U.S. tax cheats accidentally exposed by Swiss bank

[rkelly110]

I wonder if Mitt the twit is on that list.

It's a shame, we bust our asses to make a living and pay our taxes while these guys hide
money so they don't have to pay their fair share. When they do pay, it's less % than the
people who work for them. What more do they want?

[DwightShrute]

Mitt never cheated actually that I know.

Why not ask if King Obama is on the list? Or at least all Obama's buddies.

[rkelly110]

Why would I ask if 'bama is on the list? We all know Mitt has offshore accounts, supposedly all legal.
I'm sure if he gave more than two years worth of returns, there would be some questions.

Your taxes are not supposed to be public information anyway. Those on that list would not be made
public, unless leaked. Since Mitt was a presidential candidate, he's probably more protected than I.

[DwightShrute]

Why would I ask if 'bama is on the list? We all know Mitt has offshore accounts, supposedly all legal. So there ya go. Non story lol
I'm sure if he gave more than two years worth of returns, there would be some questions. You are SURE huh? You wish more like it

Your taxes are not supposed to be public information anyway. Those on that list would not be made
public, unless leaked. Since Mitt was a presidential candidate, he's probably more protected than I.

you care about the most insignificant things only because its a Republican. Guaranteed if Obama had an offshore account you wouldn't give a shit.

[PAULYPOKER]

When you guys gonna realize that Republican and Democrats are an illusion designed to keep you fighting over a divided system that does not exist?

Republican and Democrats both play for the same team.........


This is the most magnificent way to divide and conquer, in the entire history of mankind.......

[rkelly110]

you care about the most insignificant things only because its a Republican. Guaranteed if Obama had an offshore account you wouldn't give a shit.

I don't believe the article put an R or a D to the names. I used Mitt because we all know he has offshore accounts.
I guess you're still bitter he lost. That's something you will have to deal with. GL

[DwightShrute]

I don't believe the article put an R or a D to the names. I used Mitt because we all know he has offshore accounts.
I guess you're still bitter he lost. That's something you will have to deal with. GL

No actually. You still keep bringing him up. Mitt the twit how many times since the election? Sorry that you can't see how in love you are with Obama but I see it.

[FreeFall]

[QUOTE=rkelly110;18090118]I wonder if Mitt the twit is on that list.

It's a shame, we bust our asses to make a living and pay our taxes while these guys hide
money so they don't have to pay their fair share. When they do pay, it's less % than the


just because you sound uninformed let me inform you. I'm going to use extremes to demonstrate my point.

Rich Man has 1 Billion
Poor Man has 100 thousand

Poor Man Pays %10. Rich man pays 1%.

Rich Man pays 1,000,000,000 * .01 = $10,000,000
Poor Man pays 100,000 * .1 = $10,000

Who paid more in taxes?

[PAULYPOKER]

just because you sound uninformed let me inform you. I'm going to use extremes to demonstrate my point.

Rich Man has 1 Billion
Poor Man has 100 thousand

Poor Man Pays %10. Rich man pays 1%.

Rich Man pays 1,000,000,000 * .01 = $10,000,000
Poor Man pays 100,000 * .1 = $10,000

Who paid more in taxes?

The poor man....

the rich man did not pay his equal share,which would be a total of $100,000,000..........

[DwightShrute]

Our Tax System - A Must Read for Americans and Canadians

Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like below.

The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh would pay $7.
The eighth would pay $12.
The ninth would pay $18.
The tenth man (the richest) would pay $59

The ten men drank in the bar every day and were quite happy with the arrangement. One day, the owner said, "Since you are all such good customers, I'm going to reduce the cost of your daily beer by $20". Drinks for the ten men would now cost just $80.

The group still wanted to pay their bill the way we pay our taxes. So the first four men were unaffected. They would still drink for free. But what about the other six men ? How could they divide the $20 windfall so that everyone would get his fair share?

They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to drink his beer. The bar owner suggested that it would be fair to reduce each man's bill by a higher percentage the poorer he was. This followed the principle of the tax system they had been using, and he proceeded to work out the amounts he suggested that each should now pay

The fifth man, like the first four, now paid nothing (100% saving).
The sixth now paid $2 instead of $3 (33% saving).
The seventh now paid $5 instead of $7 (28% saving).
The eighth now paid $9 instead of $12 (25% saving).
The ninth now paid $14 instead of $18 (22% saving).
The tenth now paid $49 instead of $59 (16% saving).

Each of the six was better off than before. And the first four continued to drink for free. Once outside the bar, the men began to compare their savings.

"I only got a dollar out of the $20 saving," declared the sixth man. He pointed to the tenth man,"but he got $10!"
"Yeah, that's right," exclaimed the fifth man. "I only saved a dollar too. It's unfair that he got ten times more benefit than me!"
"That's true!" shouted the seventh man. "Why should he get $10 back, when I got only $2? The wealthy get all the breaks!"
"Wait a minute," yelled the first four men in unison, "we didn't get anything at all. This new tax system exploits the poor!"

The nine men surrounded the tenth and beat him up. The next night the tenth man didn't show up for drinks. The nine sat down and had their beers without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money between them for even half of the bill!

And that, Obama, Pelosi, Reed, boys and girls, journalists and government ministers, is how our tax system works. The people who already pay the highest taxes will naturally get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas, where the atmosphere is friendlier.


David R. Kamerschen, Ph.D.
Professor of Economics.

For those who understand, no explanation is needed. For those who do not understand, no explanation is possible

[rkelly110]

I have no problem with how the tax %'s are, I do have a problem with hiding or cheating.

[irish1]

issues would present a problem, given what they characterized as the minor nature of the infractions and the gravity of the role Mr. Geithner has been nominated to take. Mr. Geithner's "service should not be tarnished by honest mistakes, which, upon learning of them, he quickly addressed," Obama press secretary Robert Gibbs said in a statement.
Senate aides said a new hearing, which promises to be contentious, was scheduled for Friday.
At the closed-door meeting, Mr. Geithner was contrite, several participants said. He told senators the mistakes weren't intentional, but that he should have known better. The Internal Revenue Service makes up by far the largest piece of the Treasury's budget.
Mr. Geithner declined to comment on any matters as he left the closed-door meeting Tuesday.
The tax issue relates to Mr. Geithner's work for the International Monetary Fund between 2001 and 2004. As an American citizen working for the IMF, Mr. Geithner was technically considered self-employed and was required to pay Social Security and Medicare taxes for himself as both an employer and an employee.
More on Geithner

• Washington Wire: Nomination Hits a Snag
• Geithner docs (From Senate Finance Committee)

The IMF and World Bank reimburse employees, including U.S. citizens, for their U.S. income taxes. They don't, however, make contributions toward Social Security and Medicare taxes, which individuals are expected to pay on their own.
In 2006, the IRS audited Mr. Geithner's 2003 and 2004 taxes and concluded he owed taxes and interest totaling $17,230, according to documents released by the Senate Finance Committee. The IRS waived the related penalties.
During the vetting of Mr. Geithner late last year, the Obama transition team discovered the nominee had failed to pay the same taxes for 2001 and 2002. "Upon learning of this error on Nov. 21, 2008, Mr. Geithner immediately submitted payment for tax that would have been due in those years, plus interest," a transition aide said. The sum totaled $25,970.
The Obama team said Mr. Geithner's taxes have been paid in full, and that he didn't intend to avoid payment, but made a mistake common for employees of international institutions. That characterization was contested by Senate Finance Republicans, who produced IMF documents showing that employees are repeatedly told they are responsible for paying their payroll taxes.
As to why Mr. Geithner didn't pay all his back taxes after the 2006 audit, an Obama aide said the nominee was advised by his accountant he had no further liability. Senate Finance aides said they were concerned either Mr. Geithner or his accountant used the IRS's statute of limitations to avoid further back-tax payments at the time of the audit.
Other tax issues also surfaced during the vetting, including the fact Mr. Geithner used his child's time at overnight camps in 2001, 2004 and 2005 to calculate dependent-care tax deductions. Sleepaway camps don't qualify.
Amended tax returns that Mr. Geithner filed recently include $4,334 in additional taxes, and $1,232 in interest for infractions, such as an early-withdrawal penalty from a retirement plan, an improper small-business deduction, a charitable-contribution deduction for ineligible items, and the expensing of utility costs that went for personal use.
The other cloud for Mr. Geithner involved an immigrant housekeeper whose work-authorization papers expired during her tenure working for Mr. Geithner. For three months, until she stopped working for the family to have a baby, the woman was working on the expired papers. An Obama aide said the woman reapplied for the papers and received them, and now resides legally in the U.S.
Mr. Geithner, 47 years old, has been a central figure in the government's efforts to tackle the housing collapse and its aftermath. He has spent most of his career managing government responses to financial crises.
His nomination was widely praised last fall. People on both sides of the aisle saw him as someone capable of carrying on the government's efforts, while also representing a fresh start.
Such issues, however, have derailed other nominations. President Bill Clinton's first and second choices for attorney general both withdrew amid allegations they failed to pay taxes for household help. President George W. Bush's first choice for Labor secretary withdrew after it emerged she had housed an illegal immigrant.

[irish1]

Ever notice that those who endorse high taxes and those who actually pay them aren’t the same people? Consider the curious case of Ways and Means Chairman Charlie Rangel, who is leading the charge for a new 5.4-percentage point income tax surcharge and recently called it “the moral thing to do.” About his own tax liability he seems less, well, fervent.
Exhibit A concerns a rental property Mr. Rangel purchased in 1987 at the Punta Cana Yacht Club in the Dominican Republic. The rental income from that property ought to be substantial since it is a luxury beach-front villa and is more often than not rented out. But when the National Legal and Policy Center looked at Mr. Rangel’s House financial disclosure forms in August, it noted that his reported income looked suspiciously low. In 2004 and 2005, he reported no more than $5,000, and in 2006 and 2007 no income at all from the property.
The Congressman initially denied there was any unreported income. But reporters quickly showed that the villa is among the most desirable at Punta Cana and that it rents for $500 a night in the low season, and as much as $1,100 a night in peak season. Last year it was fully booked between December 15 and April 15.
Mr. Rangel soon admitted having failed to report rental income of $75,000 over the years. First he blamed his wife for the oversight because he said she was supposed to be managing the property. Then he blamed the language barrier. “Every time I thought I was getting somewhere, they’d start speaking Spanish,” Mr. Rangel explained.
Mr. Rangel promised last fall to amend his tax returns, pay what is due and correct the information on his annual financial disclosure form. But the deadline for the 2008 filing was May 15 and as of last week he still had not filed. His press spokesman declined to answer questions about anything related to his ethics problems.
Besides not paying those pesky taxes, Mr. Rangel had other reasons for wanting to hide income. As the tenant of four rent-stabilized apartments in Harlem, the Congressman needed to keep his annual reported income below $175,000, lest he be ineligible as a hardship case for rent control. (He also used one of the apartments as an office in violation of rent-control rules, but that’s another story.)
Mr. Rangel said last fall that “I never had any idea that I got any income’’ from the villa. Try using that one the next time the IRS comes after you. Equally interesting is his claim that he didn’t know that the developer of the Dominican Republic villa had converted his $52,000 mortgage to an interest-free loan in 1990. That would seem to violate House rules on gifts, which say Members may only accept loans on “terms that are generally available to the public.” Try getting an interest-free loan from your banker.
The National Legal and Policy Center also says it has confirmed that Mr. Rangel owned a home in Washington from 1971-2000 and during that time claimed a “homestead” exemption that allowed him to save on his District of Columbia property taxes. However, the homestead exemption only applies to a principal residence, and the Washington home could not have qualified as such since Mr. Rangel’s rent-stabilized apartments in New York have the same requirement.
The House Ethics Committee is investigating Mr. Rangel on no fewer than six separate issues, including his failure to report the no-interest loan on his Punta Cana villa and his use of rent-stabilized apartments. It is also investigating his fund raising for the Charles B. Rangel Center for Public Service at City College of New York. New York labor attorney Theodore Kheel, one of the principal owners of the Punta Cana resort, is an important donor to the Rangel Center.
All of this has previously appeared in print in one place or another, and we salute the reporters who did the leg work. We thought we’d summarize it now for readers who are confronted with the prospect of much higher tax bills, and who might like to know how a leading Democrat defines “moral” behavior when the taxes hit close to his homes.

[irish1]

Harry Reid not releasing his own tax returns


Conservatives are accusing Reid of hypocrisy for his attacks on Romney. | AP Photos
Close



By DARREN GOODE and JONATHAN ALLEN | 8/6/12 6:52 PM EDT

LAS VEGAS — Senate Majority Leader Harry Reid again deflected questions Monday about releasing his tax returns, even as he continued to pound the demand for Mitt Romney to make more of his own public.
Instead, Reid pointed to the financial disclosure forms he files as a member of Congress, which provide different information.
Continue ReadingText Size




“I’m a member of Congress now, I don’t make too much money,” said Reid, whose net worth was estimated at $10 million in 2010. “But it’s all listed every year.”
(Also on POLITICO: Reid's chief denounces 'cowards')
Reid spokesman Adam Jentleson told POLITICO last week that the majority leader will not release his tax returns, writing: “He’s not running for president. … He has of course released more than 30 years of detailed [personal finance disclosures]. There is exponentially more information available to the public about Sen. Reid’s financial life than there is about Mitt Romney’s.”
Conservatives have begun accusing Reid of hypocrisy for his attacks on Romney. And the Las Vegas Review-Journal — in a somewhat different context — on Monday resurrected a 1974 statement in which Reid said: “Any man or woman who will not be completely candid about his or her finances does not deserve to be in public office.”
Asked about that statement at a news conference Monday in Nevada, Reid responded: “In 1974, I wasn’t in Congress.
“All you have to do is go look,” he added. “I file every year, every stock trade, every piece of land I buy, all the money I have, it has the value of my homes, it’s got it all there.”

[irish1]

JUST ANOTHER ONE OF THOSE RULES ARE FOR YOU NOT FOR ME KIND OF GUYS!!!!!!!!!!!!!!!!!!!!!!!!!Bumps in the Road: Obama’s HHS Secretary Nominee Faces Tax Questions Over Car and Driver










n 30, 2009 6:29pm
ABC News has learned that the nomination of former Senator Majority Leader Tom Daschle, D-S.D., to be President Obama’s secretary of health and human services has hit a traffic snarl on its way through the Senate Finance Committee.
The controversy deals with a car and driver lent to Daschle by a wealthy Democratic friend — a chauffeur service the former senator used for years without declaring it on his taxes.
It remains an open question as to whether this is a "speed bump," as a Democratic Senate ally of Daschle put it, or something more damaging.
After being defeated in his 2004 re-election campaign to the Senate, Daschle in 2005 became a consultant and chairman of the executive advisory board at InterMedia Advisors.
Based in New York City, InterMedia Advisors is a private equity firm founded in part by longtime Daschle friend and Democratic fundraiser Leo Hindery, the former president of the YES network (the New York Yankees’ and New Jersey Devils’ cable television channel).
That same year he began his professional relationship with InterMedia, Daschle began using the services of Hindery’s car and driver.
The Cadillac and driver were never part of Daschle’s official compensation package at InterMedia, but Mr. Daschle — who as Senate majority leader enjoyed the use of a car and driver at taxpayer expense — didn’t declare their services on his income taxes, as tax laws require.
During the vetting process to become HHS secretary, Daschle corrected the tax violation, voluntarily paying $101,943 in back taxes plus interest, working with his accountant to amend his tax returns for 2005 through 2007.
(Daschle reimbursed the IRS $31,462 in taxes and interest for tax year 2005; $35,546 for 2006; and $34,935 for 2007, a Daschle spokesperson said, adding that Daschle had asked his accountant to look into the tax implications of the car and driver five months before Obama won the presidency.)
The Daschle spokesperson told ABC News that the senator, facing questions from the committee, has said "he deeply regretted his mistake. When he realized it was a mistake he corrected it rapidly."
The chairman of the Senate Finance Committee, Sen. Max Baucus, D-Mont., has called his colleagues for a private meeting at 5 p.m. ET Monday to discuss these complications surrounding Daschle’s nomination.
In the meantime, the White House and Democratic allies are coming to Daschle’s defense.
"The president has confidence that Sen. Daschle is the right person to lead the fight for health care reform," White House deputy press secretary Bill Burton said. "In preparation for his nomination, Sen. Daschle and his accountant identified some tax issues and fixed them. They filed amended return with the IRS and made payments with interest. Sen. Daschle brought these issues to the Finance Committee’s attention when he submitted his nomination forms and we are confident the committee is going to schedule a hearing for him very soon and he will be confirmed."
Jim Manley, a spokesman for Senate Majority Leader Harry Reid, D-Nev., added: "Sen. Daschle will be confirmed as secretary of health and human services. He has a long and distinguished career and record in public service and is the best person to help reform health care in this country."
But House Republicans attending a retreat in Hot Springs, Va. also were buzzing about the news of Daschle’s tax problems.
In a speech to his fellow Republican House members, Rep. Eric Cantor, R-Va., compared Daschle’s issue with the tax problems that hindered the confirmation of Treasury Secretary Timothy Geithner and those of Rep. Charles Rangel, D-N.Y., who is embroiled in a controversy over payment of taxes on a beachfront villa in the Dominican Republic.
"A pattern is developing," Cantor said. "The pattern is solidified. … It’s easy for the other side to sit here and advocate higher taxes because — you know what? — they don’t pay them."
This is the second Cabinet nominee of President Obama’s to face questions of tax malfeasance. Geithner paid more than $34,000 in taxes during his vetting process for income earned at the International Monetary Fund. Earlier, Commerce secretary nominee Bill Richardson withdrew his name from consideration after reports of a federal investigation involving whether his office engaged in "pay to play," a charge Richardson denied.
The spokesperson said, by way of explaining how it was this happened: "In 2005, Sen. Daschle’s close friend Leo Hindery, who lives in New York, offered him the use of a car and driver in Washington when he was not using it. That same year, they began a formal business relationship where he was an independent consultant and chairman of the external advisory board to InterMedia Advisors. The car was not provided as part of his compensation. So it never occurred to him that it should be considered income. The senator simply and probably naively considered its use a generous offer by a longtime friend."
Hindery did not have any comment. Daschle has personally refrained from commenting.
Daschle came before the Senate Health Education Labor and Pensions Committee for a hearing on Jan. 8, 2009, and it was a veritable love-in, with the respected former colleague praised to the high heavens.
But staffers at the Senate Finance Committee are generally a little more exacting — witness the stormy weather faced by Treasury Secretary Tim Geithner for his back-tax snafus — and they have been delving into the issue and exploring all the ramifications before holding a committee vote on his nomination.
The Daschle spokesperson insisted that the former senator is the one who should get credit for discovering, fixing and disclosing the tax issue.
"In June 2008, Sen. Daschle mentioned the use of the car to his personal accountant and asked him if there were any potential tax consequences," the spokesperson said. "His accountant said that there could be tax consequences and said he was going to fix them as part of Daschle’s 2008 filing. So when he got down to vetting, Sen. Daschle decided to amend his returns for 2005, 2006 and 2007, and he paid all the taxes. At the urging of Daschle, the accountant was very conservative in his estimates."
Regardless of how the information came to light, a spokeswoman for Sen. Chuck Grassley, R-Iowa, the ranking Republican on the Senate Finance Committee, said the public should be aware.
"Sen. Grassley’s position for this nomination is the same as it has been for every other nomination processed by the Finance Committee since 2001, that all relevant information about a nominee must be made public in order for the confirmation process to go forward in the committee," the spokeswoman said. "The public’s business ought to be public, and committee members must weigh all the facts of a nominee’s record."
Daschle has long been one of President Obama’s closest advisers, so it was no surprise when the mild-mannered pol was named Obama’s nominee to be HHS secretary shortly after Obama won election; his official nomination came Dec. 11, 2008.
Should Daschle have difficulty being confirmed — a prospect that seems unlikely given the benefit of the doubt senators frequently extend to one another, not to mention the Senate’s Democratic majority — he doesn’t have to worry about finding another job in the administration, since President Obama has also appointed him to serve as director of the new White House Office on Health Reform.
– Jake Tapper, with reporting by ABC News’ Jonathan Karl

[rkelly110]

“He’s not running for president. … He has of course released more than 30 years of detailed [personal finance disclosures]. There is exponentially more information available to the public about Sen. Reid’s financial life than there is about Mitt Romney’s.”

“All you have to do is go look,” he added. “I file every year, every stock trade, every piece of land I buy, all the money I have, it has the value of my homes, it’s got it all there.”

Where's the hypocrisy?

[irish1]

Given all the talk about Obama's nominees and their problems paying taxes, you might believe these issues are confined to inside-the-beltway Democrats. Apparently not.
This piece in today's Politico suggests Democratic congressional candidate Scott Murphy (NY-20) has some tax problems of his own. Murphy will face New York Assembly Minority Leader Jim Tedisco in a special election to fill the seat vacated by Kirsten Gillibrand who was recently appointed to the Senate. Politico writes this:
"Murphy has been the Democratic nominee for less than a week, but already he finds himself on the defensive for not paying thousands of dollars in taxes on a start-up computer software company he owned more than a decade ago."
Democrat Murphy seems out of step with the standard set recently by White House press secretary Robert Gibbs said this about two Obama nominees that withdrew due to non-payment of taxes. Here's Gibbs:
“I think they both recognized that you can't set an example of responsibility but accept a different standard in who serves. They both decided and recognized that their nominations would distract from the important goals and the critical agenda that the president put forward.”
The Democrats' tax problems are part of a growing narrative taking root among Republicans. For example, Rep. Eric Cantor (R-VA) said this recently at the GOP retreat last weekend according to Politico:
It’s easier for the other side to advocate for higher taxes because you know what?” Cantor asked the crowd.“They don’t pay ‘em,” the crowd hollered back in unison.
Not a great start for the Democrats in NY-20, a seat many believe is a toss-up

[rkelly110]

During the vetting process to become HHS secretary, Daschle corrected the tax violation, voluntarily paying $101,943 in back taxes plus interest, working with his accountant to amend his tax returns for 2005 through 2007.

No different than Geisinger. Looks like those accountants need to be fired.

[irish1]

harry reid is a pos, says "I'm a member of congress now I don't make that much money". His net worth is over 10 million. He said he claimed every stock trade, every piece of land he buys, all the money he has(10 million) and all the homes he has. Boy! he sure has alot and I think he should show the voting public all of his tax returns. I guarantee you there are taxes that pos is hiding!!! I thought all the rich guys were republicans.

[irish1]

[QUOTE=rkelly110;18164302]During the vetting process to become HHS secretary, Daschle corrected the tax violation, voluntarily paying $101,943 in back taxes plus interest, working with his accountant to amend his tax returns for 2005 through 2007.

No different than Geisinger. Looks like those accountants need to be fired.[/QUOTE voluntarily my ass! Are you saying he deserves respect for doing that? He is another pos who got caught and paid it back so he wouldn't have to resign.

[rkelly110]

When all else fails and you're on the losing end of the stick, divert, change the subject and blame the other guy.
Make them look worse than yourself, but the mirror doesn't lie.

[irish1]

anyway they are all thieves, lowlifes and scumbags. When the dollar is worth nothing even they will have nothing!!!!

[rkelly110]

When Jesus Christ returns and runs for office, you might have a perfect candidate. We ALL are with sin.
Politicians are the scum of the earth, like you said. We all know that, but to have politicians call the kettle
black while they are the same color is funny as hell.

[irish1]

[DwightShrute]

[irish1]

Link Not Working - Removed-)

[DwightShrute]

And if you ever wondered who exactly pays the salaries of two of the most important people in the world, here's your answer: The president is paid by an agency of the Department of Defense (the Defense Finance and Accounting Service), while the vice president is paid by the U.S. Senate

actually they are payed by the American Taxpayer

[irish1]

What about his books or did they just stop selling?

[muldoon]

What about his books or did they just stop selling?

It's part of his return. Took about 8 seconds to find out.

I'm sure you would have found out when professional apologist for the pedo's Bill Donahue sent you the next newsletter.

[irish1]

I guess your alright with hussein paying an 18.4 tax rate while you 28-35%. Oh, can't wait for my newsletter and i get the next two months free.