Fugitive Tax-Slaves

U.S. Demands Wells Fargo Records To Identify Tax Cheats Using Caribbean Havens

"Opening yet another front in their war against offshore tax evasion, U.S. enforcers have served a 'John Doe' summons on Wells Fargo Bank requiring it to turn over records that could identify any U.S. taxpayers who held accounts from 2004 through 2012 at CIBC FirstCaribbean International Bank Limited (FCIB), which operates in 18 Caribbean countries, including such notorious tax havens as the Cayman Islands. Wells Fargo provides correspondent bank services to FCIB, so Wells would have served as a conduit for transfers to and from FCIB accounts to U.S. accounts, corporations and individuals." Continue reading →

Continue ReadingU.S. Demands Wells Fargo Records To Identify Tax Cheats Using Caribbean Havens

FBI releases April 2013 NICS report; January through April renunciations up by 78%

"The FBI released their latest report on Active Records in the NICS Index last Friday. NICS now contains the records of 21,823 persons who renounced U.S. citizenship under INA § 349(5) (or, theoretically, the wartime provisions of INA § 349(6)) and are thus barred from purchasing firearms in the United States. This is an increase of 319 records as compared to March 2013, and 1,169 records since December 2012. Since last year one additional un-American (or someone using the identity of one) attempted to purchase a gun and got caught during the background check, increasing the total number of denials to renunciants since the inception of the NICS system from 57 to 58." Continue reading →

Continue ReadingFBI releases April 2013 NICS report; January through April renunciations up by 78%

A Modest Monetary Proposal

"We are not so interested in celebrating the demise of tax havens as we are in drawing the appropriate lessons from this event. The first lesson we can draw is that the world is a lot more coordinated than is ordinarily admitted. How is it possible that countries around the world have come up with the same legislation at the same time focused on destroying offshore banking once and for all? The idea of one coordinated world has long been scoffed at as a kind of conspiracy theory. But these days, conspiracy theory seems to be chasing actual facts. The facts – in fact – are not in doubt. Post-Cyprus is surely a different era." Continue reading →

Continue ReadingA Modest Monetary Proposal

State Department self-censors criticism of Eritrean diaspora tax in Human Rights Report

"With the release of the 2012 Country Reports on Human Rights Practices yesterday, it seems the U.S. State Department has finally realised its hypocrisy in condemning Eritrea for imposing tax on the Eritrean diaspora to fund wars in Africa, while aiding the IRS to impose tax on the American diaspora so that the US can also fund wars in Africa, and the Middle East, and Central Asia, and … Unfortunately, State’s response has not been to levy similar criticisms against the IRS or to stop cooperating with it, but instead to tone down their criticisms of Eritrea." Continue reading →

Continue ReadingState Department self-censors criticism of Eritrean diaspora tax in Human Rights Report

IRS Data Web Snares Mostly Low- and Middle-Income Taxpayers

"The IRS's next phase in high-tech tax collection will be to create a 'real-time' check of tax returns to 'match them to third party information.' Starting this year, the IRS tools will be able to track all credit card transactions. The agency has also instructed agents on using social media and e-commerce sites including eBay, as well as the rich data generated by mobile devices. Its computers are capable of scanning multiple networks at the same time to collect 'matching' comprehensive profiles for every taxpayer in America. Such profiles include shopping records, travel, social interactions, health records and files from other government investigators." Continue reading →

Continue ReadingIRS Data Web Snares Mostly Low- and Middle-Income Taxpayers

Puerto Rico: We’re Watching this Offshore Tax Haven

"Although residents must still file a federal tax return, they are exempt from paying U.S. income taxes. Residents also avoid a 15% capital gains tax on assets held before moving there, and sold after 10 years of residence on the island. Former governor Luis Fortuno, who narrowly lost the re-election at the end of 2012, is responsible for the attractive tax incentives on the island. He not only slashed property taxes to zero for new homeowners for the first five years, but he also included a 100% tax exemption on all supplemental, passive income. Moreover, international financial institutions that move to Puerto Rico are eligible for full property-tax exemption." Continue reading →

Continue ReadingPuerto Rico: We’re Watching this Offshore Tax Haven

Britain signs agreement with off-shore havens to share tax information

"Anguilla, Bermuda, the British Virgin Islands, Montserrat and the Turks and Caicos Islands have agreed to 'much greater levels of transparency of accounts held in those jurisdictions', Britain’s Treasury said. The agreement means the jurisdictions have agreed to pass on names, addresses, dates of birth, account numbers, account balances and details of payments into the accounts. The jurisdictions will share the details with Britain but also with tax authorities in France, Germany, Italy and Spain. Britain recently reached similar tax information-sharing agreements with Jersey, Guernsey and the Isle of Man." Continue reading →

Continue ReadingBritain signs agreement with off-shore havens to share tax information

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

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?