http://www.youtube.com/watch?v=F7vY38mp5NY
To the average tax payer, who hates paying taxes but bites the bullet and does it, Wesley Snipes' greed is unfathomable. During the three years in which he didn't pay taxes, Snipes made more than $13 million acting in various movies and doing public appearances. Out of that $13 million, he owed the IRS $2.7 million. Sure, that's a lot of money but still leaves him with $10.3 million, a sum most of us won't see in a lifetime. So, why did he think it was remotely acceptable that he not only didn't pay his fair share, but tried to hide the money, lied about it then attempted to blame someone else for his actions? And why do his lawyers say the three year jail sentence Snipes was given was "unreasonable"?
And for those unbelievable setups for hiding your money, there are better legitimate options to reduce your taxes. Concealing your income in an offshore bank account is not accounted as one of them.
offshore banking is when an individual opens a bank account in a country where there is low or no tax at all. Your saving and earning are protected and will not be eaten up by tax that you have to pay. This is very advantageous especially if you want to save money. Yes, it is legal in most countries so you can consider this option.
Effectively, this law and other's have put increasing burdens of proof on not only the wealthy, but the less well heeled individual citizens as well. The annual reporting requirement for any person with $10,000 or more in offshore banks deposits or financial instruments has created additional problems even for those only planning to spend part of the year abroad.
This is all really about as dumb as the bank robber who walks into a different bank and asks for change with the alarm dye soaked into his money. I guess in Paris Hilton's case, it must have been the maid's day off.
overseas bank, offshore debit card, pay taxes
