Bandit Gang Writ Large

Why Can’t We Party Like It’s 1905?

"So, do you think life was nasty, brutish, and short in 1905? The Wright brothers were flying for 30 minutes at a crack; Einstein was upgrading the laws of physics; telephones and electric lights were being installed all across America; Henry Ford was getting the final pieces in place for his moving assembly line and Model T; radio was being developed; art was flourishing; and the world was more or less at peace. People in 1905 lived in heated homes, refrigerated their food, had access to professional physicians, traveled the world, read daily newspapers, watched movies, and ate just about the same foods we eat." Continue reading →

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Pennsylvania Court Upholds Seatbelt Roadblocks

"Motorists traveling along a highway in Pennsylvania can be stopped at roadblocks specifically set up just to issue seatbelt citations. A three-judge panel of the superior court on Friday endorsed the practice of using federal grants to set up seatbelt checkpoints statewide on high-volume roadways. Even though failure to wear a seatbelt cannot justify a traffic stop under Pennsylvania law, the court asserted that the seatbelt roadblock was lawful because it met the state supreme court criteria for holding a drunk-driving checkpoint." Continue reading →

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Arizona cop arrested for pointing gun at store clerk while drunk

"Pima County Sheriff’s deputies say a 23-year-old off-duty police officer was drunk when he pointed his gun at a convenience store clerk for no apparent reason on Tuesday. According to KVOA, surveillance video showed Kyle James McCartin and a companion entering Giant gas station in Tucson on Tuesday at around 3 a.m. Both men appeared to be wearing bullet-proof vests, but no other clothing on their upper bodies. In the video, McCartin was seen smiling and pointing his handgun at the clerk at least two times. Tucson Police said on Tuesday that McCartin had been fired after a brief investigation." Continue reading →

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FATCA, fluctuating exchange rates, and the Expatriation Game

"It’s like the old British Fox Hunt. Instead of hunting foxes, the world is now hunting U.S. persons. Your objective is to NOT be captured. The consensus is that, over the long term, the U.S. dollar will depreciate relative to other currencies. This means that it will be worth less relative to other currencies. As the U.S. dollar depreciates, fewer Canadian dollars are required to purchase (what don’t we say $2,000,000) U.S. dollars. This means that the faster the U.S. dollar depreciates, the faster U.S. citizens abroad will become 'covered expatriates'. Notice that you are NOT doing anything yourself. It’s just that the the U.S. dollar is depreciating." Continue reading →

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Bill Gates Foundation is Warren Buffett’s Tax Laundromat

"Well, this helps explain Buffett's huge donations to the Bill & Melinda Gates Foundation. According to Francine McKenna, a CPA, the Gates Foundation is Warren Buffet's personal tax laundromat. The donations for tax deductions reduce his future estate taxes. At the same time, the Foundation gets the donations on full market value basis. Thus, it can sell immediately with no tax, while Buffett gets the deductions. It should be noted that this maneuver is coming from a guy who regularly calls for 'shared sacrifice' and higher taxes on people earning more than $1 million." Continue reading →

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How to Lose Friends, Citizens and Influence

"Imagine this: You were born in California, moved to New York for education or work, fell in love, married and had children. Even though you have faithfully paid taxes in New York and haven't lived in California for 25 years, suppose California law required that you also file your taxes there because you were born there. Though you may never have held a bank account in California, you must report all of your financial holdings to the State of California. Are you a signatory on your spouse's account? Then you must declare his bank accounts too. Your children must file their taxes in both California and New York and report any bank accounts they or their spouses may have." Continue reading →

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Andorra bows to EU pressure to introduce first-ever income tax

"Antoni Marti, the head of government of the tiny mountain nation, announced the move on Friday during a Paris meeting with French President Francois Hollande. A bill would create a tax on personal income as part of an effort to 'progressively bring its tax system in line with international standards'. There is currently no income tax applied to individuals based in Andorra, but the country did introduce a modest corporate levy for the first time last year and a system of Value Added Tax from January 2013. Andorra, with its population of 85,000, has relied on banking secrecy, tourism and duty-free trade to become a financial and commercial success." Continue reading →

Continue ReadingAndorra bows to EU pressure to introduce first-ever income tax

Illegal gold mining costs Uganda millions in lost revenue

"As a result of Uganda's central bank deregulating gold sales, local production has increased. The precious metal accounts for 30% of Uganda's export revenue. Illegal mining is having such an impact that experts say it must be stopped in order to shore up revenue collection. A government official said the issue is so alarming that the country exported none of its own gold in April, while Kenya exported 40 kilograms of smuggled Ugandan gold. Some citizens have said police are not responding to calls for them to act on illegal activities. Other reports indicate government officials are profiting from illegal operations through illicit tax collection." Continue reading →

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‘No Longer Necessary’: Hungary Wants to Throw Out IMF

"A long-running dispute between Hungary and the International Monetary Fund escalated on Monday when the head of the country's central bank called on the IMF to close its office in Budapest, saying it was no longer needed. On Monday, central bank chief Matolcsy said Hungary would repay the 2008 loan in full by the end of this year. He said the government had succeeded in pushing its budget deficit below the EU ceiling of 3 percent of GDP. Matolcsy is the architect of Orbán's unorthodox economic policy which is based on imposing heavy special taxes on large companies. He became central bank governor four months ago." Continue reading →

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The European Parliament’s Pro-Tax Politicians Should Go After their Own Tax-Protected Salaries

"What’s the most noxious example of hypocrisy from the political class? Our old friend Dan Hannan from the European Parliament has another contestant. His tax-hungry colleagues (like their American counterparts) are bashing Apple, Google, and other multinationals for legally minimizing their tax burdens. Yet as Dan explains, parliamentarians from 24 out of 27 nations get a sweetheart deal and pay a very low flat tax. But I must say none of these examples of hypocrisy can compete with the bureaucrats from the OECD and IMF, both of whom get completely tax-free salaries while pushing for higher taxes on the rest of us." Continue reading →

Continue ReadingThe European Parliament’s Pro-Tax Politicians Should Go After their Own Tax-Protected Salaries