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+--- Thread: Swiss Mystery (/showthread.php?tid=138980)
Swiss Mystery - Lemon Drop - 07-18-2012
Mitt Romney released his 2010 returns, but a key document is missing. It's called the FBAR - Foreign Bank and Financial Accounts.
Highly unlikely that he didn't file it, because not doing so would result in hefty fines. But it was withheld from the public release.
Why? What is Romney's Swiss account for?
"For individuals seeking to game the U.S. tax code, Swiss bank accounts are only useful when used illegally. Swiss accounts are prized by global elites for their extreme levels of secrecy. That secrecy has allowed thousands of American taxpayers to stash income from offshore companies in a Swiss account, shielding it from the IRS.
Romney, however, disclosed his Swiss bank account to the IRS in 2010, meaning that at least for 2010, the account was of no use to avoid paying taxes."
http://www.huffingtonpost.com/2012/07/18/mitt-romney-taxes-2010_n_1683084.html
Re: Swiss Mystery - Lemon Drop - 07-18-2012
OK, I'm a finance nerd. But this is the clearest indication so far that Mitt Romney may well be hiding recent criminal behavior in his undisclosed tax returns.
"The IRS mounted a series of three special programs, the first in 2009, as a high-profile crackdown unfolded for evaders who rely on Swiss and other offshore accounts. UBS AG (UBS), HSBC Holding PLC (HBC), Credit Suisse Group (CS) and other banks were involved.
As the crackdown continued, thousands came forward to report accounts at Swiss banking giant UBS AG (UBS) under an IRS program that offered special amnesty. Penalties were capped for taxpayers who confessed to accounts.
When the IRS announced the latest program in January, it said it has collected more than $4.4 billion so far from the two previous efforts."
http://financialadviserblog.dowjones.com/blog/stay-ahead-of-your-clients/new-details-on-amnesty-for-overseas-savers
Re: Swiss Mystery - swampy - 07-18-2012
What are Debbie Wasserman Shultz, Valerie Jarrett, Nancy Pelosi's foreign investments all about?
I think Romney should demand that Holder / Obama release the Fast and Furious Documents in exchange for his FBAR.
Re: Swiss Mystery - August West - 07-18-2012
What are Debbie Wasserman Shultz, Valerie Jarrett, Nancy Pelosi's foreign investments all about?
Quick, look over there, it's a squirrel !
I think Romney should demand that Holder / Obama release the Fast and Furious Documents in exchange for his FBAR.
More nonsensical ranting. Apple, meet orange.
Re: Swiss Mystery - Avenger - 07-18-2012
Lemon Drop wrote:
OK, I'm a finance nerd.
You are? You threw in the towel after a few short exchanges with me a few lines down.
Re: Swiss Mystery - Avenger - 07-18-2012
August West wrote:
Quick, look over there,it's a squirreltax returns !
.
Re: Swiss Mystery - Lemon Drop - 07-18-2012
Avenger wrote:
[quote=Lemon Drop]
OK, I'm a finance nerd.
You are? You threw in the towel after a few short exchanges with me a few lines down.
Any comments about Swiss Mitt?
Re: Swiss Mystery - Lemon Drop - 07-18-2012
swampy wrote:
What are Debbie Wasserman Shultz, Valerie Jarrett, Nancy Pelosi's foreign investments all about?
.
Can you provide a link to tax forms or disclosures belonging to any of those individuals which would suggest they participated in the IRS amnesty program for people illegally using Swiss accounts to shield income from the IRS? Or suggesting that they have illegal foreign accounts of any type? Or that they may have hidden money overseas to avoid paying taxes? Anything?
The issue here is not "foreign investments." It's using secretive Swiss accounts to hide money from the IRS. Mitt's partially disclosed 2010 suggests that he may have done just that, then participated in the amnesty program of 2009. That would certainly explain why he doesn't want his '09 returns released.
Re: Swiss Mystery - Avenger - 07-18-2012
Lemon Drop wrote:
[quote=Avenger]
[quote=Lemon Drop]
OK, I'm a finance nerd.
You are? You threw in the towel after a few short exchanges with me a few lines down.
Any comments about Swiss Mitt?
You know why everybody is scratching their heads? Because however they look at it, there is no way for Romney to have cheated by having a Swiss bank account. That is the "mystery".
Re: Swiss Mystery - Lemon Drop - 07-18-2012
Avenger wrote:
You know why everybody is scratching their heads? Because however they look at it, there is no way for Romney to have cheated by having a Swiss bank account. That is the "mystery".
You could only come to taht conclusion if you didn't read the article.
In which case, why comment?
Yes, there is very much a way for him to have cheated.
Why does he have this account? There is no financial benefit in terms of investment, and no LEGAL benefit in terms of taxes.
The benefit is secrecy. And illegal tax avoidance.
Until and unless Romney releases his FULL 2010 return, and his returns for at least 2003-2009, there is no way to know if he participated in the IRS amnesty program for crooks.
But it sure looks as though he may have.