Fugitive Tax-Slaves

Huge jump in number of “published expatriates” in Federal Register

"The Department of the Treasury has finally placed the latest Quarterly Publication of Individuals Who have Chosen to Expatriate on public inspection for printing in tomorrow’s Federal Register, ten days late. Congratulations to Innocente for being the first to post the news at 9 AM right on the dot. There’s about 1,130 names of people who have permanently cut off their legal ties to the U.S. government, making this a record-breaking quarter; more names have appeared in the first half of this year than in all of the previous record high year of 2011." Continue reading →

Continue ReadingHuge jump in number of “published expatriates” in Federal Register

Congress Wants the IRS to Cancel Your Passport

"If you think your U.S. citizenship gives you the right to a U.S. passport, think again. The government has several ways to cancel or refuse to renew your passport. And now, Congress is poised to give it one more: if you owe money to the IRS. Hidden within the 2013 highway funding bill are a few paragraphs with the innocent-sounding title of the 'Moving Ahead for Progress in the 21st Century Act.' Section 40304 of this act would revoke your passport if you have a 'seriously delinquent tax debt.' In other words, if you owe the IRS $50,000 or more, the Feds can revoke your passport. There's no hearing and no opportunity to contest this decision." Continue reading →

Continue ReadingCongress Wants the IRS to Cancel Your Passport

The IRS has become one of America’s leading exports

"If a 747 jetliner filled with one investor from each jurisdiction on earth touched down in a newly independent country, and each investor risked $1000 in a start-up venture, in the new economy, the American would face a far higher tax than anybody else on any gains. Special, penal taxation of foreign investment, exemplified by the so-called PFIC taxation, plus the U.S. nationality tax, can result in tax liabilities of 200 per cent or more on long term assets held outside the United States. A successful American could reduce his total lifetime tax burden as a citizen of any of more than 280 other jurisdictions on the globe." Continue reading →

Continue ReadingThe IRS has become one of America’s leading exports

Tax jurisdiction: Is space the final frontier?

"The United Nations is boldly going where no international body has gone before. At a meeting of its Economic and Social Council last week one of the items on the agenda was 'whether a satellite in geostationary orbit could constitute a permanent establishment' for tax purposes. The hydra-headed attempt to crackdown on tax havens risks failing because it could simply create a whole new patchwork of rules which can be just as easily gamed as the current lot. Alternatively, complexities for firms created by new rules could bring about the most unexpected of unintended consequences……… off-globe finance. In space, no-one can hear you tax plan." Continue reading →

Continue ReadingTax jurisdiction: Is space the final frontier?

Liechtenstein bank to pay $23.8M in US tax evasion case

"U.S. Attorney Preet Bharara in Manhattan and Liechtensteinische Landesbank AG, located in Vaduz, announced the agreement, saying the bank will forfeit $16.3 million, representing revenue it earned for maintaining the undeclared accounts, and will pay $7.5 million in restitution to the Internal Revenue Service. IRS official Richard Weber said the parliament of Liechtenstein, an alpine country between Switzerland and Austria, also changed tax laws to make it easier to identify non-compliant U.S. taxpayers to the United States. Since then, Liechtenstein has transferred more than 200 files of U.S. taxpayers to the U.S. Department of Justice." Continue reading →

Continue ReadingLiechtenstein bank to pay $23.8M in US tax evasion case

What is an American? Forget the state and just be a child of the nation

"The act of renouncing U.S. citizenship should not 'diminish your personal identity'. If you want to think of yourself as an American that’s fine. Nobody can take that away from you. This is important. Why? Because the Obama 'Witch Hunt' against U.S. citizens abroad has forced people to reevaluate many of their fundamental assumptions. Few Americans abroad still view the United States as 'that great citadel of freedom and justice'. Few Americans abroad see themselves as 'tax cheats' because they have offshore accounts." Continue reading →

Continue ReadingWhat is an American? Forget the state and just be a child of the nation

Norway Gets U.S. Help Chasing Citizens Dodging Income Taxes

"Federal courts in six states have allowed the Internal Revenue Service to issue summonses to U.S. banks at the request of the Norwegian government, and the banks may now have to give up information on people who used some kinds of credit and debit cards. The development signals increasing cooperation between governments to stop offshore tax evasion. The U.S. Foreign Account Tax Compliance Act may lead to dozens of agreements between countries to exchange information on bank accounts. The development is significant because the U.S. government went to federal court in eight states at Norway (NOUE)’s request." Continue reading →

Continue ReadingNorway Gets U.S. Help Chasing Citizens Dodging Income Taxes

Ranch House Near Reno is a Thriving Tax Haven, and It’s Not Alone

"Shielding assets from the tax man or from overly inquisitive regulators is a time-honored strategy for the wealthy. Some turn to secretive financial havens like Switzerland or the Cayman Islands. Or there’s always Fernley, Nevada. [There] you will find the unassuming home of businessman Robert Harris, 65, who describes himself as a former bartender with an eighth grade education. The house is also home to some 2,400 Nevada corporations, all registered to Harris’ address. For a little extra money, Harris offers what he calls 'Ultimate Asset Protection,' which includes a 'virtual office with phone message and fax forwarding.'" Continue reading →

Continue ReadingRanch House Near Reno is a Thriving Tax Haven, and It’s Not Alone

FBI: nearly twice as many renunciations in first seven months this year

"The FBI has released its latest report on Active Records in the NICS Index as of 31 July 2013. NICS now contains the records of 22,908 renunciants who have been stripped of the right to purchase firearms in the United States. This is an increase of 298 since last month and 2,254 since December last year; this compares to 1,184 renunciants recorded by the FBI in January–July 2012." Continue reading →

Continue ReadingFBI: nearly twice as many renunciations in first seven months this year

America Is a Tax Haven…and That’s a Very Good Thing

"While there are many bad things about the American tax system (including pervasive double taxation and a very uncompetitive corporate tax system), one of few redeeming features of our tax system is that we are a tax haven. Not for Americans, of course, but it turns out we have some good rules for foreigners. I’ve already noted that Delaware is one of the world’s best tax havens because of its attractive incorporation policies, but we also have very attractive federal tax rules. Foreigners take advantage of these policies in ways that attract huge amounts of money to the American economy – more than $25 trillion according to the Commerce Department!" Continue reading →

Continue ReadingAmerica Is a Tax Haven…and That’s a Very Good Thing