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  • Tax havens and unreasonable search and seizure

    The article below discusses Senator Rand Paul's intention to prevent a treaty which he feels infringes on Constitutional protections of your banking records.
    Sen. Rand Paul blocks U.S.-Swiss bank data treaty
    I, personally, don't see any difference in the Swiss banks notifying the IRS about banking activity between them and US citizens and US investment banks doing the same. If you have a stock portfolio you know that your broker is required to file statements of your stock activity with the Feds. Even casinos are required to report your activity. So what's the big deal, unless you've got something to hide? Unless you do business in a foreign country, why would you need a foreign account? And, even if you do have foreign business, it should be conducted under the same reporting rules as domestic banks.
    If, on the other hand, you were to make the blanket statement that the IRS is based on unreasonable search and seizure, I might have to agree.

  • #2
    Re: Tax havens and unreasonable search and seizure

    Why should US banks or any company be required to report who there customers are and what there deposits are? why should some one be required to file 1099's, Why do I have to report on any one I payed money to, that is over $600. It should not be my job to rat on some one, what they make and report should be between them and the IRS, not me and the IRS,
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    • #3
      Re: Tax havens and unreasonable search and seizure

      Originally posted by BHD View Post
      Why should US banks or any company be required to report who there customers are and what there deposits are? why should some one be required to file 1099's, Why do I have to report on any one I payed money to, that is over $600. It should not be my job to rat on some one, what they make and report should be between them and the IRS, not me and the IRS,
      In a perfect would, yes. No enforcement, no teeth and it would be like Turkey where they treat taxes as optional.

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