Fugitive Tax-Slaves

World’s biggest gold storage company dumps US citizens

"ViaMat, a Swiss logistics company that has been safeguarding precious metals since 1945, is literally the gold standard in secure storage. They have vaults from Switzerland to Hong Kong to Dubai, and they count among their clients some of the largest mining companies in the world. They know what they’re doing. And now they’re dumping US citizens. ViaMat does a great deal of business within the United States. As such, the company is heavily exposed to the insane US regulatory environment. As an example, the 2010 Foreign Account Tax Compliance Act turned into more than 500 pages of regulation!" Continue reading →

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Free Movement for U.S. Goods But Not for U.S. Citizens?

"The big headline in U.S. international commerce is a new proposed free trade deal between the U.S. and the evil socialist European states. I don’t understand though how America cannot see that its desire for more free trade is inconsistent with FATCA. Why should U.S. goods be able to move freely around the world while U.S. persons and their capital are forbidden to leave the homeland? And if they should have the temerity to leave anyway then they are punished for doing so. More importantly is it possible for U.S. goods to move around the world if U.S. persons aren’t allowed to accompany them?" Continue reading →

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Foreign asset reporting before FBAR and FATCA: “loyalty questionnaires” for World War II Japanese American internees

"Most of us are familiar only with modern-day attempts to get Americans to report non-US accounts and investments: the controlled foreign corporation laws of the 1960s, followed by the Bank Secrecy Act of 1970, and today’s FATCA. But three decades before TD F 90-22.1 and seven decades before Form 8938, there was WRA 126, 'Application for Leave Clearance', which had to be filed by any Japanese American seeking to leave a War Relocation Authority internment camp." Continue reading →

Continue ReadingForeign asset reporting before FBAR and FATCA: “loyalty questionnaires” for World War II Japanese American internees

G20 vows to combat corporate tax avoidance

"G20 finance ministers meeting in Moscow have pledged to crack down on tax avoidance by multinational companies. The final communique said members were determined to develop measures to stop firms shifting profits from a home country to pay less tax elsewhere. The UK, France and Germany were the main movers behind the drive. The communique also said members would refrain from devaluing their currencies to gain economic advantage, amid fears of a new 'currency war'." Continue reading →

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UK Government and Isle of Man in deal to stop offshore tax evasion

"Under the agreement, a wide range of financial information on UK taxpayers with accounts in the Isle of Man will be passed automatically to HM Revenue and Customs (HMRC). A disclosure facility will allow account-holders to come forward and settle their past affairs before the details are automatically passed on to HMRC. The Treasury said the deal with the Manx authorities closely followed an agreement struck with the United States to improve international tax compliance." Continue reading →

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Cisco Won’t Buy Any US Companies Or Hire Any US Workers Until The Tax Code Is Changed

"Cisco has $46 billion in cash, but CEO John Chambers says he is no longer willing to use it to acquire U.S. companies. That's because 80 percent of that cash is stored in overseas accounts and if Cisco spends it in the U.S., the company will have to fork over 35 percent in taxes. For years, he has been trying to get the U.S. to change that tax rule. He's said before that this prevents him from hiring more U.S. workers. But now he's said he's also stopped shopping for acquisition targets in the U.S., too. Microsoft keeps about 87 percent of its $66.6 billion stored outside the U.S.; Oracle, 80 percent of its $31.6 billion; and Apple about 68 percent of its $121.3 billion." Continue reading →

Continue ReadingCisco Won’t Buy Any US Companies Or Hire Any US Workers Until The Tax Code Is Changed

Islands trade quick citizenship for investment

"Turmoil in the Middle East and North Africa has led to a surge of interest in programs that let investors buy citizenship or residence in countries around the world in return for a healthy contribution or investment. Most are seeking a second passport for hassle-free travel or a ready escape hatch in case things get worse at home. Nowhere is it easier or faster than in the minuscule Eastern Caribbean nations of Dominica and St. Kitts & Nevis. It's such a booming business that a Dubai-based company is building a 4-square-mile community in St. Kitts where investors can buy property and citizenship at the same time." Continue reading →

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Is America now the largest and most secret tax haven?

"According to the Financial Secrecy Index, America ranked #5 in 2011 in banking secrecy, trailing only after Switzerland, the Cayman Islands, Luxembourg and Hong Kong. America created FATCA to destroy its competition, forcing other countries to provide America with financial data while rejecting reciprocity. With America pushing Switzerland, the Cayman Islands, Luxembourg and Hong Kong to drop down the ranks in financial secrecy, will America finally succeed in achieving its goal of becoming the world’s largest and most secret tax haven at the expense of innocent Americans abroad whom it harmed in the process?" Continue reading →

Continue ReadingIs America now the largest and most secret tax haven?

Is America now the largest and most secret tax haven?

"According to the Financial Secrecy Index, America ranked #5 in 2011 in banking secrecy, trailing only after Switzerland, the Cayman Islands, Luxembourg and Hong Kong. America created FATCA to destroy its competition, forcing other countries to provide America with financial data while rejecting reciprocity. With America pushing Switzerland, the Cayman Islands, Luxembourg and Hong Kong to drop down the ranks in financial secrecy, will America finally succeed in achieving its goal of becoming the world’s largest and most secret tax haven at the expense of innocent Americans abroad whom it harmed in the process?" Continue reading →

Continue ReadingIs America now the largest and most secret tax haven?

Renewing Your US Passport? BEWARE — – State Department Now Transmits Your SSN & Location to the IRS

"Traditionally, the functions of the US Treasury and the Department of State were completely separate. However, we are seeing a continued erosion of this distinction as troubling economic times continue. The US passport renewal form mandates that the applicant supply his Social Security Number (SSN) if he has one. A $500 penalty applies for failure of a passport applicant to provide the SSN, unless reasonable cause can be established. In addition, the statute mandates that the State Department must provide your SSN and foreign residence information to the Department of Treasury, and to notify the IRS if you refuse. So, you lose either way." Continue reading →

Continue ReadingRenewing Your US Passport? BEWARE — – State Department Now Transmits Your SSN & Location to the IRS