Alternative News

Luxembourg says No to new EU tax law

"Luxembourg, one of the EU's smallest but richest countries, has said No to a new law against tax evasion. The European Commission has been trying to update its anti-tax-fraud legislation for the past eight years. Its 2005 law forces member states to automatically exchange information on EU nationals' deposits in other European Union countries. But it contains gaps on income received via investment funds, pensions, trusts and foundations. It also contains a big hole on Austria and Luxembourg. The two financial centres are exempt from automatic exchange until such time as five non-EU tax havens - Andorra, Liechtenstein, Monaco, San Marino and Switzerland - agree to it as well." Continue reading →

Continue ReadingLuxembourg says No to new EU tax law

Total U.S. Public Debt Now Eclipses GDP

"We previously warned of what can transpire when desperate governments are no longer able to shoulder unbearable debts. As one can see in the chart above, total public debt in the United States recently crossed the proverbial Rubicon and now equals 104.95% of GDP. As if this weren't alarming enough, the Fed's official figures – which were used to create the chart above – do not include the nation's swelling, yet politically untouchable unfunded liabilities, namely Medicare and Social Security. When these figures are plugged in to the equation, the US's public debt level skyrockets to astronomical heights." Continue reading →

Continue ReadingTotal U.S. Public Debt Now Eclipses GDP

South Korea Toughens Up Rules On Overseas Accounts

"In a bid to reduce the incidence of tax evasion, the National Tax Service (NTS) is to impose heavier fines on those South Korean residents who are found to hold substantial unexplained financial accounts in overseas jurisdictions. Beginning next year, South Koreans with overseas financial accounts worth more than KRW1bn (USD896,000) will be obligated to report the assets, and to explain the sources of the funds. Failure to do so will result in a 10 percent fine, which will be even greater if the source is found to be the result of tax evasion. The NTS's plans are included within the Government's new proposals to raise additional tax revenue for its welfare programs by improving tax compliance." Continue reading →

Continue ReadingSouth Korea Toughens Up Rules On Overseas Accounts

Banker Groups Sue Treasury, IRS Over Account Reporting Rule or (DATCA)

"Two banker groups sued the U.S. challenging rules that require financial institutions to report information on accounts held by nonresident aliens that may be shared with 72 foreign governments. The Texas Bankers Association and the Florida Bankers Association, in a lawsuit filed today against the Treasury Department and the Internal Revenue Service in federal court in Washington, said the rules are discouraging investment in the U.S. by nonresidents who fear their information may be shared with the governments of countries including Egypt, Pakistan and Venezuela." Continue reading →

Continue ReadingBanker Groups Sue Treasury, IRS Over Account Reporting Rule or (DATCA)

How the IRS Violates Legal Tender Laws

"One would think that it is more costly to deal with non-cash methods of payment. In any case, the last time I checked, the Federal Reserve Notes in my wallet all still bore the notice, 'This note is legal tender for all debts public and private' This means that they cannot be refused by the creditor for repayment of a debt previously incurred–especially not for payment of taxes, which are the pre-eminent 'public debt.' While the IRS may not be strictly in violation of legal tender laws, because one can still use cash to pay at some IRS offices, its anti-cash policy is just another tactic in the Federal government’s relentless war to stamp out cash payments." Continue reading →

Continue ReadingHow the IRS Violates Legal Tender Laws

U.S. Government Watchdog Agency Urges IRS to Intensify Offshore Efforts

"A much larger number of what the IRS calls 'recalcitrant' account-holders chose another route. Instead of entering a voluntary disclosure program, they simply started reporting their foreign accounts, without paying penalties or interest. Such taxpayers avoid paying any delinquent taxes, interest, or penalties, unless audited. Evidence of an explosion in quiet disclosures comes from the fact the number of people filing FBAR forms nearly doubled from 281,000 in 2007 to 516,000 in 2010. The agency has urged the IRS to examine closely these first-time filers for disclosure violations in earlier years. And, the IRS has promised to do just that." Continue reading →

Continue ReadingU.S. Government Watchdog Agency Urges IRS to Intensify Offshore Efforts

Voluntary Tax Disclosure Programs Correlated With U.S. Citizenship Renunciations

"'It’s quite clear from the data that the number of people renouncing their citizenship shoots up at the same time that the IRS began the Offshore Voluntary Disclosure Programs. Then, the number of people renouncing citizenship decreases at the same time that the Streamlined program is announced – which gives US citizens living abroad a less cumbersome way to catch up on back taxes, but then it shoots up again when the FATCA rules start to kick in and people find that the bank they have worked with for 20 years is closing their account because they are a US citizen' said David McKeegan of Greenback Expat Tax Services, a tax preparation company." Continue reading →

Continue ReadingVoluntary Tax Disclosure Programs Correlated With U.S. Citizenship Renunciations

The Empire’s Next Effort to Extract Your Wealth

"Since before the tech bust, we’ve been suggesting that while Americans 'think' they’re getting richer… they’re actually heading in the other direction. They’re getting poorer. This proposition has been easier for folks to entertain since housing busted and the financial crisis reversed the “wealth effect” in 2008. With that in mind, let’s take a look at the logic of the American Empire and what you can expect in the year(s) ahead." Continue reading →

Continue ReadingThe Empire’s Next Effort to Extract Your Wealth

Students and parents boycott Chicago schools to protest new city budget

"WBBM-TV reported that the march was also held to call attention to the city’s planned school budget of $5.58 billion, which includes a cut of about $68 million from classroom services that opponents argue targets schools in communities of color. According to WGN-TV, the protest, part of a group of demonstrations in 25 cities around the country against school budget cuts, was quickly criticized by Mayor Rahm Emanuel. 'I do not think it’s appropriate to advocate that children stay out of school,' he said at a press conference on Tuesday. 'You wanna make a statement? Go to the courtroom. Don’t take it to the classroom.'" Continue reading →

Continue ReadingStudents and parents boycott Chicago schools to protest new city budget

Alabama candidate wins by 72 votes after sorority offers voters free drinks

"An candidate for the Tuscaloosa City School Board in Alabama has appeared to defeat his opponent by just 72 votes after a sorority got behind him by offering free drinks and limo rides to the polls to encourage people to vote. In all, more than 60 percent of the people who signed up to vote during the final week were college-aged women. In an email obtained by Al.com, University of Alabama sorority members were promised 'incentives' to vote for Cason Kirby and Lee Garrison. On Tuesday, stretch SUV limousines, vans and a passenger bus were seen taking students from Sorority Row to the polling place." Continue reading →

Continue ReadingAlabama candidate wins by 72 votes after sorority offers voters free drinks