Land Of The Flea

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

What can you buy from the IRS for $50,000?

"Well, that depends very much on who you are. For the same amount of protection money, you will get very different results. Companies with expensive international law firms on retainer have an irritating tendency to take their fights to Tax Court. Much better to go after soft & clawless prey who will roll over and beg for mercy because they’ve been psychologically conditioned with a visceral reflex against doing anything as 'drastic' as renouncing citizenship to protect themselves & their families." Continue reading →

Continue ReadingWhat can you buy from the IRS for $50,000?

Rather than pay ridiculous taxes, Americans renouncing citizenship

"As Americans live and work overseas, they find themselves facing onerous tax reporting requirements designed to crack down on tax evaders. However, the paperwork and reporting requirements are exhausting. For a few Americans, it is easier to renounce their citizenship and escape the burden. Americans living overseas say they are weary of the paperwork and burdensome requirements. Most countries have lower tax rates and caps, which make it more attractive to become citizens elsewhere. Some citizens only retain their American passports for travel purposes, which makes the document very expensive." Continue reading →

Continue ReadingRather than pay ridiculous taxes, Americans renouncing citizenship

Americans Rejecting Mainstream Media for British Newspaper

"The fastest growing 'newspaper' in America is based in Manchester, England. The Internet analytics firm Compete.com found that the number of visitors to the website of The Guardian grew by 1111.75% in August and an astounding 671,389.51% over the past year. The main word that people going to The Guardian were searching for was 'Syria,' according to Compete’s blog. That would indicate Americans appreciate The Guardian’s skepticism of President Obama’s plans to attack Syria and its reputation for honest reporting. It also indicates that average Americans no longer trust their own media and are increasingly turning to a foreign news source." Continue reading →

Continue ReadingAmericans Rejecting Mainstream Media for British Newspaper

Yahoo CEO Marissa Mayer defends tech company NSA cooperation

"Mayer said she was 'proud to be part of an organisation that from the beginning, in 2007, has been sceptical of – and has been scrutinizing – those requests [from the NSA].' Yahoo has previously unsuccessfully sued the foreign intelligence surveillance (Fisa) court, which provides the legal framework for NSA surveillance. In 2007 it asked to be allowed to publish details of requests it receives from the spy agency. 'When you lose and you don’t comply, it’s treason,' said Mayer. 'We think it make more sense to work within the system,' she said. The meeting came as Yahoo and Facebook filed suits once more to force the Fisa court to allow them to disclose more information." Continue reading →

Continue ReadingYahoo CEO Marissa Mayer defends tech company NSA cooperation

BEARCAT Bread And Circuses, Or Why I Ripped Up My Ticket

"We had eaten up the lie of hope that 'working within the system' is actually possible. I am ripping up my lifetime ticket to the circus that came with my birth certificate and social security number. Never again will I stoop to enter a government building. Never again will I grant credence to the idea that a government worker has rightful authority over me. Never again will I take precious hours out of my short life to grant legitimacy to this farcical freak show, when I could be spending that time trading with crypto-currency in the agora—the free market—in which we do not contract with or pay tribute to ring-leaders. It's anarchy or bust, baby. It always has been." Continue reading →

Continue ReadingBEARCAT Bread And Circuses, Or Why I Ripped Up My Ticket

7 Reasons Why the Public Is Right to Mistrust Obama on Syria

"1. What Iraq taught Americans -- what Vietnam taught before that -- is that Washington foreign-policy planners cannot accurately say beforehand just how long a war will last, how much it will cost, or how many Americans it might ultimately kill, even though many of them earnestly believe that their prognostication is accurate. They're asking us to believe their assurances about how limited the conflict will be, even though many of them got Iraq wrong on that same metric. They talk about intervention in Syria as if they know just what will happen. That's part of why they can't be trusted: their delusions of control." Continue reading →

Continue Reading7 Reasons Why the Public Is Right to Mistrust Obama on Syria

Donald Trump eyeing ‘building swap’ for FBI headquarters

"Flamboyant New York property developer and reality TV star Donald Trump is casting his eye on what some Washingtonians consider an architectural eyesore in the US capital — FBI headquarters. He told The Washington Post in an interview posted online Wednesday that he might take an opportunity to acquire the Brutalist-style premises on Pennsylvania Avenue in return for erecting a new and bigger home for the storied federal law enforcement agency. Inaugurated in the mid-1970s, the 11-floor J. Edgar Hoover Building houses more than half of the 10,000 employees of the Federal Bureau of Investigation in the greater Washington area." Continue reading →

Continue ReadingDonald Trump eyeing ‘building swap’ for FBI headquarters