Fugitive Tax-Slaves

All Hail Rick Perry!

"It’s always a good thing for society, but bad for our rulers, when at least one of them decides it’s a good idea to compete by lowering taxes. (Maryland state government recently imposed a 'rain tax' based on the size of the roof on one’s business establishment under the crackpot theory that rain running off your roof will pollute the Chesapeake Bay.). Cory A. writes that he moved to Austin, Texas last year to take a great new job with Paypal/Ebay which he says is 'expanding dramatically.' As is a new Apple facility in Austin, along with Visa, with 800 new jobs. These are all well-paying jobs, he says. In addition, Austin has become 'the' place to go if you want a career in the music industry." Continue reading →

Continue ReadingAll Hail Rick Perry!

Texas Gov. Rick Perry takes aim at Maryland to lure businesses

"Texas Gov. Rick Perry took a swipe at Gov. Martin O'Malley and Maryland's business climate in radio ads aimed at luring companies and residents to the Lone Star state. 'When you grow tired of Maryland taxes squeezing every dime out of your business, think Texas,' Perry said in the radio advertisement, set to air in the Baltimore-D.C. market this week and provided to the The Baltimore Sun by WTOP. Perry has launched similar advertisements in Missouri, California, Chicago and New York since April. Earlier this year, Perry invited Beretta and other Maryland gun manufacturers to move to Texas after the General Assembly passed new gun laws here." Continue reading →

Continue ReadingTexas Gov. Rick Perry takes aim at Maryland to lure businesses

American expats are “offshore tax dodging” “trash”, say Homelanders

"So, there you have it. According to America, all Americans living abroad are 'offshore tax dodgers' since they are taxed where they live to pay for the infrastructure they use. Why does America seek to trash its diaspora? Because it believes that they are pirates sailing around with stolen treasure. Yet, the impact of US policy on Americans living abroad has never been an American concern, as one fellow kindly stated to one who does not live in America. The US government clearly doesn’t give a damn if Americans are harmed as a result of US policy, but it is eager to brand its expats as 'tax cheats' and to throw them away as 'trash'." Continue reading →

Continue ReadingAmerican expats are “offshore tax dodging” “trash”, say Homelanders

Can the Internet Tax Be Stopped Just Like the Attack On Syria?

"This time we would be stopping a direct attack on us. A new national comprehensive survey commissioned by National Taxpayers Union and the R Street Institute finds that Americans overwhelmingly oppose new legislation, like the Marketplace Fairness Act, that lets states force tax collection obligations on Internet purchases made from businesses outside their borders. Fifty-seven percent of respondents in recent polls opposed changes to Internet sales tax policies like those provided in the Marketplace Fairness Act. Will Rand Paul, Justin Amash and 'Leader' Mitch McConnell take up this cause?" Continue reading →

Continue ReadingCan the Internet Tax Be Stopped Just Like the Attack On Syria?

FATCA: The end of financial privacy

"Financial privacy isn’t typically considered as sexy as other forms of privacy, like our right to private beliefs, health care, property, and communications. Infringement of financial privacy doesn’t evoke the kind of outrage as other violations, because most overlook the vital role it plays in preserving human rights and protecting individuals from governmental abuse. Just as supporters of the police and surveillance state argue that individuals with nothing to hide should be willing to forfeit their right to privacy, those obsessed with collecting taxes think that the vast majority of Americans who do not engage in evasion should be willing to relinquish their financial privacy rights." Continue reading →

Continue ReadingFATCA: The end of financial privacy

Why I renounced US citizenship

"I flew to Switzerland and was hired by two large international firms at the same time within a few weeks, both offering double the pay and with better benefits. I had to choose. Months later, my spouse joined me there. 11 years later, I learned that Swiss banks were rejecting little people simply because they had US citizenship and as a result of US policy. It was clear that the US citizenship had to go. Overall, I find that the American job market is often trigger-happy, overreacting to strongly to non-issues. In Switzerland, I’m trusted, my skills and motivation are respected and appreciated and my minor human errors are forgiven. To anyone thinking about working in America: think again." Continue reading →

Continue ReadingWhy I renounced US citizenship

FATCA Hassles: Feds Cracking Down on Overseas Tax Evasion

"Switzerland, which has strict privacy laws protecting customers’ confidential financial information, has effectively declared American citizens personae non gratae as far as their banks are concerned. Banks are shuttering accounts, refusing mortgages and refinances, and refusing to open accounts for Americans living abroad. The rules create an incentive for foreign employers to cease investing in America, avoid hiring Americans, or both. And in some cases, Americans have been refused employment or promotions at foreign companies because the job description requires them to be signatories on the company’s account." Continue reading →

Continue ReadingFATCA Hassles: Feds Cracking Down on Overseas Tax Evasion

Bern’s backing of FATCA ‘hits financial sector’

"Walter Boss, a tax lawyer with Poledna Boss Kurer AG in Zurich, said uncertainty was 'one of the worst enemies in the financial world.' But more clarity could come at a steep price, even for banks that maintain they have done nothing wrong. Forced to cough up US client records, they are basically being 'deemed guilty until proven innocent,' Boss said. Hornung was even more critical. 'It's not really an agreement, but more of a dictate from the United States,' he said. And after suffering the onslaught from Washington, the biggest danger could lie ahead if European tax authorities decide to take the same route as their American counterparts, Hornung warned." Continue reading →

Continue ReadingBern’s backing of FATCA ‘hits financial sector’

Swiss MPs endorse US tax compliance deal

"FATCA only addresses current and future accounts held by Americans, but Bern also recently agreed to a controversial deal focused on making amends for past wrongdoings by the banks. That deal offers individual Swiss banks the opportunity to avoid US prosecution if they agree to pay 'substantial fines', and provide details on US citizens' accounts, including the sources and destinations of funds transferred to and from the accounts. The agreement, which is expected to erode Swiss bank secrecy laws, has come under widespread criticism, tempered by recognition that without a deal the country's all-important financial sector could lose access to the US market." Continue reading →

Continue ReadingSwiss MPs endorse US tax compliance deal

American threats against innocent expats are increasing

"A willful failure to file is considered a felony punishable by five years in prison. Holders of unreported foreign accounts have more than jail to fear. The IRS has proven itself very adept at finding taxpayers that have not filed an FBAR. Those that are caught can expect both a tax bill and a penalty assessment of the greater of $100,000 or half the highest balance in the account. Making things worse for taxpayers is next year’s looming FATCA law. If the IRS thinks you moved or renamed your account to avoid detection, chances of criminal prosecution increase dramatically. The Quiet Disclosure strategy not only doesn’t work, it sets up taxpayers for a huge interest and penalty bill." Continue reading →

Continue ReadingAmerican threats against innocent expats are increasing