Politico’s Rachel Bade reports on the renewed efforts by Carl Levin and John McCain to pressure Senator Rand Paul into ratifying a long-delayed 2009 Swiss-U.S. Protocol that would allow the release of even more names of U.S. account holders at Swiss banks. As Bade reports in this excerpt,
Paul, a libertarian Republican widely believed to be eyeing a 2016 presidential run, says his hold stems from concerns about Fourth Amendment protections against “unreasonable search and seizure.”
“These are people that are alleged, not convicted of doing anything wrong,” Paul said a few weeks ago. “I don’t think you should have everybody’s information from their bank. There should be some process: accusations and proof that you’ve committed a crime.”
Paul’s protest is also linked to his abhorrence of the soon-to-take-effect Foreign Account Tax Compliance Act, which will force foreign banks to disclose U.S. account information to the IRS, and domestic banks to reciprocate to other nations’ revenue departments.
A Treasury official recently told Paul’s staff that FATCA “doesn’t work” without the treaties — though there seems to be disagreement on that point, even in the executive branch.
That sent up red flags anew to Paul because the senator has legislation to repeal FATCA and hesitates to support a treaty that enables a law he views as U.S. government overreach.
Read more: http://www.politico.com/story/2014/03/rand-paul-tax-swiss-banks-104148.html#ixzz2usQjnrMo
This article could really use some commentary from Brockers – I encourage everyone to get over there. This is Politico, and it’s a great chance to educate some more of those “rich tax cheats sitting on the beach” Kool-Aid drinkers.
I’ll have to admit it. I was having fun bashing and trolling the homelanders there. I sure as hell not going to waste my time in trying to teach the willfully ignorant.
@shadow raider
Thank you so much. I that will be my next line of attack. Old granny here has lots of time on her hands and is beyond enraged (and terrified). On the up side this whole mess is making me computer savvy VERY quickly. Even got me a disqus account and a new handle! Ain’t I the funky one. My old lady pals are going to be so envious.
@Deckard1138
If you’re smart enough to question a system such as that, then you’re too smart to be an American. It’s as though literally the greatest glory to be found there, is to follow the leader, like lemmings down a cliff.
It’s no way to run a society.
At the end of the day CBT is the problem, not FATCA. The tax ‘cheats’ are most likely based in the US, so FATCA should help identify them. FATCA is a hammer to crack a nut. Unfortunately it is ‘normal’ people trying to look after ourselves and our families (isn’t that the American way LOL) are being smashed. CBT is the issue. And always has been.
That’s it. I give up. I have wasted so much time commenting at that article.
Me too. Actually I thought it would make me feel better but now I am left with a massive headache brought on by homicidal rage. When someone told me I should just have a better accountant I so wished for a nuclear warhead triggered by my return button. It’s time to have a nap.
CBT is a convenient device for the politicians to hold onto, so that they can use certain people (us) as scapegoats in order to brainwash the masses, and to get votes.
With CBT, taxes are always linked to citizenship, and thusly, the question of taxes will always be raised when someone chooses to renounce, furthering the purpose of those that push for, and defend, CBT.
But wait! We get to vote, they say! Big deal when we don’t actually have a voice, and they don’t want to listen to us scapegoats, anyway. But, they can say that, no matter how empty it really is.
Isn’t it just great for society when politicians work to divide their own people to bolster their own careers? Once people accept the bullshit that’s constantly being fed to them as fact, it becomes self sustaining, as though it’s a part of what they are. The penalty for seeing this ‘smoke and mirrors’ trick for what it is, is ostracism, and the masses would rather remain stupid than see the truth. Us vs. them, right?
The DEMs are committed to keeping CBT. Even the DEMs Abroad won’t speak out against CBT.
Homeland DEMs view expats as more potential revenues to buy votes with.
Anyone who thinks Americans abroad are unintended collateral damage from Carl Levin’s FATCA is naive at best.
All I know having worked in foreign sales teams, I was the only American on the team, and it was an American company! Apart from me, only the Finance Director was American, and he lasted only 6 months. He could put up with the ‘culture shock.’
Now compare that experience working for a Korean and Japanese company. The Koreans and Japanese were in full force to grow the business offer going out to meet with distributors and customers. Yes… there English was sometimes debatable, however, the customers really appreciated the extra effort, and they could answer factory questions without any hesitation.
Foreign customers enjoy meeting the nationality of the company they may entering into a business relationship.
American companies need to change.
I took one shot at Politico but it will be scrolling into oblivion in a matter of minutes. What a cesspool that is! You need to have your hip waders on for that comment tank.
@WhiteKat, @Charl
I just troll the dumb bastards. I don’t even care anymore, because I know it’s a fruitless endeavor to try and fix stupid. So, why not have some fun? Besides, for some reason today, I just want to piss off small minded people.
@Samuel Adams
Of course the Democrats will hold onto CBT, but don’t think that the Republicans will ever let it go, either. To be honest, I think the GOP is just using the FATCA issue in order to try and get votes, and they’re definitely not above using divisive politics when it served to benefit them. (Iraq)
@mjh49783, I’m not so sure they actually want to keep CBT, because they still haven’t said it either way. But I agree that both parties are on the same boat.
My latest comment there (yes it has been a waste of a day):
I am one of those ‘thieves’ you refer to. If you would like to hear from many, many more thieves, go check out isaacbrocksociety.ca, or maplesandbox.ca.
After that, if you would like to help the thieves who are trying to sue the Canadian government for reporting their thieving butts to the IRS, please consider donating to the Canadian Charter Challenge Fund at:
http://site345738.webydo.com/
Thieves need to eat too you know!
mjh,
I hope you didn’t use “piss off” in any comment. I used “piss up a tree” in one of mine and it went into moderation. There was a link to see my comment, so I clicked on that, removed the offending “piss up a tree” and it went right through. At any rate, those people really pissed me off.
Hi all,
Sorry to have led so many of you into today’s suicide mission to Politico. It kind of felt like Dieppe in there, didn’t it? If there was ever any doubt that Democrats can be just as much, if not more unhinged than Republicans, today should set that myth to rest once and for all. Sheesh.
Republicans Overseas now officially support RBT. I just don’t know how their position will reflect in the party’s actions in Congress.
Politico’s main owner was a big contributor to Reagan’s campaign. They’re laughable in their attempt to always want access to the veal pen so will spout whatever is needed to remain one of the beloved.
They aren’t serious news and are as guilty of propaganda as FOX or MSNBC..they are also affiliated with ABC, and CBS and Disney network. Seriously people they’re for dumb, dumbs who don’t want to think deeply, ask hard questions and love having their mind shaped for them. Easy peasy is the way they like their newz. And it shows.
No worries, Deckard. I just needed more verification on how glad I am that I am out of that country!
@WhiteKat
As another commented, you can’t fix ‘stupid’. I admire your tenacity, however, to try to educate. I got into a skirmish last week re: an article on FATCA, and was astonished at how ignorant the comments were. However, there were a couple that did ‘get it’, so I did not feel like my half day was entirely wasted. Some days I just don’t have the energy. If not for Brockers, it would be a lonely fight.
Atticus
Its worse than that. The Albritton family that owns Politico were former owners of company called Riggs Bank of Washington DC that was heavily involved in facilitating money laundering and tax evasion on behalf of a significant number of corrupt military elites from South American especially Chile. General Pinochet of Chile was a HUGE HUGE depositor at Riggs bank and during his time as head dictator of Chile he ordered people who wished to due business with the Chilean government to deposit bribes and kickbacks into his account at Riggs Bank in the US.
http://en.wikipedia.org/wiki/Riggs_Bank
In July 2004, the US Senate published an investigation into Riggs Bank, into which most of Equatorial Guinea’s oil revenues were paid until recently. This showed that accounts based at the embassy to the United States of Equatorial Guinea were allowed to make large withdrawals without properly notifying federal authorities. At least $35 million were siphoned off by long-time dictator of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, his family and senior officials of his regime. Simon Kareri, the Riggs employee in charge of the Equatorial Guinea and other accounts, stands accused of money-laundering in separate charges. As the account manager, it is alleged that he established a fake holding company in his wife’s name, and diverted funds into this account.
In the Senate Permanent Subcommittee on Investigations hearing in July 2004, Kareri, under advisement from legal counsel, refused to answer any questions of the panel by invoking his 5th Amendment Rights.
In that hearing, the President of Riggs Bank was asked why the bank would willingly enter into a business arrangement with the dictator of Equatorial Guinea, a man who willingly exercises his hold over his people with demonstrations of murder and torture on state-run television. In a copy of correspondence to President Mbasogo, the letter, “thanked the president for his establishment of several bank accounts, and encouraged a working relationship to help establish and secure the stable reign of his country…”[10]
I just ended my comment with: “There now, enough said. Please resume your mud-slinging partisan party. I won’t be watching.” And then I waded out of the cesspool to enter the cool, clear-headed waters of the Isaac Brook. 😉
More on Riggs Bank(I forgot that the Saudi Arabian government setup account for the 9/11 hijackers there)
In the mid-1970s members of the Saudi royal family set up covert accounts at the Riggs Bank in Washington amounting to tens of millions of dollars; this money was used by the so-called “Safari Club” to run intelligence operations at a time when American intelligence was paralyzed by investigations in the aftermath of Watergate.[6]
A Saudi named Omar al-Bayoumi housed and opened bank accounts for two of the 9/11 hijackers. About two weeks after the assistance began, al-Bayoumi’s wife began receiving monthly payments totaling tens of thousands of dollars from Princess Haifa bint Faisal, the wife of Saudi ambassador and Bush family confidant, Prince Bandar bin Sultan, through a Riggs bank account. [1] (Jonathan Bush, uncle of President George W. Bush, was an executive at Riggs Bank during this period.)
Upon discovery of these transactions, the FBI began investigating the bank for possible money-laundering and terrorist financing. Although the FBI and later the 9/11 Commission ultimately stated that the money was not intentionally being routed to fund terrorists, investigators were surprised to see how lax the safeguards at Riggs Bank were. Several Saudi accounts were discovered to have financial improprieties, including a lack of required background checks and a consistent failure to alert regulators to large transactions, in violation of federal banking laws.
Many of these transactions involved Prince Bandar personally, often transferring over $1 million at a time. According to British investigations on the Al Yamamah deal, reported by The Guardian, Bandar would have received over $ 1.5 billion in bribery from BAE Systems, laundered through the Riggs Bank.
I just did a second round on the Politico board. What a crowd of knee jerk ignoramuses there. The activists there are fiercely stupid and obnoxious in their manner.
If that is what passes for political discourse in the US these days then God Help America …. and God Help the rest of us as that Dinosaur Sam thrashes around in his death throes. I do believe that a little headway was made however.
Nice to have seen some of you folk there.
Peace. I plan to try again with my contribution to C3f later tonight.
I haven’t had any time out with the guys recently … I am going to check out and go have a glass or two of wine and decompress for a while. Then get back to the serious business of trying to wire money internationally to C3f …. and back to my (non US) tax return later.