Bandit Gang Writ Large

Now That Hybrids Have Become Popular…

"First, egg-on the production of hybrids and electrics via artificial inducements and special perks (such as being able to drive in those High Occupancy Vehicle lanes, even if it’s just you in the car). Wait for these unconventional cars to become pretty got-damned conventional. Then whine about the 'lost revenue' which must be recovered. Meanwhile, pass laws that double (and soon, will triple) the fuel economy of the average non-hybrid car – knowing that will provide even more excuse to whine about all the 'revenue' lost. Then hit them up with the notion of a tax-per-mile. It will not even be necessary to discuss the means by which it’ll be implemented. That will follow almost automatically." Continue reading →

Continue ReadingNow That Hybrids Have Become Popular…

Why Do They Need FATCA When They Have SWIFT?

"Given the growing ease with which people conduct transactions that don’t involve physical cash, or even leaving your house, one should wonder just how much financial data Uncle Sam’s spy network has, and why it feels entitled to it. What does this all mean? Hard to say. These days the American government is fairly cagey about its reasons for anything, but on the surface it appears as though the United States government will happily steal whatever information on the finances of ordinary people and financial institutions of other countries that it can’t coerce out of them through extra territorial law making schemes like FATCA. Whatever is going on, it’s not about taxes." Continue reading →

Continue ReadingWhy Do They Need FATCA When They Have SWIFT?

Crooked cop admits to stealing $6K from DA’s office

"A crooked NYPD detective pled guilty last week to stealing nearly $6000 from the Manhattan District Attorney’s Office where he had headed a wiretap and surveillance squad. Michael Bazerman, an 18-year veteran, copped to misdemeanor official misconduct, forfeited his $70k a year pension and medical benefits – worth an estimated $3 million – and must pay full restitution. The Staten Island father of two faced up to 7 years in prison on over 300 counts of grand larceny, forgery and other charges for submitting bogus expense reports to the Manhattan District Attorney’s Office from 2009 to 2011." Continue reading →

Continue ReadingCrooked cop admits to stealing $6K from DA’s office

Why I renounced US citizenship

"I flew to Switzerland and was hired by two large international firms at the same time within a few weeks, both offering double the pay and with better benefits. I had to choose. Months later, my spouse joined me there. 11 years later, I learned that Swiss banks were rejecting little people simply because they had US citizenship and as a result of US policy. It was clear that the US citizenship had to go. Overall, I find that the American job market is often trigger-happy, overreacting to strongly to non-issues. In Switzerland, I’m trusted, my skills and motivation are respected and appreciated and my minor human errors are forgiven. To anyone thinking about working in America: think again." Continue reading →

Continue ReadingWhy I renounced US citizenship

FATCA Hassles: Feds Cracking Down on Overseas Tax Evasion

"Switzerland, which has strict privacy laws protecting customers’ confidential financial information, has effectively declared American citizens personae non gratae as far as their banks are concerned. Banks are shuttering accounts, refusing mortgages and refinances, and refusing to open accounts for Americans living abroad. The rules create an incentive for foreign employers to cease investing in America, avoid hiring Americans, or both. And in some cases, Americans have been refused employment or promotions at foreign companies because the job description requires them to be signatories on the company’s account." Continue reading →

Continue ReadingFATCA Hassles: Feds Cracking Down on Overseas Tax Evasion

Bern’s backing of FATCA ‘hits financial sector’

"Walter Boss, a tax lawyer with Poledna Boss Kurer AG in Zurich, said uncertainty was 'one of the worst enemies in the financial world.' But more clarity could come at a steep price, even for banks that maintain they have done nothing wrong. Forced to cough up US client records, they are basically being 'deemed guilty until proven innocent,' Boss said. Hornung was even more critical. 'It's not really an agreement, but more of a dictate from the United States,' he said. And after suffering the onslaught from Washington, the biggest danger could lie ahead if European tax authorities decide to take the same route as their American counterparts, Hornung warned." Continue reading →

Continue ReadingBern’s backing of FATCA ‘hits financial sector’

Swiss MPs endorse US tax compliance deal

"FATCA only addresses current and future accounts held by Americans, but Bern also recently agreed to a controversial deal focused on making amends for past wrongdoings by the banks. That deal offers individual Swiss banks the opportunity to avoid US prosecution if they agree to pay 'substantial fines', and provide details on US citizens' accounts, including the sources and destinations of funds transferred to and from the accounts. The agreement, which is expected to erode Swiss bank secrecy laws, has come under widespread criticism, tempered by recognition that without a deal the country's all-important financial sector could lose access to the US market." Continue reading →

Continue ReadingSwiss MPs endorse US tax compliance deal

American threats against innocent expats are increasing

"A willful failure to file is considered a felony punishable by five years in prison. Holders of unreported foreign accounts have more than jail to fear. The IRS has proven itself very adept at finding taxpayers that have not filed an FBAR. Those that are caught can expect both a tax bill and a penalty assessment of the greater of $100,000 or half the highest balance in the account. Making things worse for taxpayers is next year’s looming FATCA law. If the IRS thinks you moved or renamed your account to avoid detection, chances of criminal prosecution increase dramatically. The Quiet Disclosure strategy not only doesn’t work, it sets up taxpayers for a huge interest and penalty bill." Continue reading →

Continue ReadingAmerican threats against innocent expats are increasing

What can you buy from the IRS for $50,000?

"Well, that depends very much on who you are. For the same amount of protection money, you will get very different results. Companies with expensive international law firms on retainer have an irritating tendency to take their fights to Tax Court. Much better to go after soft & clawless prey who will roll over and beg for mercy because they’ve been psychologically conditioned with a visceral reflex against doing anything as 'drastic' as renouncing citizenship to protect themselves & their families." Continue reading →

Continue ReadingWhat can you buy from the IRS for $50,000?

Rather than pay ridiculous taxes, Americans renouncing citizenship

"As Americans live and work overseas, they find themselves facing onerous tax reporting requirements designed to crack down on tax evaders. However, the paperwork and reporting requirements are exhausting. For a few Americans, it is easier to renounce their citizenship and escape the burden. Americans living overseas say they are weary of the paperwork and burdensome requirements. Most countries have lower tax rates and caps, which make it more attractive to become citizens elsewhere. Some citizens only retain their American passports for travel purposes, which makes the document very expensive." Continue reading →

Continue ReadingRather than pay ridiculous taxes, Americans renouncing citizenship