Obama chasing money in Swiss banks

[Mjolnir]

Just saw a news story on CNN stating that Obama and the government have convinced Switzerland to oped up to 5000 bank accounts owned by American citizens to investigation by the U.S. government. The possible result would be that the funds in these accounts could be seized by the government if it is determined that the owners of the accounts have failed to pay taxes on the funds in their account. I am enraged by the fact that the Swiss would agree to such a process and frightened by the fact that the government thinks this is a viable means of procuring funds. What's to stop the government from walking into our homes and taking personal property in order to raise funds to cover the defecit as well? Anyone else see this?

[cycloneman]

you know a while back didn't the fed loan about 2 trillion dollars to an unknown somebody? i want to say its true someone please shed some light. if that is the case then i think we should know about it. especially after this.

[Big ugly]

I seen it commong months ago. Fist it is gonna be questionable funds in banks then its gonna be more tax audits and then personal money's and then valuables. Like gold and silver.

[satellite66]

I wonder how this will sit with his fat cat donors? Not sure this is the hope and change they voted for.

[Big ugly]

I just got done watchin that POS bill Mahr or however you spell his name and It seeems that these White collar democrates are way out of touch with what the blue coller democrates want. Funny to see how this is gonna play out especially for those eliteists in the democratic party with money stockpiled over seas.

[Danwin22]

Now where can I hide my millions?

When Obama starts doing this kind of stuff we won't have to worry about him much longer. When big money is threatened they will react.

All these rich democrats that donated zillions to his campaign are probably losing some sleep over this one.

[mrkirker]

The very wealthy have been stashing money in shielded accounts overseas for years, in order to dodge taxes. I'm all for someone, even Obama pulling the plug on this. By the way, this has been in the works for years, through the efforts of several administrations, not just the current.

[Mjolnir]

As far as I'm concerned the government has been taxing with out representation since before I was born I cannot begrudge someone who tries to avoid paying an unfair tax.

[mrkirker]

I cannot begrudge someone who tries to avoid paying an unfair tax.

Obviously.
Call me old -fashioned, but I feel that all should pay their share.
By the way, did you pay your income taxes this year? (Sorry! Hypothetical question!)

[Mjolnir]

I did pay my taxes this year, and always have (didn't appreciate the "hypothetical question", but whatever). Everyone should pay their fair share but who decides what that share is? Is it fair to have a higher tax on someone because they make more money? Is it fair for those making money to pay taxes to support those who are unwilling to work?

[vetz76]

I paid my share and few other's shares too!

I believe EVERYONE should pay some tax, that way you are a particpant in our Republic.

Earned Income Tax Credit, that is one concept that I cannot get my head around. You pay no income tax, in fact you get money back (even though you did not pay any income tax)!

[Big ugly]

What I dont like is the fact that the middleclass has been paying the lions share of the taxes in this country. Taxcuts for the wealthy my ass, they should pay their share and like it. I have a cousin who was bitching about having to pay 40,000 in taxes one year. I would like to make enough money to pay 40 grand in taxes. Some of you on here may disagree but I dont give a hoot. Ever since JP Morgan and those other elitists got togeth on Jeckyll Island and signed in the FRB we been taking it up the cornhole in payin the othermans taxes. I have no problem payin taxes but I think it should be flat across the board. 1 percenage rate for all. And I dont like the fact that every dolar sent out into the market by the FRB has a debt already attached to it AND SENT OUT AS A LOAN. Pull money from the forign banks, Tax the living crap out of Gates and Trump.

[vetz76]

I agree, a flat tax to fund the government, and EVERYONE pays it. Start at $10k in income.

That way it's a fair deal.

BTW, when was the last time a poor person gave you a job? Taxing the rich out of existence makes no sense. I paid a lot of tax last year, and believe I have worked to get to the point where I can make good money, so why should I have to pay a higher rate than someone who makes less?
And while I'm on a roll, where was the $8000 tax credit for 1st time home buyers when I bought a house? In the parlence of Liberals, shouldn't I get it anyway, TO BE FAIR, since that's their favorite saying?

I'm sick of this liberal socialist nonsense.

[Mjolnir]

Originally Posted by Big ugly

I have no problem payin taxes but I think it should be flat across the board. 1 percenage rate for all. And I dont like the fact that every dolar sent out into the market by the FRB has a debt already attached to it AND SENT OUT AS A LOAN. Pull money from the forign banks, Tax the living crap out of Gates and Trump.

If there is a flat tax then we cannot tax the financial elite more than anyone else. It may bother us that they make more money than they will ever need, however, in my opinion it would be (and is) unconstitutional for the well off, or the middle class to pay disproportionately high taxes.

[Mjolnir]

vetz76 I completely agree with your last statement. The problem with the liberal idea of fairness is that it is the complete opposite of fair. Try telling them that though. To them fair means everyone being taken care of regardless of what they contribute to society.

[Big ugly]

Originally Posted by Mjolnir

If there is a flat tax then we cannot tax the financial elite more than anyone else. It may bother us that they make more money than they will ever need, however, in my opinion it would be (and is) unconstitutional for the well off, or the middle class to pay disproportionately high taxes.

Flat tax rate not flat tax per cappa. instance with a flat tax say 5% for ease of mathmatics.

income of 10,000 pay 500 in taxes
income of 20,000 pay 1000
income of 50,000 pay 2500
income of 80,000 pay 4000
income of 120,000 pay 6000
Income of 500,000 pay 25000
income of 1,000,000 pay 50,000

Simple math simple solution. Flat rate taxes are the way to go. No Fuss, No mess, just simple mathmatics.

[satellite66]

The rich already pay most of the taxes. I have a problem with those who pay little or no tax and those that get back more money than they put in (earned income credit).
40% of the people in this country don't pay taxes. The top 1% pay about 40% of the taxes. I don't buy into the war on the prosperous that the state run media and the left have been waging for years.
We need to get out of this progressive tax system into something truly fair.
The problem is that the politicians will never give up the money trough.

[Mjolnir]

Please excuse me, I thought you were implying that we have a flat tax and then later saying the rich should be taxed a higher percentage because of the phrase, "Tax the living crap out of Gates and Trump", I misunderstood. I personally don't see the proposed idea as taxing the crap out of them, just expecting them to put in their fair share. Again sorry for the misunderstanding.

[Big ugly]

Thats why a flat tax is so good. Every one pays the same percentage rate. Why should I pay 7.2% when some elitest pays 1.4% WTF?

[vetz76]

Satellite;

We are there now!
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." - Norman Thomas, U.S. Socialist Party presidential candidate 1940, 1944 and 1948

[Mjolnir]

Didn't Thomas also say that there was no longer a need for him to run for president because the Democratic Party was the same thing as him?

[vetz76]

Seems like I read that he did say that. And they are carrying the water for them very well.

[ponycar17]

Originally Posted by Big ugly

Thats why a flat tax is so good. Every one pays the same percentage rate. Why should I pay 7.2% when some elitest pays 1.4% WTF?

The elitists don't pay 1.4%... It's a fact that the top 5% of earners pay the VAST majority of taxes at 60.63% in 2007. Even as tax rates on the rich were cut between 2001 and 2007, the rich paid a higher total tax burden as they were able to grow their wealth and create new jobs which all of us prospered from...

Think of it this way. I tax you at 25% of your $1.00 income. You pay a quarter on that dollar. I cut your taxes to 20% but you use that extra 5% of money you withhold to invest in business creation. The investment grows your wealth to $1.50 the next year. Now, I tax you on $1.50 at 20% the following year and I collect $0.30 in taxes as opposed to the $0.25 at the 5% tax rate from the previous year. I have effectively increased my tax base by 20% while cutting your taxes.

It doesn't sound right but that is effectively what has historically happened by cutting taxes on the wealthy, who can afford to invest and create jobs. That 20% additional in taxes levied can be used to give Big Ugly a tax cut. Big Ugly has more disposable income and therefore starts spending. Spending provides stimulus for businesses to expand and the economy grows in output, which creates new jobs. Like it or not, when you leave the wealthy out of the equation you cut your own throat.

The rest of us got a fairly large tax cut between 2001 and 2008 even as the wealthy got a cut. The reason is explained above... I won't elaborate on this again as I've posted about it many times before. The short and sweet of it is that cutting taxes on the rich has historically meant an economic boom, which meant a higher gross take in of taxes and an opportunity to lower taxes on the lower and middle classes. A flat tax has the potential of helping the rich and hurting the poor and middle class earners. A tax collected by way of a national sales tax would definitely benefit the rich more so than us peons.

See the following thread for a more detailed explanation with links to sources of data...

http://www.thefirearmsforum.com/showthread.php?t=56886

[bcj1755]

Well, Barry needs to squeeze out every dime of tax money he can from everyone he can to pay for his Nazi-style Euathanize 'em All Population Control Law...er...I mean Healthcare "reform" bill and to make sure his non-working, lazy ass, welfare mooching supporters have that gov't coin every month CommieCare ain't gonna be cheap Pretty soon, the feds will make not paying taxes to be one of the most serious crimes one can commit, much like it was in Nazi Germany.

[308 at my gate]

How about Bernie Madoff and the billions of dollars that no one seems to know where it has all gone. Let them look at the swiss accounts and they just may find something there. If there are no crooks with bank accounts there then they have nothing to worry about.