Victory for Fiscal Sanity (IRS and DU loses again)

[The Village Idiot]

http://biggovernment.com/2010/01/23/a-victory-for-fiscal-sovereignty-and-a-long-overdue-defeat-for-the-irs/

A Swiss court just threw a wrench in the gears of an IRS effort to impose bad US tax law on an extraterritorial basis, ruling that UBS does not have to hand over data to the American tax authorities.

This ruling nullifies an agreement that the Swiss government was coerced into making with the US government last year. In typical arrogant fashion, the IRS already has indicated that it still expects acquiescence, notwithstanding Switzerland’s strong human rights policy on personal privacy. The Bloomberg story excerpted below has the details, but it’s worth noting that this entire fight exists solely because the internal revenue code imposes double taxation on income that is saved and invested and imposes that bad policy on economic activity outside America’s border. But just as other governments should not have the right to impose their laws on things that happen in America, the United States should not have the right to trample the sovereignty of other nations:

Much much more at the link

[rich_t]

Outstanding!

[Spirit of Ronald Reagan]

Maybe the Swiss should send the irs a gift as a peace offering.  Some of their famous chocolate coated around triple strength Ex-lax would seem fitting.

[DumbAss Tanker]

I don't have much sympathy for the people the IRS is after, but I like the whole extraterritoriality kick our government's been on since the Clinton administration much less, so good, I'm glad the Swiss court told them pack sand.

The fundamental problem with the whole thing is that by claiming our law can reach out anywhere because something in another country 'Affects' our national interests can be turned right back around on us by 200 other countries with their own axes to grind.  The worldwide pervasive impact of US commerce and national security interests opens up everyone in the US to suits or prosecution in foreign courts for any weird bullshit they want to make up and pass as laws.

[Lacarnut]

Good for the Swiss court. Many of those that have hidden income (not paid taxes on) have already voluntarily fessed up and paid their taxes. They avoided going to prison for tax evasion. However, I have a big problem with the IRS/Congress critters who publicly state that anyone that has an offshore bank account is a crook. The IRS going on fishing expeditions is wrong. If they do not have any evidence of wrongdoing, banks in all countries should not hand over that information. The IRS has put a chilling effect on Americans trying to open foreign bank account. They just do not want the hassle of dealing with the American government. The IRS has even set up an office in countries like Panama. 

The IRS requires disclosures of accounts and income from foreign sources. I guess Rep. Conyers does not think the law applies to him. Anything over $600k is subject to an exit penalty. The US is the only country in the world that you have to keep paying Uncle Sam if you retire permanently in another country. 

[JohnnyReb]

I don't have much sympathy for the people the IRS is after, but I like the whole extraterritoriality kick our government's been on since the Clinton administration much less, so good, I'm glad the Swiss court told them pack sand.

The fundamental problem with the whole thing is that by claiming our law can reach out anywhere because something in another country 'Affects' our national interests can be turned right back around on us by 200 other countries with their own axes to grind.  The worldwide pervasive impact of US commerce and national security interests opens up everyone in the US to suits or prosecution in foreign courts for any weird bullshit they want to make up and pass as laws.

...and that was probably Obama's aim or purpose...destroy America anyway he can.