The U.S. Justice Department said on Tuesday that a federal court had authorized the Internal Revenue Service to seek information on U.S. taxpayers who may have accounts at Canadian Imperial Bank of Commerce FirstCaribbean International Bank (FCIB).
In a move resembling a recent IRS inquiry into Americans with Swiss bank accounts, the Justice Department said a court order would let the IRS serve a 'John Doe' summons seeking records of FCIB's U.S. correspondent account at Wells Fargo & Co . A correspondent account is a bank deposit account maintained by one bank for another bank.
The order would allow the IRS to identify U.S. taxpayers with "interests in financial accounts at FCIB and other financial institutions that used FCIB's Wells Fargo correspondent account," the Justice Department said in a statement.
"Our work here shows our resolve to pursue these cases in all parts of the world, regardless of whether the person hiding money overseas chooses a bank with no offices on U.S. soil," IRS Acting Commissioner Steven Miller said in a statement.
A spokesman for Wells Fargo said the bank would "review the summons and respond as legally required."
Every tax dollar avoided by the Rich, is a tax dollar being added to the middle class.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Every tax dollar avoided by the Rich, is a tax dollar being added to the middle class.
No...government spending adds taxes on ALL CLASSES, not the avoidance of taxes.
Man, you're right; Catholic Schooling is just as poor as public schooling.
How about the middle class tax avoidance?
Quoted Text
Economists estimate the size of the underground economy at somewhere between 8 percent and 14 percent of total GPD, which could amount to as much as $2 trillion worth of economic activity. Authorities in California say off-the-books transactions cost the state $6.5 billion in lost tax revenue every year.
If the trend is similar throughout the U.S. economy, that would amount to roughly $50 billion in lost tax revenue for all 50 states combined, plus an even bigger chunk that Washington fails to collect. All told, that would be more than enough to completely cover the $85 billion in spending cuts—known as the sequester—that just went into effect.
If you think the government is going after the "rich", you are crazy. It will be all you private contractors doing work for cash and not claiming it. That will be your plumbers, electricians, carpenters, painters, and landscapers.
Box, the working middle class and the underground economy is withholding MUCH MUCH more money from your dear government. They will come and get it, and you will cheer them on! Go get'em BOX!
Call me crazy, but I think that if we quit borrowing money to finance war all over the place we could spend our tax revenues on useful things instead ofdebt payment.
No...government spending adds taxes on ALL CLASSES, not the avoidance of taxes.
Not NO... But YES!
My post was about the Rich paying their taxes instead of hiding them off shore. If you want to post on "GOVERNMENT SPENDING" then why not start a thread on that subject, just like I started this thread on TAXING THE RICH? Avoiding tax dollars ILLEGALLY is a crime. The tax avoided by those who don't pay their taxes increases the tax on those who do pay their taxes.
Avoiding the subject is not the same as responding to that subject... But you already know that!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
My post was about the Rich paying their taxes instead of hiding them off shore.
No, you clearly posted that one person avoiding taxes equals somebody else paying more taxes. That is simply not true. When does the government calculate how much in taxes were not paid, and how do they re-adjust the tax rate on the middle class to compensate?
Call me crazy, but I think that if we quit borrowing money to finance war all over the place we could spend our tax revenues on useful things instead ofdebt payment.
We are perpetual debt slaves. This isn't by accident. It's either on purpose, or the Ivy League politicians don't know how to balance a checkbook.
Remember, fiat currency has no value except for the willingness of the brainwashed debt slaves in the economic zone where the currency is issued to continually work and pay the bankers interest.
A 'tax cut' or a 'tax avoidance' by one group, without a like reduction in spending, increases the tax burden on everyone not in that group.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
A 'tax cut' or a 'tax avoidance' by one group, without a like reduction in spending, increases the tax burden on everyone not in that group.
I disagree, I consider Tax "burden"not to be a percentage of total taxes paid by a person or group, but a finite amount of tax...if group A doesn't pay its far share, whether implied or by hiding it, and you don't increase the tax rate on group B, then group B's tax burden does not increase...no one in group b pays MORE tax because their rates were not increased. Your statement assumes fiscal responsibility and a balanced budget,... but we are not doing that. we are printing money and borrowing like crazy to "balance the books.
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
Quoted from Box A Rox A 'tax cut' or a 'tax avoidance' by one group, without a like reduction in spending, increases the tax burden on everyone not in that group.
I disagree, I consider Tax "burden"not to be a percentage of total taxes paid by a person or group, but a finite amount of tax...if group A doesn't pay its far share, whether implied or by hiding it, and you don't increase the tax rate on group B, then group B's tax burden does not increase...no one in group b pays MORE tax because their rates were not increased. Your statement assumes fiscal responsibility and a balanced budget,... but we are not doing that. we are printing money and borrowing like crazy to "balance the books.
Since revenue is decreased, without cutting spending or raising taxes, those paying taxes now incur a greater debt service than had the privileged group paid their tax.
Those earning between $50,000 and $75,000 will pay 15 percent. In 2009, 1,470 people with incomes over $1 million a year paid absolutely no taxes...0%
The rest of us will pay their share!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Quoted from Box A Rox A 'tax cut' or a 'tax avoidance' by one group, without a like reduction in spending, increases the tax burden on everyone not in that group.
Since revenue is decreased, without cutting spending or raising taxes, those paying taxes now incur a greater debt service than had the privileged group paid their tax.
Those earning between $50,000 and $75,000 will pay 15 percent. In 2009, 1,470 people with incomes over $1 million a year paid absolutely no taxes...0%
The rest of us will pay their share!
Yes, that group will pay their fair share... but they don't pay any more on the debt or anything else just because some rich don't pay their fair share...that's what you get when no one cares about fiscal responsibility There is no incentive on tax collection because there is always the Chinese there to buy our debt....it won't last forever and what happens then?
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
A 'tax cut' or a 'tax avoidance' by one group, without a like reduction in spending, increases the tax burden on everyone not in that group.
So the taxes avoided by the middle class in the underground economy in the tune of $2 trillion of GDP and billions in uncollected taxes affects the "rich" too, because they have to make up the difference.
Box, you should focus on the greedy middle class avoiding taxes. If they went after those tax cheats, the government would generate much more revenue than going after the 1%.
So the taxes avoided by the middle class in the underground economy in the tune of $2 trillion of GDP and billions in uncollected taxes affects the "rich" too, because they have to make up the difference.
Box, you should focus on the greedy middle class avoiding taxes. If they went after those tax cheats, the government would generate much more revenue than going after the 1%.
"The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness." -- John Kenneth Galbraith
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
"The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness." -- John Kenneth Galbraith
Bizarre! I'll take it from that post that you approve of the middle class evading BILLIONS in taxable income.
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