Bandit Gang Writ Large

US Senate to retroactively punish runaway tax slaves

"Years ago, it was virtually unheard of for someone to give up his/her US citizenship. Then, one by one, a handful of famous cases surfaced… like Sir John Templeton, who renounced his US citizenship in 1964 and moved to the Bahamas. At the time, Templeton was able to save $100 million in taxes to the US government. But anyone view Templeton poorly for his lack of patriotism, it’s important to note that the man was one of the greatest philanthropists in history. And, rather than finance more bombs, guns, and military folly at the height of the Vietnam War, he chose to channel his wealth into improving the lives of millions of people around the globe." Continue reading →

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‘Pawn Stars’ Owner: Selling Personal Gold At A Loss For Tax Writeoff, Then Buying Back

"Harrison noted that while gold is plunging on the commodities exchanges, he's finding it difficult to build an inventory for his shop. 'I retail gold and silver and I'm having a real difficult time right now getting physical metal,' he explained. 'It's the crazy world about gold and silver: Sometimes the paper market is going down but you can't find actual physical items.' The reason, he said, was a lack of physical product, which he blamed on private and government mints not keeping up with demand. But this same phenomenon should help prices see a bottom shortly. 'I still pay right around spot — I don't think it's going to go much lower,' Harrison said." Continue reading →

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French bank watchdog levies stiff fine against UBS over tax avoidance

"A French banking watchdog said on Wednesday that it fined the French branch of UBS, Switzerland's largest bank, ten million euros for helping hundreds of well-heeled clients stash money away in undeclared Swiss accounts. The bank immediately hit back in a statement, protesting that the fine, about $13 million, was disproportionate. The issue jumped back to the top of the government's agenda in the wake of a scandal surrounding the former budget minister Jérôme Cahuzac, who in April was himself placed under investigation for tax fraud. His role as budget minister included tackling tax evasion." Continue reading →

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The French National Sport Is Taxation, not Soccer

"It seems that Monaco’s fiscal policy is good for the local soccer team. But it seems there’s a controversy in this fiscal paradise. Or, to be more accurate, there’s a controversy in the tax hell next door. The French are complaining that lower tax rates are an 'unfair' form of tax competition. So how did the French react? By engaging in their true national sport – imposing higher taxes. Naturally, their 'solution' is to impose higher taxes in Monaco, not to lower taxes in France. It’s also worth noting that the French approach won’t work. The French soccer league will continue to lose top players so long as the government has a 75% tax system." Continue reading →

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Bitcoin Exchange Makes Apparent Move to Play by U.S. Money-Laundering Rules

"FinCen in March started applying traditional money-laundering rules to 'virtual currencies' amid growing concern that new forms of digital cash are being used for illicit activities. Those rules mandate that exchanges register with FinCen, follow stricter bookkeeping requirements and report transactions of more than $10,000. About a month after the edict, the Department of Homeland Security seized an account tied to Mt. Gox, alleging the company and a subsidiary were conducting transactions 'as part of an unlicensed money service business.' According to FinCen's website, the agency received Mt. Gox's registration on Thursday." Continue reading →

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Richard Retting, ‘Father Of Red Light Cameras In America’, Becomes A Paid Camera Lobbyist

"Retting is being paid to oppose the measure introduced by Assemblyman Adrin Nazarian (D-San Fernando Valley) that would mandate one extra second of yellow warning time at intersections that use red light cameras. The policy has been in effect in Georgia since January 2009 where it has resulted in a massive reduction in red light violations. The prospect has photo ticketing firms like Redflex worried, because the majority of Georgia cities that once used red light cameras dumped them after the law took effect and revenue dried up. Lasercraft, then the number one photo ticketing firm in the state, went out of business." Continue reading →

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Brazil Millionaires Should Pay for Protest Demands, Party Says

"Brazil’s ruling party is reviving a proposal to tax millionaires’ wealth to help pay for measures demanded by protesters staging the largest demonstrations in two decades. The move is part of a congressional rush to pass laws that placate demands from protesters for cheaper transportation, better education, and less corruption. Over the past three weeks, more than 1 million Brazilians have taken to the streets. The proposal, which has been considered for at least 25 years, came back to life as pressure for more spending coincides with a tighter budget. President Dilma Rousseff’s Workers Party, known as the PT, agreed this week to push for the approval of the bill." Continue reading →

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IRS Deputy Won’t Testify Before Congress on Awards to Friend

"An Internal Revenue Service deputy director whose office awarded more than $500 million in contracts to a friend’s technology company wouldn’t testify before a congressional committee. Greg Roseman was subpoenaed to appear today before a U.S. House committee investigating how Strong Castle Inc., a small business formed in late 2011, managed to attract so much contract work in such a short time. At a House Oversight and Government Reform Committee hearing, he declined to answer questions about his relationship with Braulio Castillo, president of Washington-based Strong Castle." Continue reading →

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How Thieves and Terrorists “Apologize” to their Victims

"Public outrage over recent revelations of IRS corruption and abuse has prompted Nina Olson, employed by the agency as its 'National Taxpayer Advocate,' to suggest making 'apology payments' of $1,000 to taxpayers who have been mistreated. If adopted, Olson’s plan would cap payments at a total of $1 million a year. To understand the magnitude of the insult offered by Olson’s proposal, consider a recently publicized IRS conference that took place in Atlanta in 2008. The cost of that single event was $2.4 million – more than twice the amount proposed by the IRS to buy off public outrage over their profligacy, corruption, and state-sponsored terrorism." Continue reading →

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Porn, wine and kazoos on IRS worker charge cards

"The IRS allows some of its 90,000 employees to use company charge cards to buy work-related items, such as office supplies. However, employees made a host of 'improper' purchases -- ranging from a dinner averaging $140 per person to Thomas the Tank Engine rubber wristbands. The inspector general said the IRS has been negligent when it comes to catching employees who circumvent $3,000 caps on transactions, by splitting purchases into several transactions. The agency also doesn't have a good record at turning off credit cards as soon as employees depart or retire." Continue reading →

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