The Concept Of Tax Havens Explained:

August 22-2009:

The Concept Of Tax Havens Explained!

As I see it, finding a Bank somewhere globally that is willing to accept large sums of money, without questioning the depositor abut the following;

* How did he/she acquire this large sum of money in his/her possession?

* Is he/she evading his/her country's Tax Laws or requirement and submission of tax returns?

* And his/her reason for choosing this banking institution for making his/her deposits.

The Banks Responsibilities:

Most banks that deal with foreign clients with large sums of deposits, aught to have rules pertaining to such transactions. And both parties

MUST agree to abide by these rules and regulations also.

However, in the current quest to deal with Global Tax Evasion and

Transparency for Banks, it is incumbent upon banks to do the following.

* When asked by a foreign country's authorities to submit upon request, and in reasonable time, the bank account deposits and saving of a certain client. That bank MUST comply with that request, or face litigation for non-compliance.

* No bank is expected to surrender any information to any foreign or local government authority, that is not related specifically to Tax Evasion concerns of that client. And such request MUST comply with certain pre-established rules for providing such information about any client of any banking institution.

* Furthermore, any foreigner could still deposit or bank large sums of money abroad, because in many cases it could be a lucrative investment for all concerned.

But any depositor who so choose to do banking globally, MUST acknowledge that he/she is expected to comply with any request concerning taxes, if that situation arises.

Derryck.
NYC.

President Obama Pushes Back Immigration Reform!

August 11-2009:

 Obama Pushes Immigration Reform Back!

A Comprehensive Immigration Bill NOW!

This delay by president Obama on Comprehensive Immigration Legislation, bothers me greatly.

I understand that the current economic and un-employment crisis nationally, may be cause for president Obama to take a 'Hands Off' position on Immigration Legislation right now.

But what I fear the most, is that if or when he is re-elected in his second term, Immigration Legislation will be done hurriedly, and the end result will be of little or no benefit to most of us, who are waiting in line for decades Legally.

And we would have lost YET another attempt at getting A Credible Comprehensive Immigration Bill passed by The Democrats once more.

Derryck.
NYC.