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The United States has signed agreements with the Cayman Islands and Costa Rica to help those countries' banks comply with an anti-tax evasion law starting next year, the Treasury Department said on Friday.
The deals are part of the US effort to enforce the Foreign Account Tax Compliance Act (FATCA), which was enacted in 2010 and is set to take effect in July 2014. FATCA requires foreign financial institutions to tell the US Internal Revenue Service about Americans' offshore accounts worth more than $50,000.
The Caymans have been a popular place to store money because of the simplicity of their rules, and tax purposes of course.
I would bet that the buddies of the government elites have a place where their money is kept safe from taxes.
The United States has signed agreements with the Cayman Islands and Costa Rica to help those countries' banks comply with an anti-tax evasion law starting next year, the Treasury Department said on Friday.
The deals are part of the US effort to enforce the Foreign Account Tax Compliance Act (FATCA), which was enacted in 2010 and is set to take effect in July 2014. FATCA requires foreign financial institutions to tell the US Internal Revenue Service about Americans' offshore accounts worth more than $50,000.
The Caymans have been a popular place to store money because of the simplicity of their rules, and tax purposes of course.
I would bet that the buddies of the government elites have a place where their money is kept safe from taxes.
Since when does the govt really make a practice of taxing itself? That is for the smucks. Looked at govt investment funds lately? Accounting rules can be even handier.
Don't forget that the US has been talking about this big "crackdown" for over a year.
That year gave the wealthy time to plan and take action.
So while everyone thinks "the rich will get theirs" the freeports all over the world are installing containers to hold assets the wealthy have invested in.
Luxembourg can't install them quick enough to keep up with the incoming cargo of priceless art, jewels, etc.
They will always be one step ahead because governments are giving them plenty of time to find a new "safe haven".
Freeports: Über-warehouses for the ultra-rich | The Economist
The world’s rich are increasingly investing in expensive stuff, and “freeports” such as Luxembourg’s are becoming their repositories of choice. Their attractions are similar to those offered by offshore financial centres: security and confidentiality, not much scrutiny, the ability for owners to hide behind nominees, and an array of tax advantages. This special treatment is possible because goods in freeports are technically in transit, even if in reality the ports are used more and more as permanent homes for accumulated wealth. If anyone knows how to game the rules, it is the super-rich and their advisers.
If you read the article it states that he invested in funds that are headquartered in the Caymans.
That is quite different than a bank account in the Caymans.
And the article goes on about Bain Capital which he is no longer running.
And by now, almost 2 years later, I'm sure those companies running the funds have made changes.
Do you honestly think the uber wealthy, which Romeny is not, are just going to sit around and do nothing and let the US "come after their money" ? Do you think they've been listening to a year of "We're coming after you" and did nothing ?
In each and every case the US talking heads give them plenty of time to move their wealth before the "crackdown" starts.
I'm sure the super-wealthy are three steps ahead of the government on this. They probably found a new way to hide their money or a new country to invest in.
I'm sure the super-wealthy are three steps ahead of the government on this. They probably found a new way to hide their money or a new country to invest in.
Is it their money?
Are they breaking the law?
Those are the only two questions I have. Anything beyond that is none of my, nor anyone else's, effing business.
I'm sure the super-wealthy are three steps ahead of the government on this. They probably found a new way to hide their money or a new country to invest in.
I posted a link. They are buying assets, tapestries, art, jewels and storing them in freeports all over the world.
Freeports are tax havens because they are not taxed. Goods in freeports are goods in "transit".
Other countries are doing the same and some are holding gold bullion now.
I also read they buy and sell with cash (no records) so that would mean they are also keeping a lot of money "at home".
LOL..the rich ARE keeping their money under the mattress
The USG isn't that stupid although we are that gullible.
They don't bite the hand the feeds them.
Would you turn in your Sugar Daddy knowing that once you do you are left to fend on your own ?
And ? Do you think Bain is the only company in the US that ever got USG favoritism ?
Give it a rest already. And it was you that dragged Romney and Bain into this.
Why not also comment on Jack Lew and his Cayman investments ? It it ok for Dems to do it but not Repubs ?
Romney is only worth $250 million. If you think that is uber wealthy then you have some more reading to do.
This law passed in 2010. Sure they will get some but not the ones you think.
I would bet that the buddies of the government elites have a place where their money is kept safe from taxes.
If not, then they should seriously consider Fiji. That's where the Kennedy's have socked away their dough for generations.
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