Marxist of the Week: Senator Carl Levin

ABC News along with are both reporting that Senators are outraged that Swiss banks like UBS are giving wealthy citizens in America a tax haven.

This from ABC News:

Levin said UBS practices resulted in its U.S. clients maintaining undeclared Swiss accounts that collectively held “$18 billion dollars in assets that have been kept secret from the the IRS.”

This from

“Tax havens are engaged in economic warfare against the United States and honest, hardworking American taxpayers,” said Sen. Carl Levin, D-Mich., the chairman of the subcommittee. “Today we will look at two banks that relied on secrecy and deception to hide, not just the tax avoidance schemes of their clients, but the actions they themselves took to facilitate U.S. tax evasion.”

I will be the first to say that I am perfectly fine with people putting money in foreign accounts. It is their freedom to do so. The government is trying to rein in loss revenue, when their problem is actually spending. Sure, people disobey the law then fine punish them. If it is illegal to use Swiss bank accounts to avoid taxes then it should be illegal for the government to constantly spend more money than they bring in.

So Senators control your spending and then you will be able to lower taxes. If you lower taxes it decreases the benefit of avoid taxes. See the Laffer Curve.


P.S. Thanks PCCapitalist for letting me do this weeks “Marxist of the Week”.

Published in: on July 17, 2008 at 11:41 pm  Leave a Comment  
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