Wake up America – CHCHCHanges…
My Heart Bleeds…Wake up America!
The USA continues to lead it’s charge for transparency in all tax matters, as yet another Swiss Bank is finalizing negotiations with the US Internal Revenue Service (IRS) and expects to pay a fine to US authorities as part of a deferred prosecution agreement for helping Americans evade taxes.
It appears Zurich Kantonalbank will be paying a large fine of approximately $744 million, for assisting US taxpayers in maintaining offshore undisclosed (and therefore untaxed) funds.
Since US banks are the largest player in the world for holding and managing money for foreign nationals who may not be reporting the income and assets to their own country of residence, it seems a bit ironic that US banks in Florida and Texas are up in arms and are afraid they may lose approximately $50 million worth of assets under management if the US continues with the new FATCA legislation.
When will a foreign authority step up to the plate and take to court US banks, for assisting foreign nationals evade taxes in their own home country?
Mexico, Argentina, Greece, time to wake up and smell the roses. What about the 6 million Delaware LLC’s, which are largely owned and operated by foreign nationals with foreign bank accounts?
The IRS receives informational reports on all US accounts held by US and foreign nationals. When the IRS starts sharing this information with foreign governments under the various intergovernmental agreements which are currently being negotiated and signed, more foreign nationals will see no need to continue to hold or hide their funds in the USA.
Gone are the days for anyone trying to hide funds in the USA, which means the business model for the US banking industry and other banks around the world is changing! Long gone is the “Age of Aquarius” the Fifth Dimension’s song from the musical Hair about the 60s which set forth the belief that we were entering an age of love, light and humanity.
We are now in the world of Green Day’s ‘Know your Enemy’ or David Bowie’s CHCHCHCHanges….Changes!