Fugitive Tax-Slaves

Online sales tax to be added to National Defense Authorization Act

"This may be the last Christmas of online shopping without paying sales tax. A proposed online sales tax has been offered as an amendment to the National Defense Authorization Act, much to the ire of opponents. The Marketplace Fairness Act, and its House counterpart the Marketplace Equity Act, seek to clarify, and arguably overturn, a 1992 Supreme Court ruling that requires retailers to have a physical presence in a state in order to collect sales tax on goods." Continue reading →

Continue ReadingOnline sales tax to be added to National Defense Authorization Act

A Long-Distance Relationship With the I.R.S.

"Foreign financial institutions will be required to scour their records for signs that customers are American, like a U.S. address or phone number or instructions to transfer funds to a U.S. bank account. Anyone flagged in the search will be asked to provide proof of citizenship and/or residence status, and Americans will have to provide a Social Security number. Even with the penalties, Fatca is not expected to raise significant revenue for the U.S. Treasury; the Congressional Budget Office forecasts a take of $8.7 billion over 10 years. That is barely a rounding error in an annual budget of more than $3 trillion." Continue reading →

Continue ReadingA Long-Distance Relationship With the I.R.S.

Two-thirds of millionaires left Britain to avoid 50p tax rate

"In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs. This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election. It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes. Far from raising funds, it actually cost the UK £7 billion in lost tax revenue." Continue reading →

Continue ReadingTwo-thirds of millionaires left Britain to avoid 50p tax rate

Americans Forced to Close Their Intrade Accounts

"Intrade decided all its U.S. customers must now close their accounts and withdraw their money from the site. Why did the American government sue Intrade? It was not for operating an online gambling operation, but for allegedly violating America's incomprehensible financial regulations. The government says that many of the things Intrade allows people to predict - everything from what the price of gold will be in the future to whether the U.S. will go to war soon - are legally considered 'commodity options,' and that Intrade broke the law because it isn't licensed to trade those. The penalty is $140,000 per violation." Continue reading →

Continue ReadingAmericans Forced to Close Their Intrade Accounts

TX teen ostracized for protesting school GPS chip

"A Texas teenager’s attorney told RT on Friday that her refusal to wear an ID badges with a GPS tag has led to her being ostracized from all school activities. 'She’s not being treated equally,' said John Whitehead, who is representing Andrea Hernandez in an upcoming trial next week. 'If she doesn’t have the chip, she can’t access the library, cafeteria, she was told she couldn’t vote for the homecoming king and queen.'" Continue reading →

Continue ReadingTX teen ostracized for protesting school GPS chip

UBS requires ‘US persons’ in Switzerland to renounce Swiss data protection law

"A startling Thanksgiving Day gift awaited Americans in Switzerland, green card holders and even non-US spouses of Americans who have bank accounts with UBS. The Swiss bank sent Americans a form where they agree to renounce protection under Swiss data protection laws 'to the extent necessary for reporting …and any other information regarding the Relationship which may be requested or required by the IRS.' Signatures required include those of Swiss citizens who do not have US citizenship and have never held of green card or lived in the United States, but who have an American spouse and joint bank accounts, including mortgages." Continue reading →

Continue ReadingUBS requires ‘US persons’ in Switzerland to renounce Swiss data protection law

Tax bills prompt Chinese to ditch US passports

"For many wealthy mainland Chinese who immigrated to the US, an American passport is a genie that cannot be put back in the bottle. More and more of them are thinking about renouncing their US citizenship, something that would have been almost unimaginable a decade ago, when getting a US passport was the ultimate status symbol in China. In March 2010, Washington stepped up its tax collection efforts by enacting FATCA. Americans and green card holders face onerous US reporting requirements, often have trouble opening bank accounts outside the US and frequently find it hard to form business ventures overseas." Continue reading →

Continue ReadingTax bills prompt Chinese to ditch US passports

Coerced Foreign Tax Compliance Is Killing American Jobs

"No doubt thanks in part to FATCA, foreign direct investment in the US for the first half of 2012 declined by 39.2% over the prior year, and China surpassed the US as the world’s largest recipient of global foreign direct investment for the first time since 2003. At a time when Washington should be pursuing policies designed to attract foreign investment capital to American shores, politicians seem intent on driving it away." Continue reading →

Continue ReadingCoerced Foreign Tax Compliance Is Killing American Jobs

Homelanders propose raising taxes on US Persons abroad to pay for “territorial taxation”

"In case you hadn’t already figured it out, this is the shape of things to come for U.S. Persons abroad: relentless bipartisan attacks on the Foreign Earned Income Exclusion. The latest effort in this direction contains provisions to phase out 20% of the FEIE every year until it is fully eliminated in 2017. It uses the taxes and penalties raised from U.S. Persons abroad to cut taxes on Homeland corporations, allowing them to repatriate their foreign profits with a waiver of 85% of the U.S. tax that would be due. The benefits of this tax cut will be denied to U.S. corporations which do not maintain their 'U.S. employment levels'." Continue reading →

Continue ReadingHomelanders propose raising taxes on US Persons abroad to pay for “territorial taxation”

Immigration Patterns in the Eurozone

"Watching immigration patterns is a very good way to get a sense for where the more vibrant economies are. There's a lot of immigration, legal and otherwise, into the US from Mexico. Not so much from Canada. People don't immigrate when they are content, which is why the immigration patterns within the eurozone are another signal of the problems in the southern eurozone countries. The number of Greeks moving to Germany jumped 78% in the first half of 2012 from a year earlier, Germany's statistics office reports. Spanish, Portuguese moving into Germany was up 53%." Continue reading →

Continue ReadingImmigration Patterns in the Eurozone