Should the President of the United States have a Swiss bank account?

The Big Ragu · May 1, 2012

TigerVols said:

The Big Ragu said:

Azrael said:

I wonder if he saves as much in taxes by doing this as John Kerry did by mooring his big boat in Rhode Island.

I'm sure we'll find out.
Click to expand...

You don't save anything in U.S. income tax by banking in Switzerland.

If he was hiding income there, or laundering money, and using Swiss banking secrecy laws to illegally avoid paying U.S. taxes, he'd be breaking the law.

If anyone has any evidence of that, they can knock him right out of the presidential race right now.

Of course, he'd be one stupid son of a bitch if that was the case. Obama's justice department would already be teed up to prosecute him, given that Switzerland lifted its distinction between tax evasion and tax fraud in 2009, and has widened its cooperation with the U.S.

Even drug dealers and arms dealers have found safer places to hide money.
Click to expand...

True...places like the Cayman Islands.

http://abcnews.go.com/Blotter/romney-parks-millions-offshore-tax-haven/story?id=15378566#.T6AA8sRYsmQ
Click to expand...

Sorry, not seeing how your post follows mine, or why you quoted mine.

Are you alleging that Romney is doing anything illegal? He is a drug dealer? Arms dealer? Is he a money launderer? Has he perpetrated tax fraud? Cause I don't know what your point was.

There is nothing illegal about investing in a fund domiciled in the Cayman Islands. Nothing even the tiniest hint of sleazy about it. It doesn't even provide any legal tax advantage to an American.

If you are an American, you have to pay American taxes on your investment income. If Romney hasn't, he has broken the law. But his money isn't hidden there, so he'd be a stupid SOB to break the law in a way that was likely to get him caught.

doctorquant · May 1, 2012

Bob Cook said:

The point isn't that he's breaking the law. The point is whether you think a tax system that allows and/or encourages the Mitt Romneys of the world to do like he does is one that's good for the country, which is an argument you have to make in the affirmative if you want to run said country.
Click to expand...

And there's something about our tax system that allows and/or encourages Swiss bank accounts?

YankeeFan · May 1, 2012

Bob Cook said:

YankeeFan said:

You know, I get that no one in the Democrat Party gave a shit about Presidential blowjobs.

But there was also no outrage, no 1% vs. 99% class warfare, when we learned about Bill Clinton investing in sham land deals, turning $1,000 into $100,000 thanks to Red Bone assigning winning trades to Hillary's account, or to her becoming a partner in the state's most prestigious law firms when her husband was elected Secretary of State.

For God's sake, Hillary served on the Board of Directors for Wal*Mart. Wal*Mart! And, no one is offended.

(And, for all their graft, they never so much as owned their own home until they left the White House.)

There's no evidence that Mitt Romney has ever done anything unethical. But, since we can't criticize his ethics, we'll criticize his wealth, and his success.
Click to expand...

Outing alert: YankeeFan is Bob Dole.
Click to expand...

Where's the outrage!

I had forgotten about that line. Not a highlight of the campaign.

TigerVols · May 1, 2012

Bob Dole knows its called the Democratic Party.

LongTimeListener · May 1, 2012

doctorquant said:

Bob Cook said:

The point isn't that he's breaking the law. The point is whether you think a tax system that allows and/or encourages the Mitt Romneys of the world to do like he does is one that's good for the country, which is an argument you have to make in the affirmative if you want to run said country.
Click to expand...

And there's something about our tax system that allows and/or encourages Swiss bank accounts?
Click to expand...

Bob didn't say Swiss account specifically, and the original quote also included a reference to the Cayman Islands. And that is known far and wide as a tax haven. (Reading up, it appears Switzerland is more of a tax haven than some are letting on as well, although that's dependent on someone wanting to hide assets in a manner whose legality is debatable, as I believe Ragu said.)

Azrael · May 1, 2012

"There are only 2 reasons to have a Swiss bank account: hedging against the dollar or avoiding paying fair share in taxes," tweeted Obama Press Secretary Ben LaBolt.

doctorquant · May 1, 2012

LongTimeListener said:

Bob didn't say Swiss account specifically, and the original quote also included a reference to the Cayman Islands. And that is known far and wide as a tax haven.
Click to expand...

So, to repeat: What is it about our tax system that allows and/or encourages such behavior? Is it because marginal rates are too high? That's the only way our tax system would encourage such behavior. I'd be surprised if y'all are making that argument!

YankeeFan · May 1, 2012

Does he -- or his wife -- currently have a Swiss bank account?

The discovery that the Romneys had $3 million in an account with the Swiss bank UBS came only after the Republican presidential candidate released his tax returns for 2010 on Tuesday. The campaign had maintained that it was not necessary to disclose the Swiss account because Romney's money manager, Brad Malt, had shuttered it in early 2010.

http://abcnews.go.com/Blotter/romney-failed-disclose-swiss-bank-account-income/story?id=15447680#.T6AOOr9Wk7A
Click to expand...

TigerVols · May 1, 2012

doctorquant said:

LongTimeListener said:

Bob didn't say Swiss account specifically, and the original quote also included a reference to the Cayman Islands. And that is known far and wide as a tax haven.
Click to expand...

So, to repeat: What is it about our tax system that allows and/or encourages such behavior? Is it because marginal rates are too high? That's the only way our tax system would encourage such behavior. I'd be surprised if y'all are making that argument!
Click to expand...

Our tax system apparently encourages otherwise patriotic Americans to store millions of their hard-earned dollars overseas, even though doing so weakens the homeland's economy.

TigerVols · May 1, 2012

YankeeFan said:

Does he -- or his wife -- currently have a Swiss bank account?

The discovery that the Romneys had $3 million in an account with the Swiss bank UBS came only after the Republican presidential candidate released his tax returns for 2010 on Tuesday. The campaign had maintained that it was not necessary to disclose the Swiss account because Romney's money manager, Brad Malt, had shuttered it in early 2010.

http://abcnews.go.com/Blotter/romney-failed-disclose-swiss-bank-account-income/story?id=15447680#.T6AOOr9Wk7A
Click to expand...

Click to expand...

Does Obama currently eat dog, or did he do it at the age of 9 as he described in his own book 6 years ago?

The Big Ragu · May 1, 2012

TigerVols said:

doctorquant said:

LongTimeListener said:

Bob didn't say Swiss account specifically, and the original quote also included a reference to the Cayman Islands. And that is known far and wide as a tax haven.
Click to expand...

So, to repeat: What is it about our tax system that allows and/or encourages such behavior? Is it because marginal rates are too high? That's the only way our tax system would encourage such behavior. I'd be surprised if y'all are making that argument!
Click to expand...

Our tax system apparently encourages otherwise patriotic Americans to store millions of their hard-earned dollars overseas, even though doing so weakens the homeland's economy.
Click to expand...

How does our tax system encourage anyone to keep money in a Swiss bank such as UBS? I'm not aware of the tax advantage. Can you explain, please?

LongTimeListener · May 1, 2012

YankeeFan said:

Does he -- or his wife -- currently have a Swiss bank account?

The discovery that the Romneys had $3 million in an account with the Swiss bank UBS came only after the Republican presidential candidate released his tax returns for 2010 on Tuesday. The campaign had maintained that it was not necessary to disclose the Swiss account because Romney's money manager, Brad Malt, had shuttered it in early 2010.

http://abcnews.go.com/Blotter/romney-failed-disclose-swiss-bank-account-income/story?id=15447680#.T6AOOr9Wk7A
Click to expand...

Click to expand...

Those UBS accounts have been the subject of inquiry for quite some time into their legality. There is a treaty in place that is supposed to lead to the handover of data, but Rand Paul moved to block the treaty and protect the account-holders yesterday.

http://www.bloomberg.com/news/2012-04-29/rand-paul-seeks-to-block-tax-treaty-change-on-swiss-accounts.html

doctorquant said:

LongTimeListener said:

Bob didn't say Swiss account specifically, and the original quote also included a reference to the Cayman Islands. And that is known far and wide as a tax haven.
Click to expand...

So, to repeat: What is it about our tax system that allows and/or encourages such behavior? Is it because marginal rates are too high? That's the only way our tax system would encourage such behavior. I'd be surprised if y'all are making that argument!
Click to expand...

There's the crux of the argument and the whole "fair share" thing. Romney and his ilk believe it is their patriotic duty to keep their money elsewhere until they get to pay lower tax rates than what are already the lowest in U.S. history. I guess the election will sort out the merits of that belief.

Log in or Sign up

Should the President of the United States have a Swiss bank account?

The Big Ragu Moderator Staff Member

doctorquant Well-Known Member

YankeeFan Well-Known Member

TigerVols Well-Known Member

LongTimeListener Well-Known Member

Azrael Well-Known Member

doctorquant Well-Known Member

YankeeFan Well-Known Member

TigerVols Well-Known Member

TigerVols Well-Known Member

The Big Ragu Moderator Staff Member

LongTimeListener Well-Known Member

Share This Page

Log in or Sign up

Should the President of the United States have a Swiss bank account?

The Big Ragu Moderator Staff Member

doctorquant Well-Known Member

YankeeFan Well-Known Member

TigerVols Well-Known Member

LongTimeListener Well-Known Member

Azrael Well-Known Member

doctorquant Well-Known Member

YankeeFan Well-Known Member

TigerVols Well-Known Member

TigerVols Well-Known Member

The Big Ragu Moderator Staff Member

LongTimeListener Well-Known Member

Share This Page

Useful Searches