"Well, you could always move to Canada, right? Think again. The Foreign Account Tax Compliance Act (FATCA) comes more fully into effect this year, and as The Globe and Mail's Barrie McKenna explains, 'FATCA will force the hand of many Americans in Canada, making them choose between compliance or giving up their U.S. citizenship.' Here's why." Continue reading →
"A federal judge issued a 75-page ruling on Wednesday that declares that the US Justice Department does not have a legal obligation to explain the rationale behind killing Americans with targeted drone strikes. United States District Court Judge Colleen McMahon wrote in her finding this week that the Obama administration was largely in the right by rejecting Freedom of Information Act (FOIA) requests filed by the American Civil Liberties Union and The New York Times for materials pertaining to the use of unmanned aerial vehicles to execute three US citizens abroad in late 2011." Continue reading →
"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 →
"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 →
"Other than a small percentage of the population who have managed to build enough wealth to break the cycle through diversified investment and income sources, the vast majority of the population lives pretty much hand to mouth. Of the money you earn, close to a majority is now returned to the state in the form of taxes of all description (payroll, property, sales, income, etc., ad infinitum). Then, because it's a rigged game, just like the company store, the money you do manage is steadily debased. And while the situation is bad, it hasn't yet gotten desperate." Continue reading →
"Yesterday at the American Economic Association's 2013 Annual Meeting, Carmen Reinhart and Ken Rogoff offered a paper titled Shifting Mandates: The Federal Reserve’s First Centennial. The paper included a cool chart of inflation since 1775. The authors argue that inflation didn't take off until the U.S. went off the gold standard in 1933." Continue reading →
"Newly released documents confirm that the National Security Agency (NSA), America's top cyberespionage organization, is spearheading a cloaked and controversial program to develop technology that could protect the US power grid from cyberattack. Of the 188 pages of documents released by the agency, roughly half were redacted to remove classified information. Even so, the documents show Perfect Citizen to be in the fourth year of a five-year program begun in 2009. Valued at up to $91 million, the Perfect Citizen technology is being developed by Raytheon, the Waltham, Mass., defense contractor that won it." Continue reading →
"In an official statement published on the group’s website, the current leader of Al Qaeda said that Congress’s conduct during the so-called 'fiscal-cliff' showdown convinced the terrorists that they had been outdone. Mr. al-Zawhiri said that the idea of holding the entire nation hostage with a clock ticking down to the end of the year 'is completely insane and worthy of a Bond villain.' 'As terrorists, every now and then you have to step back and admire when someone else has beaten you at your own game,' he said. 'This is one of those times.'" Continue reading →
"The 'fiscal cliff' legislation passed this week included $76 billion in special-interest tax credits for the likes of GE, Hollywood and even Captain Morgan. But these subsidies weren't the fruit of eleventh-hour lobbying conducted on the cliff's edge. The Family and Business Tax Cut Certainty Act of 2012 was copied and pasted into the fiscal cliff legislation, yielding a victory for biotech companies, wind-turbine-makers, biodiesel producers, film studios -- and their lobbyists. So, if you're wondering how algae subsidies became part of a must-pass package to avert the dreaded fiscal cliff, credit the Biotechnology Industry Organization's lobbying last summer." Continue reading →
"Many businesses plan to bring on more part-time workers next year, trim the hours of full-time employees or curtail hiring because of the new health care law, human resource firms say. The so-called employer mandate to offer health coverage doesn't take effect until Jan. 1, 2014. But to determine whether employees work enough hours on average to receive benefits, employers must track their schedules for three to 12 months prior to 2014 — meaning many are restructuring payrolls now or will do so early next year. About a quarter of businesses surveyed by consulting firm Mercer don't offer health coverage to employees who work at least 30 hours a week." Continue reading →