Bandit Gang Writ Large

Swiss government reveals ‘solution’ to settle US tax dispute

"The federal government revealed plans in Bern on Wednesday to settle a bitter dispute with Washington after lawmakers rejected a deal that would have halted US legal action against Swiss banks suspected of stashing cash for American tax dodgers. Rather than a blanket accord, Swiss banks will now have to apply on a case-by-case basis for government permission to cooperate with US investigators, Finance Minister Eveline Widmer-Schlumpf said. The moves comes two weeks after the Alpine country's parliament shot down the controversial 'Lex USA' accord, which would have temporarily lifted Switzerland's long-sacrosanct banking secrecy." Continue reading →

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Why Is My US Brokerage Firm Closing My Account?

"In many cases the agreement that countries have insisted on with respect to FATCA is reciprocal. In other words, a country will say that yes they are willing to exchange information on financial accounts with the USA but the key word is 'exchange' – that is, in return, US financial institutions must also agree to provide information regarding their clients who are citizens of the country entering into the FATCA agreement with the USA. Imagine the mess this will cause for the large US banks and brokerage firms when they have to start reporting to foreign governments on their accounts for residents of these other countries." Continue reading →

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Gerard Depardieu claims world citizenship

"French actor and new Russian national Gerard Depardieu says he is applying for an Algerian passport and possibly others, describing himself a 'world citizen'. The 64-year-old star, one of the world's most prolific actors, acquired Russian nationality in January after getting into a fight with the French authorities over a new 75-per cent tax on the super-rich. 'I would like to have seven' passports, he told France's Journal du Dimanche on Sunday. 'I'm going to ask for an Algerian one and others as well,' he said. 'This will help me avoid visas.'" Continue reading →

Continue ReadingGerard Depardieu claims world citizenship

‘Top French politicians had Swiss accounts’

"A former executive of a Geneva-based bank says he gave authorities in France a list of 15 former and current French cabinet ministers with secret Swiss bank accounts. Pierre Condamin-Gerbier, formerly with Reyl & Company, said on Wednesday he had submitted the list of 'big names' to investigators. Condamin-Gerbier was a witness before a French parliamentary commission investigating France’s former Budget Minister Jerome Cahuzac, who resigned in disgrace in March over an undeclared foreign bank account said to contain around €600,000. Cahuzac is now facing charges of tax fraud. He had earlier said the list contained a number of well-known names." Continue reading →

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Florida County Moves To Shut Down Red Light Cameras With Public Vote

"The board of commissioners in Hernando County, Florida has been trying for months to force the city of Brooksville to remove red light cameras from the county's right-of-way. So far, nothing has worked and the county commissioners agreed last week to use the ultimate political persuasion -- a vote of county residents -- to force the issue. Yellow light warning times at the camera intersections were also increased on Thursday." Continue reading →

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Could the U.S. delay Obamacare’s mandate for individuals, too?

"President Barack Obama can expect mounting pressure to make new concessions on healthcare reform, especially the requirement that all Americans obtain insurance, after delaying penalties for businesses for the first year of his plan. The individual mandate, which the U.S. Supreme Court upheld as constitutional a year ago, is the government’s only lever to compel young healthy people to sign up for federally subsidized coverage in new online health insurance marketplaces that are slated to begin enrolling new beneficiaries on October 1. If too few younger adults enroll, insurance costs could soar and jeopardize the entire reform effort." Continue reading →

Continue ReadingCould the U.S. delay Obamacare’s mandate for individuals, too?

What Level of Taxation Is Too Much?

"It was reported that more than 8,000 French households had tax bills that exceeded 100% of their income in 2012. This occurred due to a so-called 'one-off levy' imposed by the socialist president in an attempt to 'offset' previous tax breaks. Ouch. Contrast France with these 18 countries that have no personal income tax. When it comes to confiscating wealth, desperate governments know no limit – other than 'what they can get away with.' In other words, it is only pragmatic to assume that anything within a desperate government's immediate reach becomes fair game." Continue reading →

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Dell’s Cash Overseas Is Needed at Home, But U.S. Taxes Loom Large

"Advisers working on Dell Inc.'s $24.4 billion buyout are trying to solve a problem: how to use the computer maker's foreign cash without paying a $2.6 billion U.S. tax bill. That could be the cost levied to use the money held in foreign subsidiaries. The efforts highlight a current bind of corporate America: While U.S. companies are holding more cash than ever, the tangle of U.S. tax policies and corporate cash-preservation strategies means much of it isn't readily available for some of the most important corporate decisions, such as returning cash to shareholders or mergers and acquisitions." Continue reading →

Continue ReadingDell’s Cash Overseas Is Needed at Home, But U.S. Taxes Loom Large

EBay’s double tax base prompts calls for investigation

"Britain and Germany may have missed out on a combined $1 billion in sales tax since online marketplace eBay picked a tiny Luxembourg office as its base for EU sales, a shift that lawmakers say should now be investigated. EBay, which is headquartered in San Jose, California, moved into Europe in 1999 when it established eBay International in Berne. Switzerland's low income tax regime for foreign companies was highly beneficial for the auction site. The Swiss base also meant, initially, that the company didn't have to charge EU customers VAT. But in 2003, Brussels changed the rules." Continue reading →

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No-Income-Tax Monaco Again Threatened With ‘Tax Haven’ Blacklist Status

"Monaco, which was for a long time considered a black sheep because of its lack of transparency, is still clouded by its very attractive financial legislation. It is a haven for its inhabitants, who don’t pay income tax or inheritance tax. That is, with the notable exception of U.S. and also French nationals, as per a convention signed 50 years ago signed by General de Gaulle. Today pressure is mounting on Monaco. The world powers have launched a new war on tax evasion. During their recent Northern Ireland meeting, the members of the G8 agreed to an automatic exchange of information for tax purposes." Continue reading →

Continue ReadingNo-Income-Tax Monaco Again Threatened With ‘Tax Haven’ Blacklist Status