Comment: If you think that is bad,

(See in situ)


If you think that is bad,

if you are a US citizen with a brokerage account in certain countries where there is banking secrecy and the bank refuses by local law to divulge anything about your transactions to the US IRS, they withhold 30% of the sales proceeds from any US transaction such as stock sales on US exchanges, and won't even give you credit for the amount withheld, even if you report the sale on your US tax return. You could have even had a loss on the trade and owe no income tax, but they still withhold 30% of the gross proceeds and you are screwed.

This is grand theft compared to Cyprus.

"Bend over and grab your ankles" should be etched in stone at the entrance to every government building and every government office.