futuremd
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- Jul 18, 2012
No one is saying its difficult to have a swiss bank account but a MAJOR incentive behind it is the fact that it still keeps its contents secret.The idea that a swiss bank acct is some secret acct like you see in the movies is just false and old. When you open a swiss bank account you have to file a FBAR form with the IRS which discloses the assest thus taking away this suspected great tax haven that many people believe it to be. http://www.irs.gov/businesses/small/article/0,,id=148849,00.htmlSure, it's not illegal but it's just naive to think that anyone has a Swiss bank account (except, I suppose for someone who actually lives in Switzerland) for any reason other than their renowned secrecy so you can avoid other people knowing that you have it and what's in it.
Mitt also has assets in the Caribbean which are KNOWN tax havens. In fact, the more I think about it i dont' know how swiss accounts got raised as a point of discussion.
On top of that, there was a UBS scandal a few years ago that Mitt probably got caught up in that he doesn't want to be exposed for since he has foreign accounts.
In any degree it speaks REALLY poorly of a president to have an off shore bank account.
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