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I think that a large amount of the money will be in fees and penalties, and interest charged on the penalties. Who knows how many years these people had these accounts?
Thats true.. the penalties are probably pretty deep, but wow, $135K average taxbill.. thats pretty high.
If anything, this should expose the fact that the US is the only country in the world to tax one's domestic and foreign income. Unfortunately, Americans are too dumb to know or care. Hey, when's Dancin' with the Stars on?
Thats true.. the penalties are probably pretty deep, but wow, $135K average taxbill.. thats pretty high.
I'm pretty ignorant on the whole swiss bank account set up but my guess is it is the richest of the richest that have those bank accounts. It doesn't surprise me at all that the taxbills would be that price. 1% of $10mill is $100K right there and I am assuming taxes are more than 1%, then you've got penalties and fees on top of that.
The UK for one. There are also treaties that most industrialized nations have signed on to which address the issue of double taxation for individuals. The biggest problem with these off shore accounts that are in question is that the owners haven't paid taxes anywhere or they've paid far less than what the formulas in treaties require.
The UK for one. There are also treaties that most industrialized nations have signed on to which address the issue of double taxation for individuals. The biggest problem with these off shore accounts that are in question is that the owners haven't paid taxes anywhere or they've paid far less than what the formulas in treaties require.
Nope. If you're a UK resident and hold money in the US, you aren't taxed for your gains in the US as I understand it.
From section 6.2 If you are resident in the UK, you will normally pay UK tax on all your investment
]income, wherever it arises
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