Bandit Gang Writ Large

Expat exodus from Spain as new tax law takes effect

"New Spanish tax laws affecting an estimated 200,000 British expats, have sparked panic, prompting some to leave the country or hand in their residence cards at town halls before today's deadline (30 April), fearing a Cyprus-style money grab. Opponents, including Spanish politicians, have branded the new asset declaration law discriminatory, and fear an exodus of EU residents from the fragile economies of the coastal towns. The Spanish government requires that any resident with an overseas asset worth more than €50,000 and who lives in Spain at least six months (183 days) of the year is affected – and must declare what they own abroad." Continue reading →

Continue ReadingExpat exodus from Spain as new tax law takes effect

U.S. officials arrest Swiss banker on vacation

"U.S. officials have arrested a former UBS (UBSN.VX) banker working for the Swiss operations of Coutts, the private banking division of Royal Bank of Scotland Group Plc (RBS.L), sources told Reuters. The arrest comes as U.S. authorities crack down on tax evasion and has revived Swiss bankers' fears that they could face detention if they travel to the United States and are suspected of helping people hide money in offshore accounts. Coutts notified staff in Geneva on Friday that one of its private bankers had been arrested last week when he entered the U.S. for a vacation, a source familiar with the situation said." Continue reading →

Continue ReadingU.S. officials arrest Swiss banker on vacation

Do You Suffer from Philosophical Intoxication?

"That's the term used by the Soviet government against critics of that government as a rationale for imprisoning political dissenters in mental hospitals. It is also apparently the plan by the current sheriff of Palm Beach County, Florida, Rick Bradshaw. Bradshaw recently was awarded a $1 million grant from the Florida state legislature for a new 'violence prevention unit.' 'We want people to call us if the guy down the street says he hates the government,' Sheriff Bradshaw told the Palm Beach Post. He is planning a telephone 'hotline and is planning public service announcements to encourage residents to report their neighbors, friends, or family members'." Continue reading →

Continue ReadingDo You Suffer from Philosophical Intoxication?

Citizen Arrested at Suspicionless Checkpoint for Not Obeying Petty Commands

"In Georgia, a citizen was arrested last month at an unconstitutional checkpoint for refusing to obey cops demanding he fully roll down his car window. The man was arrested for 'obstructing justice,' in other words for not completely submitting to domination and submission procedures the state now requires as it wantonly violates the Fourth Amendment. The state’s men (and a couple women) in black, otherwise known as the Supreme Court, have ruled that suspicionless revenue-generating roadblocks are not unconstitutional." Continue reading →

Continue ReadingCitizen Arrested at Suspicionless Checkpoint for Not Obeying Petty Commands

France: Report Identifies Most Outrageous Speed Traps

"The report classified the testimony they collected under ten general types of speed trap. The first, as represented by the camera on the D338 between Tours and Le Mans, relies upon inconsistency. One side of the road has a 90km/h speed limit (55 MPH) the other side has a 70km/h (43 MPH) limit -- only the 70km/h side has a speed camera. The second type of trap is a camera placed where the speed limit is not appropriate. French motorists complained about cameras being stationed on four-lane, pedestrian free, well maintained highway with a limit of just 50km/h (31 MPH). The third trap is the camera stationed at the bottom of a downhill road." Continue reading →

Continue ReadingFrance: Report Identifies Most Outrageous Speed Traps

Bank of Cyprus converts portion of uninsured savings to equity

"Bank of Cyprus (BoC) said on Sunday it had carried out a conversion of uninsured cash deposits in the bank into equity, one of the conditions of international lenders to offer the cash-starved island financial aid. The process, known as a 'bail-in', made depositors in the bank pay for its recapitalisation, after the institution was hit by massive losses from its exposure to debt-crippled Greece. It converted 37.5% of deposits exceeding €100,000 on March 26, into 'class A' shares – nominal value €1 -- with an additional 22.5% held as a buffer for possible conversion in the future. Another 30% would be temporarily frozen and held as deposits." Continue reading →

Continue ReadingBank of Cyprus converts portion of uninsured savings to equity

Can You Name the One Nation in the World with a Higher Corporate Tax Rate than the United States?

"I’ve made the point before that the United States foolishly imposes the highest corporate tax rate of all developed nations. But that obviously means it is theoretically possible for there to be a nation in the developing world that has a higher corporate tax rate. It’s not China, which is nominally still a communist nation (though apparently with more of a pro-business mentality than the United States). It’s not Venezuela or Argentina, corrupt and thuggish Latin American nations. And it’s not Zimbabwe, a statist kleptocracy in Africa. The one nation in the world which is worse than the United States is the United Arab Emirates, with a corporate rate of 55 percent." Continue reading →

Continue ReadingCan You Name the One Nation in the World with a Higher Corporate Tax Rate than the United States?

A Taxing Choice? PAC Checks May Ease the Pain

"Sen. Roy Blunt (R-Mo.) told the Times he was motivated to support the Internet sales tax in part by the owners of a local bridal shop, who complained to him that many customers browse in the store, then buy online for a better deal. Blunt didn't tell the Times that three other supporters of the Internet sales tax with much deeper pockets than the bridal shop -- PACs run by Home Depot, Walmart and Target -- each gave $5,000 to his leadership PAC, Rely On Your Beliefs, earlier this year. And Rep. Austin Scott (R-Ga.) who told the Times about a local shop in his state that lost customers looking for better deals on rifle scopes, took $5,000 from Home Depot on March 31." Continue reading →

Continue ReadingA Taxing Choice? PAC Checks May Ease the Pain

A New “Global Standard” Takes Shape

"Financial privacy should not be viewed in a negative light, as it is often portrayed. The Swiss view it as a fundamental human right to preserve dignity, akin to medical privacy. How would you feel if the government snooped into your medical records and automatically shared those records with foreign governments? While it would appear the primary objective of this new 'global standard' is to rake in more money for bankrupt governments, it seems another motive is at play here. The optimistic estimate for FATCA is that it will bring in around $9 billion over 10 years or $900 million on average per year. It appears the primary motivation here is control." Continue reading →

Continue ReadingA New “Global Standard” Takes Shape

Four Reasons Why American Tax Laws Make U.S. Expats Suffer

"As any student of American history can tell you, one of the reasons behind the American Revolution was 'no taxation without representation.' Since then, America has striven to ensure that the government is responsive and fair. Until now. Sadly, the United States seems to be straying from her heritage, as millions of unrepresented American expats are being subjected to extra reporting requirements simply because they live overseas. To add insult to injury, the American government isn't the only body discriminating against Americans living overseas. Banks (both foreign and American), insurance companies, and credit/debit card companies are joining in." Continue reading →

Continue ReadingFour Reasons Why American Tax Laws Make U.S. Expats Suffer