And you thought this government was looking out for you, American?
"US, UBS may be seeking settlement in tax-evasion case" by Associated Press | July 13, 2009
The US and Swiss governments and banking giant UBS AG indicated they were seeking a settlement yesterday and asked a federal judge to delay high-stakes hearings on the Internal Revenue Service’s effort to identify thousands of suspected American tax evaders.
The one-page motion, filed in Miami less than 24 hours before the hearings were to begin today, said postponement is needed “to allow the two governments to continue their discussions seeking a resolution of this matter.’’
Why is the GOVERNMENT protecting TAX CHEATS, 'eh?
The case seeking the identities of some 52,000 wealthy American clients suspected of hiding $15 billion at UBS has already sent shock waves through the international banking system.
Bankers fear a ruling against UBS would disrupt cross-border commerce, force people to withdraw huge sums of money from financial entities with offshore offices, and play havoc with international tax treaties. Specialists say some other foreign banks are asking American clients to close accounts for fear they might be targeted next.
Yeah, TO HELL with the CRIMINALITY, 'eh?
“The precedent this case may set is of immediate relevance to all financial institutions with global operations,’’ the Institute of International Bankers and other financial organizations said in a recent court filing. The UBS case has persuaded hundreds of taxpayers with offshore accounts to come clean with the IRS under a voluntary disclosure program. The program allows most people to pay a fine and back taxes without facing criminal prosecution, said Robert McKenzie, a tax attorney with Arnstein & Lehr.
Do they bend over backwards for you, Americans?
--more--"
Related: Whatever Happens in Switzerland Stays in Switzerland
WASHINGTON - The Internal Revenue Service has failed to collect taxes from 18 percent of those who owe more than $1 million, according to a Treasury Department audit.
Because of computer glitches, 448 of the 2,454 individual taxpayers who owed $1 million or more as of December 2007, were waiting to be processed or had been assigned a lower priority than other cases, the audit found. The 448 delinquent accounts totaled $1.2 billion, and almost half had been uncollected for more than a year....
Let's just GET RID of the IRS and its TAXES then!!
Un-frikkin'-real!
This as they SOAK the TAXPAYERS for NEVER-ENDING WARS and BANK BAILOUTS!!!
The IRS began taking steps in January to program its computers to assign those cases a higher priority and step up collection of those taxes, the report said. The IRS is also working to correct a programming error that has prevented as many as 2,439 accounts with balances of $50,000 or more, worth $719 million total, from showing up as cases to be handled.
They just got around to the problem in January, huh? A "programming" error?
The report defines accounts as “noncollectible’’ when a taxpayer can’t pay or be located. In fiscal 2007, the IRS’s total unpaid assessments exceeded $290 billion, of which $105.3 billion was considered “potentially collectible.’’
Well, GO GET IT, IRS! Us TAXPAYERS NEED that DOUGH to HELP US!!!
Of course, taxes are being raised all over the place. They can't even collect what's due 'em and they are raising taxes? Talk about THROWING GOOD MONEY after BAD!!!
"SEC charges 11 with insider trading" by Associated Press | July 16, 2009
WASHINGTON - The Securities and Exchange Commission said it charged 11 people in connection with separate insider trading schemes related to acquisition deals at two different companies.
Three of the 11 have reached agreements on financial settlements with the SEC, while the SEC said it’s seeking injunctions against further violations, the return of ill-gotten gains with prejudgment interest, and financial penalties from the other eight.
According to the SEC, five people illegally tipped off others or traded on private information ahead of Boston-based Liberty Mutual Insurance Co.’s 2008 announcement that it would acquire Seattle-based insurance company Safeco Corp. One of those five charged is Anthony Perez of Maitland, Fla., a former Goldman Sachs investment banker, who the SEC says illegally tipped off his brother, Ian C. Perez of Orlando, Fla.
Those CRIMINALS are at the HEART of EVERYTHING, aren't they?
As part of a deal with the SEC, Anthony Perez will pay a penalty of $25,000 and Ian Perez will pay disgorgement and prejudgment interest totaling $152,992. Neither brother will admit or deny the charges, the SEC said....
That's it? That's chump change.
-- more--"
Also see: U.S. Government Knew About Madoff Scheme Since 1960
But the SEC is looking out for you, Amurkn!
"White House files plan for SEC oversight of hedge funds" by Marcy Gordon, Associated Press | July 16, 2009
WASHINGTON - The Obama administration has sent legislation to Congress that would bring hedge funds and other private pools of capital under government supervision.
The proposal calls for the Securities and Exchange Commission to oversee hedge, private equity, and venture capital funds. By registering with the SEC, these funds would have to open their books to federal inspection and they would be subject to disclosure requirements to investors and creditors....
Pffft!
Throwing regulatory reins around hedge funds - the vast pools of capital that largely escape government supervision and draw hundreds of millions of dollars from pension funds, charities, university endowments, and wealthy individuals - is a central part of efforts, spurred by the financial crisis, to revamp the system of financial oversight.
Now you know why your tuition are going up and your pensions are going down, readers.
--more--"
Of course, SOME PEOPLE were NOT SO LUCKY!
"IRS temporarily halts fines for small businesses; Nondisclosure of tax shelters was focus of penalties" by Stephen Ohlemacher, Associated Press | July 8, 2009
(Need I even type it? So SOME TAX SHELTERS shall be HIDDEN and CONCEALED and others shall have their ass crawled up, huh?)
WASHINGTON - The IRS has temporarily stopped collecting penalties from some small businesses that have been hit with big fines for not disclosing the use of questionable tax shelters.
The fines, which can reach $300,000 a year, were an unintended consequence of a 2004 law aimed at big corporations that use the shelters to avoid taxes. Lawmakers asked the Internal Revenue Service last month to suspend collections while they work to change the law.
I'm biting my tongue because I am frikkin' outraged -- and MORE CONVINCED THAN EVER in my NO TAX POSITION!! I'm not just anti-tax, I'm NO TAX!!!!
That is the UNINTENDED CONSEQUENCE of LEARNING the TRUE NATURE of GOVERNMENT!!
The IRS agreed to suspend collections through September on cases in which businesses gained less than $200,000 a year from the tax shelters, IRS Commissioner Doug Shulman said in a letter to lawmakers released yesterday. Shulman said the penalties, in some cases, “are way out of line with penalties for other similar cases of noncompliance.’’
You read what is above this, right, readers?
WHO is THIS GOVERNMENT looking out for?
The penalties cannot be appealed, National Taxpayer Advocate Nina Olson said in her 2008 annual report. Olson, an independent watchdog within the IRS, cited a case in which a small business owner saved $45,000 over three years from a tax shelter and was fined $900,000 by the IRS....
Translation: We ALREADY HAVE FASCISM here in AmeriKa!!
Sig heil!
