Sunday, August 16, 2009

Swiss Banks Strike a Deal With the U.S. Government

I'm not sure how many of you know about this or even care about this, but basically speaking we all know that people have been able to move money to Swiss bank accounts in an effort to protect their assets from tax policies that would be levied against them by holding them here in America. Basically the deal involves Swiss banks revealing the records for 52,000 Americans suspected of nearly $15 Billion in assets be held in Swiss banks and not American banks. Obviously the plan is to penalize them by levying heavy fines or taxes or whatever against them to help raise money for the government and sticking it to the "evil rich" on behalf of us little people.

I have 2 points to make. First, what to you want to bet that certain politicians and/or the associates in their back pockets are NOT on that list?

Second, are we not concerned about the American economic policies that are causing these people to send $15 Billion overseas? So you fine them for "not paying taxes" or whatever, but do they have to bring that money back here? Wouldn't it be better if that $15 Billion had been in American banks this whole time stimulating the American economy? And is fining them going to make them want to bring their money back here? While I completely disagree with dodging taxes, we have tax policies that encourage finding loopholes. Here's an unoriginal thought, fix the economic and tax policies that cause them store their money elsewhere. Be the tax haven that they want to encourage them to invest in their own economy. That money staying over here will do more to stimulate this economy than bailing out corporations and banks.

The Fair Tax is one solution, but I'm sure there other solutions that would keep power in the hands of the politicians (insert sarcasm because decreased politician power is why the Fair Tax won't pass), while being a tax haven that encourages investment in the American economy.

What's your take?


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