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Swiss drop US Senate trip to protest UBS treatment: report

Harry Guerrilla

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Swiss drop US Senate trip to protest UBS treatment: report


GENEVA (AFP) – Switzerland has cancelled an appearance before a US Senate sub-committee to protest US government treatment of its biggest bank, UBS, over tax fraud claims, the ATS news agency reported Sunday.

"The Swiss government regrets that the US Department of Justice has threatened UBS with unilateral measures despite the cooperation of the bank and the Swiss authorities," ATS reported, citing a letter sent to the US Senate.

On Wednesday, UBS, Switzerland's biggest bank, reached a settlement with US authorities in which it admitted to US tax fraud and agreed to pay 780 million dollars. It was also ordered to hand over details of 250 to 300 US clients.

However, the US Justice Department then launched a separate lawsuit to force UBS to name another 52,000 US customers who allegedly evaded taxes.

We need some serious tax reform beyond just rates and new progressive tables.

We need to get away from direct income taxation.
 
It shouldn't be public information what assets one has. I don't care how illegal it is perceived to be.

It is non of governments business.

I don't disagree with you on the taxation. The tax structure needs to be changed. However, at this point, this is how people are taxed. If people are HIDING assets that are otherwise taxable, this is illegal and the Swiss government is enabling the commission of illegal activity.
 
I don't disagree with you on the taxation. The tax structure needs to be changed. However, at this point, this is how people are taxed. If people are HIDING assets that are otherwise taxable, this is illegal and the Swiss government is enabling the commission of illegal activity.

I depends on how those assets are earned.

If for instance the money is earned outside the country and used outside the country then the U.S. has no claim to those resources.
 
I depends on how those assets are earned.

If for instance the money is earned outside the country and used outside the country then the U.S. has no claim to those resources.

U.S. citizens who make a certain amount outside the country are liable to pay income tax on that income.
 
U.S. citizens who make a certain amount outside the country are liable to pay income tax on that income.

True but only if they bring those inside the United States. Otherwise how can the government lay claim to any taxes.

I know I'm arguing opinion but I get all giddy when I see people stand up to functional corruption. At least that is how I perceive it.
 
True but only if they bring those inside the United States. Otherwise how can the government lay claim to any taxes.

I know I'm arguing opinion but I get all giddy when I see people stand up to functional corruption. At least that is how I perceive it.

Actually, that is not true. Any income made by an American anywhere in the world is considered taxable, though there is a considerable exemption - something like $80,000 the last I checked.
 
Actually, that is not true. Any income made by an American anywhere in the world is considered taxable, though there is a considerable exemption - something like $80,000 the last I checked.

I understand but realistically how can they claim those taxes if the person making the money isn't using any services of the United States.

The person in question is outside the sovereignty of the U.S.

It defies reason to me.
 
I understand but realistically how can they claim those taxes if the person making the money isn't using any services of the United States.

The person in question is outside the sovereignty of the U.S.

It defies reason to me.

I don't disagree. However, US law needs to change. As for using services, actually U.S. citizens abroad often do use various services, beginning with services offerred at the embassy/consulates/representative offices, though there are user fees for a good number of those.
 
I understand but realistically how can they claim those taxes if the person making the money isn't using any services of the United States.

The person in question is outside the sovereignty of the U.S.

It defies reason to me.

I agree. I've never understood that either. I have an American friend who married into one of the wealthiest Swiss families. They run a very successful and profitable business and of course the US wants a piece of it, totally disregarding the fact that the US branch of the company already pays taxes there. Not to mention the fact that she's been living abroad for over 15 years now.

If Spain, Italy and Canada all forced me to pay taxes simply because I happen to be a citizen in all three, I think I'd be in pretty bad financial shape by now.
 
I agree. I've never understood that either. I have an American friend who married into one of the wealthiest Swiss families. They run a very successful and profitable business and of course the US wants a piece of it, totally disregarding the fact that the US branch of the company already pays taxes there. Not to mention the fact that she's been living abroad for over 15 years now.

If Spain, Italy and Canada all forced me to pay taxes simply because I happen to be a citizen in all three, I think I'd be in pretty bad financial shape by now.

Thats exactly my point. How can one be forced to pay taxes even if they don't live there or spend the money in the United States.
 
We need some serious tax reform beyond just rates and new progressive tables.

We need to get away from direct income taxation.
Hmmm?
If we got away from taxing of income there really could be no progressive rates.
Could there be?
 
U.S. citizens who make a certain amount outside the country are liable to pay income tax on that income.

Not if your name is Geithner.
Treasury Secretrary of the Obama Administration.

If you are Geithner you pay a portion, then half of the neglected portion after being told repeatedly, and then in the minute before you are to be confirmed, you pay the remainder. Then you lie under oath, and get confirmed.

It is how "the most ethical administration", The Obama administration functions.

I'd heard it from a good source that you do not open a Swiss bank account with a bank doing business in the US for the exact scenario that is being played out now. The government worms its way through the US branch to get to its desired destination.

It would not happen, but it would be priceless if the Swiss released all the names of known Democrats involved, and withheld the remainder.
 
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