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IRS "Turning Over Every Rock" to Raise Revenue: Obama Targeting Overseas Assets
Posted Jul 10, 2009 09:27am EDT by Aaron TaskIn addition to potential tax hikes, Rubinstein sees a wholesale change in how America treats foreign holdings of U.S. individuals and corporations, citing:
- Repatriation: The Obama administration has discussed raising taxes on profits earned overseas by U.S.-based corporations. "This will increase revenues but some companies may leave the country," Rubinstein says.
- Flexing Muscles: The U.S. government will ask all nations to sign a "tax information exchange agreement," says Rubinstein, citing unnamed foreign government officials. He declined to specify but the attorney has advised Caribbean banking centers in the past. Smaller nations will have no choice but to acquiesce, Rubinstein says.
- Crackdown on Havens: Beyond the government's ongoing case against UBS, pending legislation declares "anybody who sends money to a ‘tax haven country' will be presumed to be committing tax fraud," Rubinstein says. "The burden will be on the taxpayer to prove he didn't commit tax fraud. The judge, jury and prosecutor will be the IRS." This will make it increasingly difficult for U.S. citizens to shelter assets abroad - even for legitimate reasons.
The government is "doing as much possible to increase amount of taxes it receives," he says. "It will increase revenues, but the question is whether the government looks at things in the long-term or only in the short-term."
I think we all know the answer to that question.
517 Comments
Whit Chambers - Friday July 10, 2009 09:33AM EDT
Don't they realize that government employees are net tax consumers not net contributors. We in the private sector don't have jobs anymore so don't come a knock en here. Black market time baby.
Mister Moose - Friday July 10, 2009 09:36AM EDT
The problem is not revenue; it is massive federal deficit spending. This spending is making us a second class country, and it will punish your children and grandchildren.
Whit Chambers - Friday July 10, 2009 09:39AM EDT
Don't they realize that government employees are net tax consumers not net contributors. We in the private sector don't have jobs anymore so don't come a knock en here. Black market time baby.
Paul - Friday July 10, 2009 09:41AM EDT
what happened to Obama's platform of not raising taxes and giving tax breaks to 90% of the population????.... He fooled you folks that voted for him.... Hahahaha.... some of us actually knew that it wasn't possible, but noone listened and now those people will pay!!! The popularity that the media created for Obama actually payed off....... Congrats, you fools!
Thrift Maven - Friday July 10, 2009 09:43AM EDT
WHILE THEY ARE AT IT, THEY SHOULD LOOK FOR THE 60% OF U.S. AID SENT TO THE ARGENTINE HEALTH MINISTRY WHICH HAS WOUND UP IN PERSONAL SWISS BANK ACCOUNTS. FOR THAT MATTER, PROBABLY MOST OF OUR FOREIGN AID, FROM THE '90'S TO THE PRESENT, HAS WOUND UP IN SWISS BANK ACCOUNTS.
edward - Friday July 10, 2009 09:43AM EDT
Remember the eight billionaires in the 90's who renounced their US citizenship after getting (or buying) Belizian citizenship? Well, you can expect to see similar actions in the future.
lisalipps - Friday July 10, 2009 09:43AM EDT
Obama's Chicago thug mob politics at work. Shake down the little guy for every penny.
Don - Friday July 10, 2009 09:44AM EDT
you'll know the future from answering the question at 2:19.
Don - Friday July 10, 2009 09:45AM EDT
you'll know the future from answering the question at 2:19.
scottt - Friday July 10, 2009 09:45AM EDT
No one should be surprised....voters elected the ultimate "tax and spend" candidate.
Whit Chambers - Friday July 10, 2009 09:46AM EDT
Obama can ask for the 900 million he gave to Hamas. Instead of supporting terrorist he can think about those elected him to govern. Okay I guess that excludes me.
Dave in Philly - Friday July 10, 2009 09:47AM EDT
Welcome to the beginnings of the Obama police state. And this is especially dumb, since our current corporate tax rate makes us less competitive as it is now!..."The Obama administration has discussed raising taxes on profits earned overseas by U.S.-based corporations."" Dumb, really dumb.
Thrift Maven - Friday July 10, 2009 09:48AM EDT
Just about every cent of government employees' earnings are recycled back into local economies within thirty days. Wages have been spiraling down, the cost of housing, food and transportation have been spiraling up and now most government employees are on furlough. The same is true for the incomes of Social Security recipients and welfare recipients. Businessmen should think twice about where their local earnings come from before denigrating government employees.
Tim - Friday July 10, 2009 09:48AM EDT
In the 70s the big name, successful rock stars fled the UK. The reason: TAXES. Wealthy individuals will change their citizenship and U.S. corporations will be bought up by non-U.S. multinationals.
EricJ - Friday July 10, 2009 09:48AM EDT
So the tax payer is guilty until proven innocent
Fast - Friday July 10, 2009 09:49AM EDT
The IRS has harassed me and my friends. The time is coming where the people will have to fight back...I can't afford to dispute the IRS due to 7 months of unemployment...I'm going to be forced into a Tent Camp soon...
Andy - Friday July 10, 2009 09:50AM EDT
It scares me about being presumed guilty and having to prove innocence, this leads to VERY BAD THINGS
Yahoo! Finance User - Friday July 10, 2009 09:50AM EDT
I sent 2 cents to multiple accounts abroad so the IRS would waste its time investing me. everyone should do the same.
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Whit Chambers - Friday July 10, 2009 09:31AM EDT
I sent them a letter to put me on their do not call list.