from tax authorities’ reach.Estimates of up to $100 Billion in recovered taxes from people and corporations who can afford them will be a welcome addition to the Treasury. Now if we can only get a transaction tax on Wall St. trading...
Now, Congress is attacking some of these schemes, courtesy of interesting provisions aimed at curbing tax avoidance that legislators wrote into the new jobs bill, known as the Hiring Incentives to Restore Employment Act.
The most substantive section of the bill states that foreign financial institutions will face a 30 percent tax on their United States investments if they refuse to disclose information about accounts they have opened for American citizens in offshore jurisdictions. Another aspect of the bill eliminates a clever derivatives strategy used by investors to make their tax bills on dividends disappear.
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