Fugitive Tax-Slaves

France’s Socialists Generate A New Class Of Tax Exiles

"The message could not be clearer: The number of requests by French citizens to leave France are suddenly up by 400 to 500 percent. As far as my tax law business is concerned, we used to have three to five such cases a year, and we are already facing more than 20 this year. We are witnessing an explosive rise in tax exile since April 2012. Currently, however, we are seeing a lot of young entrepreneurs, not necessarily wealthy, but who would like to get wealthy and will not hand over their wealth to the government. The hopeful tax exiles are therefore getting younger: today they are aged between 35 and 50, and not between 55 and 70, as was seen before." Continue reading →

Continue ReadingFrance’s Socialists Generate A New Class Of Tax Exiles

France’s Financial Transaction Tax Experiment Is Turning Into The Worst Kind Of Failure

"Investors who own French shares are selling them and taking positions on them through derivatives instruments such as contracts for difference, structured products and ETFs, according to a Paris-based lawyer. 'Most structured transactions remain outside the tax,' he says. 'It is due only if you have actually purchased the shares.' In other words, instead of curbing excessive speculation, the tax is simply forcing those speculative activities into darker, less-regulated corners of the market." Continue reading →

Continue ReadingFrance’s Financial Transaction Tax Experiment Is Turning Into The Worst Kind Of Failure

Swiss bank Wegelin, founded in 1741, to close after US tax evasion fine

"Switzerland's oldest bank is to close permanently after pleading guilty in a New York court to helping Americans evade their taxes. Wegelin, which was established in 1741, has also agreed to pay $57.8m (£36m; 44m euros) in fines to US authorities. It said that once this was completed, it 'will cease to operate as a bank'. Wegelin, based in the small Swiss town of St Gallen, started in business 35 years before the US declaration of independence. It becomes the first foreign bank to plead guilty to tax evasion charges in the US." Continue reading →

Continue ReadingSwiss bank Wegelin, founded in 1741, to close after US tax evasion fine

Passport Denials Long a Feature of U.S. Foreign Policy

"Neither national nor international law appears likely to stop the U.S. government’s concerted efforts to deny due process to those placed on the No-Fly List. While today’s mechanisms of travel control are far more sophisticated than those that Mrs. Shipley had at her disposal, the net effect is virtually identical: Both U.S. citizens and those wishing to visit the United States are denied a fundamental human right. Hopefully, you’ll never be placed on the No Fly List. But if you are, you’ll appreciate the utility of a second passport, 'just in case.'" Continue reading →

Continue ReadingPassport Denials Long a Feature of U.S. Foreign Policy

IMF OK With Capital Controls, Inflationists Shrug

"The International Monetary Fund endorsed nations’ use of capital controls in certain circumstances, making official a shift, which has been in the works for three years, that will guide the fund’s advice. In a reversal of its historic support for unrestricted flows of money across borders, the Washington-based IMF said controls can be useful when countries have little room for economic policies such as lowering interest rates or when surging capital inflows threaten financial stability." Continue reading →

Continue ReadingIMF OK With Capital Controls, Inflationists Shrug

Putin grants French actor Gerard Depardieu Russian citizenship

"Russian President Vladimir Putin on Thursday granted fast-track citizenship to France’s Gerard Depardieu after the movie star complained about the French Socialist government’s proposed 75 percent tax on the rich. The decision appears to give Depardieu — a frequent guest of the Moscow celebrity circuit who nonetheless never asked for a Russian passport — the right to pay the 13 percent tax levied in Russia on everyone from billionaires to the poor." Continue reading →

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French 75% income tax struck down by constitutional council

"France's constitutional council has struck down a top income tax rate of 75% introduced by Socialist President Francois Hollande. Raising taxes for those earning more than 1m euros (£817,400) has been a flagship policy for Mr Hollande. The policy angered France's business community and prompted some wealthy citizens to say they would emigrate. Mr Hollande's government said it would rework the tax, due to take effect in 2013, to meet the council's complaints." Continue reading →

Continue ReadingFrench 75% income tax struck down by constitutional council

The Continuing Exodus of Jobs – and Taxable Income – from California

"I wish I could be a fly on the wall when this moment of truth happens to California politicians. They convinced voters in the state to enact Prop 30, a huge tax increase targeting those evil, awful, bad rich people. Governor Brown and his fellow kleptocrats in Sacramento doubtlessly are salivating at the thought of more money to waste. But notwithstanding a satirical suggestion from Walter Williams, there aren’t guard towers and barbed-wire fences surrounding the state. Productive people can leave, and that’s happening every day. And they take their taxable income with them." Continue reading →

Continue ReadingThe Continuing Exodus of Jobs – and Taxable Income – from California

U.S. Passport as Instrument of Control

"Career civil servant Ruth B. Shipley acted as chief of the Passport Division of the U.S. State Department from 1928 to 1955. Shipley personally reviewed every passport application, and prior to 1958 Supreme Court decision, her actions were subject to no judicial review. Shipley denied passports to Paul Robeson, Arthur Miller, Linus Pauling, and 'many other' Americans during the 1950s. Kahn’s article explores how Shipley acquired such power and how the US passport became an instrument to prevent rather than permit travel." Continue reading →

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Deportations of illegal immigrants in 2012 reach new US record

"The United States deported more than 400,000 illegal immigrants in 2012, the most of any year in the nation’s history, US Immigration and Customs Enforcement (ICE) reports. In four years, the Obama administration has deported three-quarters of the number of people that President George W. Bush’s administration did in eight. And unlike Mr. Bush, Obama made no concerted effort to reform the US immigration system – a history that’s not lost on the president’s Latino supporters. Representative Gutierrez said some 90,000 undocumented parents of American-born children continue to be deported each year." Continue reading →

Continue ReadingDeportations of illegal immigrants in 2012 reach new US record