Why do people keep talking about Romney and his Swiss bank account?


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Don't worry, I'm not a Romney fan, I like Ron Paul and Barak Obama. But I don't get what's so special about the Swiss bank accounts?


Answer (5):

Punk Rock and Minerals

because he is sending money out of the country where it won't benefit the economy not only that but that money in Swiss bank accounts is not taxed, meaning we have to make up the difference

Garryq

Because they don't understand what a Swiss Bank is. They think it is designed to hide cash from the authorities. Swiss bankers cannot appear in court to give evidence about what funds a person has, but they cannot allow illegal transactions either.

Switzerland changed its laws after an agreement with the EU so that interest paid was reported to the appropriate national government, just like domestic banks.

Tax avoidance is not illegal in Switzerland, but tax evasion is. That means you can use the law to minimize the amount of tax you pay, but must pay whatever tax is due. US passport holders, no matter where in the world they live, must file tax returns with the IRS, and the return must include the amount of interest earned from Swiss banks. Not declaring it is a crime in the US and Switzerland.

Frank

It's part of a sc heme of cheating on your taxes. American banks have to report to the IRS. Swiss banks keep everything secret. Not everyone with Swiss bank accounts are cheating on their taxes.

jaker

Envy, class warfare. And if it is "hidden from the government" how does everyone here seem to know about but the govt doesn't?? Is the Obama administration really that inept?

C-Man

Because it's money hidden from the U.S. government.