Government: Give Us Your Bank Accounts OR Go To JAIL

Discussion in 'International Current News & Events' started by IrritatedWithUS, Apr 15, 2011.

  1. IrritatedWithUS

    IrritatedWithUS Well-Known Member

    The government has given Americans the ultimatum:
    Americans that have “secret bank accounts” in foreign countries that have more than a penny in them will have to report them by August 31st- or go to JAIL.

    NEW YORK - A half million Americans have a difficult decision between now and Aug. 31: Come clean about their secret off-shore bank accounts in Switzerland and around the world, or run the risk of going to jail.
    The IRS is offering an amnesty program for anyone who wants to confess, but they have to pay a penalty of as much as 25 percent of their account.

    Attorney Scott Michel represents hundreds of offshore account holders.
    "An effective voluntary disclosure program is like iron fist in a velvet glove. You need to go after people from enforcement perspective and then on the other hand welcome people who want to come in and make things right," he said.

    That's why government investigators have zeroed in on account holders all over the country.
    Secret accounts are so common, the investigation has pried into neighborhoods across the country.
    Among them: A financial consultant in San Diego, a retired Boeing sales manager in Washington state, a yacht broker in Florida and a gem dealer in Manhattan.

    It isn't easy to hide all this cash from the government.

    A doctor in Virginia, the government said, tried to mail himself $200,000 in cash from Europe.
    Not all of the money made it safely home.

    Last week, the U.S. Government sent a summons to the bank HSBC demanding the names of Americans who have secret accounts with that bank in India, showing that they're going after secret accounts wherever they are.
  2. geoffreys7

    geoffreys7 Well-Known Member

    The way I see it they have two choices, convert the cash to gold or diamonds and stuff it under the matress, OR leave the US & move to another country. :wave:

  3. DJgang

    DJgang I put SAs on IGNORE!

    And they won't stay off my a$$ about a few thousand.... :gaah:

    If these folks have lots of money...just move to another country for about 10 years and vacation ... Use that money...

    I've asked my accountant if I could spend a few months in the federal pin rather than give the gov't another dime...nope, they'll come take everyone I own before sending me to jail...seems like they'd do the same with these folks.

    render unto Caesar is sometimes hard to do!
  4. The_Blob

    The_Blob performing monkey

    PMs are next...

    Costa Rica's looking pretty good about now.
  5. Magus

    Magus Scavenger deluxe

    Look into Oneida Tn. there's still people living up there that have never paid taxes or seen the inside of a government building.

    Perfect place to go off grid and disappear forever.

    If James Earl Ray had gotten that far he'd still be an urban legend like that Cooper guy.

    Hmm...I wonder....

  6. Riverdale

    Riverdale Well-Known Member

    On the other hand, monies put into foriegn banks by US nationals means (in my opinion) that either the monies come less than legal sources (money laundering) or it trying to be hidden to evade taxes.
  7. NaeKid

    NaeKid YourAdministrator, eh?

    Or, maybe, the bank-account is placed in other countries to take care of the residential requirements such as direct payment of taxes on houses, automatic payment of utilities, or, it could be an account where wife draws local money while husband is in another country.

    A friend of mine is married to a wonderful lady, they met here in Canada while she was here on a work-visa (she is a nurse), got married and she was told that she has to go back to her "home-country" to fill out the required paperwork in order to come back to Canada to live with her husband. He now has a bank-account in her home-country so that she can draw money if required and she has one here (opened prior to getting married).

    My dad's best friend was born here in Canada, has a home in the Phillipeans, a home in Chili and a home here in Calgary. He is an engineer (highly specialized) and he lives in other countries for years at a time overseeing projects. He has bank-accounts in several countries to take care of the local expenses - does that make him a criminal or someone who is responsible?

    Do they, as normal, average working people need to hide money from the government due to money laundering? I don't think so!
  8. Frugal_Farmers

    Frugal_Farmers Good ole country folk

    I do believe that this particular issue is targeting those multi-millionaires who are hidding their excess cash in off shore accounts with the sole purpose of evading the tax man. These are the same folks who have gamed the current tax laws to the max and end up paying a far less percentage of taxes per dollar earned than the average Joe due to all of the tax loop holes.
  9. IrritatedWithUS

    IrritatedWithUS Well-Known Member

    I believe that the majority of it is millionaires but the IRS said "every American" so that implies to everyone that has a foreign bank account. And they gave a deadline or be penalized and or go to jail and get penalized.
  10. Frugal_Farmers

    Frugal_Farmers Good ole country folk

    I had previously had a contract job with the US Government in Kuwait. Our regular payroll was deposited in our US bank account. Our foriegn living allowance, payed by the Kuwaiti government was deposited into a Kuwaiti bank acount. Under these cercumstances, we would have complied with the government requirement to disclose this information, but doubtful the the Kuwaiti government or bank would release detailed account information to the US government.
  11. HarleyRider

    HarleyRider Comic Relief Member

    I wonder if that also applied to Congress Members and Senate Members who have their off-shore accounts? NOT! :mad:
  12. Riverdale

    Riverdale Well-Known Member


    Key word in OP's post is "secret" bank accounts.
    HUGE difference between a "secret" account and one that is openly declared ;)
    And it sounds as if your dad's best friend is 'average' (that's not a slam, it is a compliment. An 'average' person does not have homes in three countries, nor spends years at a time overseas. My brother is not 'average' he and his wife retired to Portugal.
  13. jungatheart

    jungatheart Beginner's Mind

    Over time I think we will all be accused of withholding money that is rightly the governments and this is just the beginning.

    Redistribution means taking the money from those who have money and giving it to those that have already spent theirs.
  14. Ur5hittingMe

    Ur5hittingMe Well-Known Member

    hmmm.. finally a reason to be happy about NOT having that much money
  15. gypsysue

    gypsysue The wanderer

    Yep! A silver lining in every cloud!
  16. Davo45

    Davo45 New here

    How much are you willing to wager that Nancy Pelosi, the Kennedy's, John Kerry and the rest of the progressive elites will not comply and won't be touched? Just as so many of this administration failed to pay their taxes until AFTER they were nominated by Obama. :eek:

    I really doubt the Swiss banks or government will cooperate, they've been a safe haven for holding wealth for centuries. U.S. banks with foreign subsidiaries may not have a choice.
  17. Davo45

    Davo45 New here

    Many, if not most of the folks in D.C. already have this mindset, hence the term "unfunded tax cuts" that so many Democrats were using like it was as common as baseball or apple pie? There is no such thing as an "unfunded tax cut" as the money being taxed isn't the governments in the first place, but there are many who'd sure like us to believe it was. :mad:

    The only thing wrong with your definition of redistribution is that most of the "takers" in this country have never had anything that wasn't given to them by the government after it took it from the producers first. As it is, only 50% of the population pay any federal income taxes, with the top 2% of wage earners paying 40% of all of them. When it reaches the breaking point the producers stop producing because they have no incentive to do so. When it does happen, and I'd say when not if, look out.
  18. JayJay

    JayJay Well-Known Member

    When it reaches the breaking point the producers stop producing because they have no incentive to do so.

    Ahaaaa...Who is John Galt????:rolleyes:
  19. NaeKid

    NaeKid YourAdministrator, eh?

    Secret bank-accounts can be just about anything - register a number'd company (LLC), setup a bank-account and stash money in those accounts - create more and more accounts till money cannot be easily followed and then they become "secret".

    The City of Calgary "found" a bank-account that they "forgot" they had and "noticed" that there was millions of dollars sitting in it ... and promptly spread the wealth (ya right).

    My secret bank-account is my piggy-bank that is hiding in the rafters of the attic of my house .... :wave: