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Lloyds Bank hit by Obama tax purge

Renae

Renae

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Lloyds Banking Group is ditching American customers based in Britain pending a crackdown on international tax evasion planned by President Barack Obama.

This week American private client account-holders at Lloyds's received letters informing them of an "important change in policy regarding clients who are resident, domiciled or linked to the United States by property or asset holdings". They were told the bank had "no choice" but to "cease acting as your investment manager."
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Yeah, that's right, Obama's running off business left and right! "Change, we can believe in!"

Lloyds Bank hit by Obama tax purge - Telegraph
 
If you thought that this country was doing badly before, you haven't seen anything yet.
 
phattonez said:
If you thought that this country was doing badly before, you haven't seen anything yet.
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Just wait until The Messiah lets the Bush tax cuts expire next year.

We'll look back fondly on our 9.5% unemployment rate we have under The Messiah today.
 
^^Don't forget about his plans for raising minimum wage. Get ready to say hello to 20% unemployment!
 
The nerve of the president! Telling rich people that they have to pay their taxes!!! This never would have happened under George W.
 
tlmorg02 said:
The nerve of the president! Telling rich people that they have to pay their taxes!!! This never would have happened under George W.
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I guess you have no problem with class warfare politics or chasing off the goose that laid the golden egg.
 
Lachean said:
I didn't know G-Unit had a Bank....
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That was actually my first reaction too.....

Then I read something about "Obama" and realized it's more fear mongering that there's some vacuum which will steal all my MONIES :(
 
phattonez said:
I guess you have no problem with class warfare politics or chasing off the goose that laid the golden egg.
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If they are laying their golden egg in another country, then it is no good to me anyway, is it? I only care that people who are "affluent," follow the same rules as everyone else. How is this class warfare? Is it a economic necessity that the wealthy should be treated differently?
 
tlmorg02 said:
If they are laying their golden egg in another country, then it is no good to me anyway, is it? I only care that people who are "affluent," follow the same rules as everyone else. How is this class warfare? Is it a economic necessity that the wealthy should be treated differently?
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When you tax the income of a man who makes money and lives in this country and most likely spends it or saves it here then you are scaring off the goose that laid the golden egg.
 
phattonez said:
When you tax the income of a man who makes money and lives in this country and most likely spends it or saves it here then you are scaring off the goose that laid the golden egg.
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So wealthy people should not pay income tax, or should be allowed to avoid it by placing their money in off-shore banks, but the Middle Class should pay their taxes with no complaint?
 
tlmorg02 said:
So wealthy people should not pay income tax, or should be allowed to avoid it by placing their money in off-shore banks, but the Middle Class should pay their taxes with no complaint?
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"Wealthy people don't pay income tax...":rofl
 
tlmorg02 said:
Please do not construe my words to take alternate meanings. I was asking a question, not making a statement.
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Your question insinuates there is this huge issue where the wealthy pay little to no income tax which flies in the face of reality. Just saying.

Class warfare is so cheesy. I aim to be rich rich rich one day and don't give a hoot who gets their panties in a bunch or hates me for it.
 
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talloulou said:
Your question insinuates there is this huge issue where the wealthy pay little to no income tax which flies in the face of reality. Just saying.

Class warfare is so cheesy. I aim to be rich rich rich one day and don't give a hoot who gets their panties in a bunch or hates me for it.
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You are misunderstanding me. I am not against people being rich, I also hope to be so. The thread is about going after people who are attempting to shelter their income by going off-shore, to nations such as Britain. I was arguing that these people need to adhere to the law and pay their income tax, just as those who cannot afford to whisk their money off to another country in attempts to dodge taxes. It appeared to me that others are arguing that the wealthy should be able to engage in these practices, I feel that they should be held to the same standards as everyone else and use the tax breaks their wealth affords and pay on the rest.
 
tlmorg02 said:
You are misunderstanding me. I am not against people being rich, I also hope to be so. The thread is about going after people who are attempting to shelter their income by going off-shore, to nations such as Britain. I was arguing that these people need to adhere to the law and pay their income tax, just as those who cannot afford to whisk their money off to another country in attempts to dodge taxes. It appeared to me that others are arguing that the wealthy should be able to engage in these practices, I feel that they should be held to the same standards as everyone else and use the tax breaks their wealth affords and pay on the rest.
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The reason people do that is because of oppressive tax policies in the home nation. In fact, these places are a boon for the home country since they help bring about a more rational tax policty.
 
phattonez said:
The reason people do that is because of oppressive tax policies in the home nation. In fact, these places are a boon for the home country since they help bring about a more rational tax policty.
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Understood, however this does not excuse breaking the law. If a "more rational," tax policy is wanted or required, the proper leaders need to be elected and the policies changed. Or a coalition should be begun in order to lobby the current representatives to change the policy. Regardless, the law stands and to avoid it through moving money to foreign countries is illegal and wrong. It has been ignored until now, and people want to act as if it is a right, rather than a crime.

I think a flat tax system is the most fair course to take, yet many argue that too many programs will be lost if such a policy is taken. My answer is that if enough people are like-minded with me over time, then the programs will be dumped in order to accomodate a fairer system. So far there are not enough, so I follow the law and pay my share, 25% of my gross total, in federal and state taxes. I do not like it, but that is the law, though I hope it soon changes.
 
tlmorg02 said:
Understood, however this does not excuse breaking the law. If a "more rational," tax policy is wanted or required, the proper leaders need to be elected and the policies changed. Or a coalition should be begun in order to lobby the current representatives to change the policy. Regardless, the law stands and to avoid it through moving money to foreign countries is illegal and wrong. It has been ignored until now, and people want to act as if it is a right, rather than a crime.

I think a flat tax system is the most fair course to take, yet many argue that too many programs will be lost if such a policy is taken. My answer is that if enough people are like-minded with me over time, then the programs will be dumped in order to accomodate a fairer system. So far there are not enough, so I follow the law and pay my share, 25% of my gross total, in federal and state taxes. I do not like it, but that is the law, though I hope it soon changes.
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I have to disagree.

There are many reasons to break the law, if it is created irrationally and without justice in mind, I fully support people breaking the law.

Taxing one group of people more for no just reason is not right or fair.
 
Harry Guerrilla said:
I have to disagree.

There are many reasons to break the law, if it is created irrationally and without justice in mind, I fully support people breaking the law.

Taxing one group of people more for no just reason is not right or fair.
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How is there no just reason? They control a majority of the capital, yet they are a minority of the people. Therefore, they have more to lose if the government should fall, as they also have more of a say in government, believe it or not. Is every aspect of the tax code fair? No, but for the time it is what we have.

And if only it could be such a world where we all got to decide what laws we felt were ridiculous and should not apply to us. That is unreasonable to say the least. Again, if people are unhappy with the system, change it.
 
tlmorg02 said:
How is there no just reason? They control a majority of the capital, yet they are a minority of the people. Therefore, they have more to lose if the government should fall, as they also have more of a say in government, believe it or not. Is every aspect of the tax code fair? No, but for the time it is what we have.
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That's why we tax proportions. We don't tax to make everyone equal, although progressive taxation aims at it.
 
phattonez said:
When you tax the income of a man who makes money and lives in this country and most likely spends it or saves it here then you are scaring off the goose that laid the golden egg.
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So what is your point?? I should have to pay taxes, but some rich prick shouldn't??? If that isn't your point, then what is?? It doesn't seem like you have one.
 
Frodly said:
So what is your point?? I should have to pay taxes, but some rich prick shouldn't??? If that isn't your point, then what is?? It doesn't seem like you have one.
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Tax everyone at the same rate and tax everyone lightly.

Seriously it's as if the Laffer Curve has taught us all nothing.
 
tlmorg02 said:
How is there no just reason? They control a majority of the capital, yet they are a minority of the people. Therefore, they have more to lose if the government should fall, as they also have more of a say in government, believe it or not. Is every aspect of the tax code fair? No, but for the time it is what we have.
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Its a crap system and government busybodies are unwilling to change it.

As you said a flat tax is the fairest option.

tlmorg02 said:
And if only it could be such a world where we all got to decide what laws we felt were ridiculous and should not apply to us. That is unreasonable to say the least. Again, if people are unhappy with the system, change it.
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If there were only a group of people we could use to help decide what laws we should make based on justice and not on populism. :doh

Its not unreasonable, the politicians have found it their job to get reelected by making laws that punish one group in favor of another.

That violates the foundations of our country and its legal system.
 
phattonez said:
That's why we tax proportions. We don't tax to make everyone equal, although progressive taxation aims at it.
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How so? That is what evidence do you have that the goal of progressive taxation is to make everyone equals?

I argue that the idea of progressive taxation is to place more free-capital in the hands of the consumers (Middle Class), with the knowledge that these people drive the economy and keep the rich, rich by spending money. In conservative taxation you see the economy as it is today-Recession and loss of jobs. Why? The consumer base is weak as the tax burden was eased on the wealthy and shifted more to the Middle Class. What did the wealthy do with this extra-capital? Not create jobs, but invest in commodities like oil, which increase the Middle Class plight and furthers the recession of the economy.
 
talloulou said:
Your question insinuates there is this huge issue where the wealthy pay little to no income tax which flies in the face of reality. Just saying.

Class warfare is so cheesy. I aim to be rich rich rich one day and don't give a hoot who gets their panties in a bunch or hates me for it.
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You know what is cheesy!! Excusing the immoral behaviors of rich people, because of the ridiculous and naive notion that "I will be rich some day." I am currently a student, and have no money. I know for a 100% fact that I will be rich some day. I know, because my grandfather is very wealthy, and I will eventually inherit his money. That doesn't change my views on allowing people to break the law, if they do not like the law. If a law is truely unjust, then break it. Expecting rich douche bags to pay their taxes, when we already have some of the lowest taxes in the western world, is just common sense.


PS. Almost all people want to be "rich rich rich one day" The reality is very few ever will be.
 
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