CLibertyC

As Secretive “Stingray” Surveillance Tool Becomes More Pervasive, Questions Over Its Illegality Increase

"A few months ago, EFF warned of a secretive new surveillance tool, commonly referred to as a 'Stingray,' being used by the FBI in cases around the country. The device, which acts as a fake cell phone tower, essentially allows the government to electronically search large areas for a particular cell phone's signal—sucking down data on potentially thousands of innocent people along the way. At the same time, law enforcement has attempted use them while avoiding many of the traditional limitations set forth in the Constitution, like individualized warrants. This is why we called the tool 'an unconstitutional, all-you-can-eat data buffet.'" Continue reading →

Continue ReadingAs Secretive “Stingray” Surveillance Tool Becomes More Pervasive, Questions Over Its Illegality Increase

How Big Was the Tax Hike for Everyone Earning a Paycheck?

"The payroll tax paid by workers increased from 4.2% to 6.2% at the start of the year. The regressive tax is paid by everybody who earns $113,700 annually or less. That means someone making the median income of about $50,000 will pay $1,000 a year more in taxes, or a little more than $19 a week. These receipts are supposed to pay for Social Security and Medicare, but they are actually spent along with all other revenues. I monitor the 260-day moving sum of withheld income and employment taxes deposited at the US Treasury. It was $1,791 billion on December 18. It jumped $25 billion to $1,816 billion on January 18. That’s a significant tax increase." Continue reading →

Continue ReadingHow Big Was the Tax Hike for Everyone Earning a Paycheck?

Millions Improperly Claimed ‘Lifeline’ Phone Subsidies

"The U.S. government spent about $2.2 billion last year to provide phones to low-income Americans, but a Wall Street Journal review of the program shows that a large number of those who received the phones haven't proved they are eligible to receive them. The Lifeline program—begun in 1984 to ensure that poor people aren't cut off from jobs, families and emergency services—is funded by charges that appear on the monthly bills of every landline and wireless-phone customer. Payouts under the program have shot up from $819 million in 2008, as more wireless carriers have persuaded regulators to let them offer the service." Continue reading →

Continue ReadingMillions Improperly Claimed ‘Lifeline’ Phone Subsidies

Wheels coming off Obamacare

"The central parts of ObamaCare don’t roll out until 2014, but the wheels are already falling off this clunker. The latest news from four federal agencies is that 1) insurance will be a lot less affordable than Americans were led to expect, 2) fewer people than promised will get insurance and 3) millions of people who have coverage through a job now will lose it, thanks to the president’s 'reforms.' Oh, and children are the biggest victims. The Affordable Care Act is looking less and less affordable." Continue reading →

Continue ReadingWheels coming off Obamacare

Households On Foodstamps Rise To New Record

"Since Obama's inauguration, the US has generated just 841,000 jobs through November 2012, a number is more than dwarfed by the 17.3 million new foodstamps and disability recipients added to the rolls in the past 4 years. And since the start of the depression in December 2007, America has seen those on foodstamps and disability increase by 21.8 million,while losing 3.6 million jobs. End result: total number of foodstamp recipients as of November: 47.7 million, an increase of 141,000 from the prior month." Continue reading →

Continue ReadingHouseholds On Foodstamps Rise To New Record

FATCA Overreach Will Sabotage American Global Competitiveness

"If Congress set out right now to craft a law to sabotage the global competitiveness of the US economy, they’d have trouble coming up with better than the Foreign Account Tax Compliance Act (FATCA). The law is ostensibly aimed at combating tax evasion and requires every foreign institution in the world to act at their own tremendous expense as deputy US tax collectors. FATCA will instead turn the US into an economic pariah and Americans citizens into toxic assets. It will divert untold billions of dollars per year to pay lawyers to comply with a law optimistically expected to raise less than $800 million in tax revenues per year." Continue reading →

Continue ReadingFATCA Overreach Will Sabotage American Global Competitiveness

Outrageous IRS FBAR Penalty: $500K Delinquency Turns Into $22M Fine

"Meet Mary Estelle Curran, age 79 and living in Florida. Lest you think Mary is some sophisticated money launderer or drug runner, she is a widow. She inherited a foreign account in a Lichtenstein Foundation from her deceased husband. While the sentencing is still several months away, the IRS penalty for her account is almost $22 million even though the unpaid tax was less than a million dollars. Why so high? The civil penalties for failing to file an FBAR are based on the size of the unreported account. Under current law, the penalty is the greater of $100,000 per year or 50% of the highest account balance for each year the account is unreported." Continue reading →

Continue ReadingOutrageous IRS FBAR Penalty: $500K Delinquency Turns Into $22M Fine

Sanders Introduces Legislation to End Offshore Tax Havens

"Vermont’s Bernie Sanders introduced legislation on Thursday to prevent U.S. corporations from sheltering income in the Cayman Islands and other offshore tax havens. Every year, said Sanders, corporations and wealthy Americans are 'avoiding more than $100 billion in U.S. taxes by sheltering their income in the Cayman Islands, Bermuda and other offshore tax havens.' Under existing law, U.S. corporations are allowed to defer or delay U.S. income taxes on overseas profits until that money is brought back into the U.S. U.S. corporations are also provided foreign tax credits to offset the amount of income taxes paid to foreign jurisdictions." Continue reading →

Continue ReadingSanders Introduces Legislation to End Offshore Tax Havens

Government Ban On Bitcoin Would Fail Miserably

"Government prohibition doesn’t even do a good job of keeping drugs out of prisons. The demand for an item, in this case digital cash with user-defined levels of privacy, does not simply evaporate in the face of a jurisdictional ban. One could even make the case that it becomes stronger because an official recognition that Bitcoin is not only a 'renegade' currency but a 'so-effective-it-had-to-be-banned' currency would imbue the cryptographic money with larger than life qualities. Ironically, the ban would create something like theStreisand effect for Bitcoin generating an awareness for entire new demographic groups and new classes of society." Continue reading →

Continue ReadingGovernment Ban On Bitcoin Would Fail Miserably