Bandit Gang Writ Large

The IRS wants to tax your illegal income

"Dealt some drugs? Stole some cash? There's a line on your income tax form to declare it. As ridiculous as it sounds, the federal government requires that money acquired through illegal means be reported and taxed just like legitimate income. It's right there on the official IRS tax instructions: 'Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.' If you tell the IRS you made $1 million from stealing money or dealing drugs, does the agency tip off the cops?" Continue reading →

Continue ReadingThe IRS wants to tax your illegal income

US Unlikely To Crack China FATCA Agreement

"FATCA has been created to track down the offshore financial assets of US taxpayers and make the institution concerned reveal details so that tax can be collected. Now China is telling the US that there will be so few US citizens holding Chinese bank accounts that the cost of implementing FATCA outweighs the benefit to the nation’s financial institutions. The Chinese have also pointed out that even the opportunity of signing an IGA which would allow them to get details of Chinese taxpayers in the US would also serve minimal benefit to the government." Continue reading →

Continue ReadingUS Unlikely To Crack China FATCA Agreement

Former Greek defense minister gets eight years and €500,000 fine over €100,000 in asset non-declarations

"This has scary parallels with FATCA and FBAR requirements. The United States debt situation is Greece on steroids. I won’t defend Mr. Tsochatzopoulos. However, the fine for hiding 100,000 Euro in assets (aggregated over three years!) of € 500,000 Euro, is clearly exorbitant. But then to also sentence him to eight years in prison without possibility of appeal shows that the Greek courts are seething with froth at their mouths that shows that this cradle of civilization has gone back to barbaric times when petty rulers could simply seize the property of any citizens only because his thugs were powerful." Continue reading →

Continue ReadingFormer Greek defense minister gets eight years and €500,000 fine over €100,000 in asset non-declarations

British vigilantes fighting revenue-driven traffic enforcement

"Meet the NoTo Mob, a group dedicated to fighting what they see as unfair parking tickets and charges. During the week they're normal blokes (and the odd woman). But on Saturdays they come together for a common cause. They follow council CCTV cars, or 'spy cars', then stand nearby holding signs to warn drivers about the presence of a CCTV vehicle and potential fine if they break the rules. It's opposed to what it sees an unfair parking enforcement. The group targets 'honey pots' – high-ticket areas with confusing road markings or unclear signs where the CCTV cars are most likely to operate." Continue reading →

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More Redflex Executives Fall Over Red Light Camera Bribery Scandal

"According to the inquiry conducted by the law firm Sidley Austin, a consultant was paid $2 million between 2003 and 2012 for his work in landing the nation's most lucrative photo ticketing contract. Redflex sent a city contracting official on 17 different trips between 2003 and 2010, paying for everything including hotels, flights, car rentals, golfing, meals and a computer worth a total of $20,000. So far, the company has also spent $1.2 million in legal fees related to the Chicago scandal. When Chicago's red light camera contract expires, Redflex will lose another 13.6 percent of its income. The company also warns of the possibility of bribery revelations in other cities." Continue reading →

Continue ReadingMore Redflex Executives Fall Over Red Light Camera Bribery Scandal

NYPD lied under oath to prosecute Occupy activist

"An Occupy Wall Street activist was acquitted Thursday after jurors were presented with video evidence that directly contradicted the NYPD’s story. Prosecutors working on behalf of the NYPD have insisted that Premo tackled an NYPD officer and broke a bone during a protest. This week, Premo’s attorney presented a video that showed officers charging into the defendant unprovoked. The video shows a NYPD officer was filming the arrest as well, but prosecutors told Premo’s attorney that no such footage existed. The Manhattan District Attorney's office had presented Premo with a deal that would have let him off the hook by pleading guilty to lesser charges." Continue reading →

Continue ReadingNYPD lied under oath to prosecute Occupy activist

Homelanders propose more tax hikes on U.S. Persons abroad

"February saw a massive number of legislative attacks on American emigrants and their children by ignorant or malign (un)Representatives which are only now coming to light as the Government Printing Office finishes typesetting and publishing the hundreds of pages of proposed laws. We’ve already discussed the various recent bipartisan attempts to repeal the Foreign Earned Income Exclusion, but another frequent theme is increasing the tax and compliance burdens on so-called 'Controlled Foreign Corporation owners' and 'outsourcers', including people who have lived outside the U.S. all their lives but got the inherited genetic disease of U.S. citizenship from their parents." Continue reading →

Continue ReadingHomelanders propose more tax hikes on U.S. Persons abroad

Sequestration Math

"The media are bombarding us with stories of how sequestration, with its 'drastic cuts' in government spending, will affect our lives. Marketplace ran one yesterday about the USDA and the potential loss of federal meat inspectors. Don’t worry, we were told, the authorities won’t allow tainted meat on the shelves! But they might inspect more slowly, meaning less meat for sale, and higher prices. I spent 5 minutes on the CBO website and discovered that what’s in play is $27 billion of projected 'discretionary' spending. The sequester cuts that by 8% to about $24 billion. So the sequestered 2013 budget is $152 billion, a 4.8% increase over 2012." Continue reading →

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Philly Judge Who Found Cop Not Guilty, Married to Cop

"The video showing Philadelphia Police Lt. Jonathan Josey punching a woman was overwhelming enough for his department to quickly fire him last year. But it wasn’t enough for a judge to find him guilty of simple assault this week. Now we’re learning that Municipal Judge Patrick Dugan is married to a longtime Philadelphia police officer who just happened to be one of about 100 officers in court showing their support for Josey during his non-jury trial earlier this month." Continue reading →

Continue ReadingPhilly Judge Who Found Cop Not Guilty, Married to Cop

US Congressmen Reintroduce Online Sales Tax Bill

"A bipartisan group of 53 Democrat and Republican lawmakers have re-introduced a bill – the Marketplace Fairness Act of 2013 – in both the United States Senate and House of Representatives, which would require online retailers to collect sales tax for state and local governments, even though they lack a physical presence in the state. State and local governments are said to view the taxes they cannot collect on most online sales as lost revenue. It is estimated that the 'loophole' costs state and local governments an estimated USD23bn in lost tax revenue each year, with California alone facing around USD1.9bn in uncollected sales taxes." Continue reading →

Continue ReadingUS Congressmen Reintroduce Online Sales Tax Bill