UBS bank settlement: rich are getting nervous

UBS bank in Switzerland settled U.S. demands for the names of suspected tax dodgers. The settlement has a lot of wealthy Americans with offshore accounts nervously running to their tax advisers  and the Internal Revenue Service. Our government has also filed civil suit against the UBS bank that will lead to even more revelations.

The tax evaders have until September 23 to identify themselves to the IRS to work out a payment plan to avoid prosecution. Three people have already been convicted of tax evasion, but one of the names has not been published.

"They [the rich] are very frightened," said Richard Boggs, chief executive of Nationwide Tax Relief, a Los-Angeles-based tax firm that specializes in clients with tax debts exceeding $100,000. "You have the super rich who are not used to being pushed around and they are finding themselves in unfamiliar territory."

Rightardia suspects many of the people who have evaded taxes include conservative politicians. One wealthy senator from Florida unexpectedly resigned before the end of his term. We suspect others will start dropping like flies shortly. This will be good for the Democratic Party.

Former Senator Phil Gramm of Texas was responsible for a lot of this mischief. He was not only a lobbyist for UBS, he was also a UBS executive and had to know what was going on. The UBS activities were essentially a sophisticated conspiracy that used encrypted laptops, dummy offshore corporations, and UBS bank account executives who made thousands of covert trips to US to help wealthy clients evade US taxes.

Make no mistake about it. This was a criminal conspiracy that should have been prosecuted under the Ricoh Act. The UBS bank should be banned from doing business in the US permanently. The LGT bank and others in Lichtenstein and Switzerland should also be banned in the US that were involved in the conspiracy.

The US has been cutting the taxes for the affluent since JFK. There is no reason for tax evasion in the US except for the unrelenting greed of the upper class. The political party that shills for the wealthy is, of course, the GOP.

Homeland Security and the NSA should use the Echelon, Einstein and Solar Wind systems to monitor economic attacks against the US government. Corporate networks should also be monitored for activities that meet a tax evasion profile. NSA crackers should also attack banks in Switzerland, Lichtenstein, Andorra, Monaco and the Cayman Islands to uncover more accounts of US tax cheats.

This tax invasion is actually a bigger threat to the US than terrorism. One way to get the country back into the black is to make sure that everyone is paying their fair share of US taxes.

source: http://www.huffingtonpost.com/2009/08/15/rich-americans-scrambling_n_260325.html

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