Monthly Archives: July 2013

If You Are A Baby Boomer, You Will Go Bankrupt—If You Stay In America

"If you could get an 87% discount on your health care, would you take it? Or would you deliberately stand pat, pay 100%—and go broke? The answer is obvious. So if you cannot afford health care in the United States—or realize that, in the not-too-distant future, you won’t be able to afford it—then the smart move if you are living on a fixed income (or will be soon) is to try to look for a place where health care costs are manageable. A place where you can receive your pension or Social Security check or annuity or whatever, and yet not be afraid that you are one medical emergency away from losing your house and all your money." Continue reading →

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Anonymous predicts demise of Corrections Corporation of America

"A final, interesting facet of the report - analyzing a recent development that's been little discussed among advocates - was its dissection and critique of the company's decision to become a 'real estate investment trust' (REIT) as essentially a tax dodge. Find below the jump a substantial excerpt (citations omitted) from the report explaining CCA's REIT strategy and the implications for their business model, shareholders and taxpayers." Continue reading →

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Clapper On Clapper Off

"James Clapper from the National Security Agency (NSA) lied to Congress and the American people when he testified before Congress that the NSA doesn't spy on millions of American citizens. As a result of the actions of whistleblower Ed Snowden, we know now that the NSA does indeed illegally and unconstitutionally spy on millions of American citizens." Continue reading →

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Rights groups challenge widespread Internet spying in France

"Lawyers said the International Federation of Human Rights (FIDH) and the Human Rights League would file the ‘complaint against X’ in Paris. Under French law, such complaints allow investigators to pursue a wide-ranging probe that does not target any particular individual or company. Daoud told France Info radio the complaint was aimed at determining whether 'the companies made their servers available to the FBI and NSA' for collection of personal data. If so, he said, the companies could face criminal charges in France of violating data protection and privacy rules." Continue reading →

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U.S. to deliver F-16 fighters to Egypt despite recent upheaval

"The United States is pressing ahead with plans to deliver four F-16 fighters to Egypt despite a military coup against President Mohammed Morsi. 'It’s still the status quo,' the official, who spoke on condition of anonymity, told AFP. There was no decision to halt the scheduled transfer of the warplanes or to cut off other security assistance to Egypt, the official said, even though the US government has announced a review of all aid to Cairo. The State Department said previously planned assistance would continue to flow to Egypt. 'We’re still paying our bills, of course, and all of the programs are still moving forward,' spokeswoman Jen Psaki told reporters." Continue reading →

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Phone companies earn big profits as Uncle Sam’s wiretapping merchants

"AT&T and Verizon are the two carriers making the most off this scheme, CBS notes, but others are getting in on the action as well. Verizon is particularly pricey, charging the government $775 to connect a wiretap, and another $500 every month it stays connected. AT&T comes in second with a $325 activation fee, along with a $10-a-day running tab. Smaller carriers like Cricket are said to charge around $250 per connection. Smaller fees were associated with text messages, but emails were largely given away for free." Continue reading →

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Beauty Offshore: A Caribbean Passport For A Chinese Restaurateur

"When Zhang Lan decided last year to file for an IPO in Hong Kong for her restaurant group South Beauty, she reorganized her holdings under an entity in the Cayman Islands. However, she didn’t just move her company offshore. She did the same to herself, applying for fast-track citizenship in the Caribbean state of St. Kitts & Nevis (pop. 50,000) under an investment scheme. Three months later a passport was delivered to her office in Beijing. In June 2012 Zhang filed for a share offering in Hong Kong as the foreign principal of South Beauty Investment Co. Ltd., a Cayman-registered company that earns its revenues in mainland China." Continue reading →

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Will IRS Find Your Small Foreign Bank Account?

"FBAR penalties can be enormous, a civil penalty of $10,000 for each non-willful violation. If your violation is willful, the penalty is the greater of $100,000 or 50% of the amount in the account for each violation. Each year you didn’t file is a separate violation. Criminal penalties are even more frightening, including a fine of $250,000 and 5 years of imprisonment. If the FBAR violation occurs while violating another law (such as tax law, which it often will) the penalties are increased to $500,000 in fines and/or 10 years of imprisonment. Many violent felonies are punished less harshly." Continue reading →

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Why marijuana taxes are such a burning question

"In November, Colorado voters will decide on a proposed 15% excise tax, plus a 10% state sales tax, on all retail cannabis sales. In addition, Denver might levy its own 5% tax on pot sales made within the city. City officials say that 5% tax, along with other fees and state revenue, could add over $9 million annually to Denver's coffers. But advocates for legal marijuana say excessive taxes will drive people away from state-controlled cannabis and back to the black market. 'When you start thinking about it, in terms of what that's going to do to the cost to the consumer for cannabis, it's pretty ridiculous,' says Westword, Denver's weekly alternative paper." Continue reading →

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Shanghai sees global status via new free-trade zone

"Under the plan, endorsed by the State Council on Wednesday, Shanghai is expected to allow companies to freely convert foreign exchange within specified areas of the city while allowing free capital and commodity inflow for the entire city. Mayor Yang Xiong said Shanghai’s future hinged on the free trade zone, which could give the city a leg-up over rivals. Shanghai’s ambitions to become the nation’s economic engine, leapfrogging Hong Kong as the dominant financial hub in the region are an open secret. The long-awaited policy incentive granted by the cabinet will only add heft to the city’s attempts to attract global capital and talent." Continue reading →

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