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

Discussion in 'Sports and News' started by TigerVols, May 1, 2012.

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  1. The Big Ragu

    The Big Ragu Moderator Staff Member

    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.
     
  2. doctorquant

    doctorquant Well-Known Member

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

    YankeeFan Well-Known Member

    Where's the outrage!

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

    TigerVols Well-Known Member

    Bob Dole knows its called the Democratic Party.
     
  5. LongTimeListener

    LongTimeListener Well-Known Member

    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.)
     
  6. Azrael

    Azrael Well-Known Member

    "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.
     
  7. doctorquant

    doctorquant Well-Known Member

    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!
     
  8. YankeeFan

    YankeeFan Well-Known Member

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

     
  9. TigerVols

    TigerVols Well-Known Member

    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.
     
  10. TigerVols

    TigerVols Well-Known Member

    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?
     
  11. The Big Ragu

    The Big Ragu Moderator Staff Member

    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?
     
  12. LongTimeListener

    LongTimeListener Well-Known Member

    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


    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.
     
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