The “Foreign Account Tax Compliance Act of 2009” -- introduced by Baucus and Rangel in conjunction with the Obama administration -- would mandate Individuals with offshore accounts provide details and list them on tax returns. Rules governing trusts would be "significantly strengthened" to prevent the true beneficiaries from hiding front entities.“This bill offers foreign banks a simple choice – if you wish to access our capital markets, you have to report on U.S. account holders,” said Rangel, in a statement posted on the committee's homepage. “I am confident that most banks will do the right thing and help to make bank secrecy practices a thing of the past.”It never ceases to amaze me how these kings of corruption continue to live above the law and take no responsibility for their actions. Welcome to your government.
Punching Stupid and Evil in the Face Since 1986!
"We are on strike, we the men of the mind. We are on strike against self-immolation. We are on strike against the creed of unearned rewards and unrewarded duties."-John Galt
Thursday, October 29, 2009
Nothing like putting the fox in charge of the bleeding chickens. Pot? Kettle? Irony? A crime? Does anyone think this is appropriate?