Mainstream News

UK tax hitmen to track your spending

"Credit reference agencies will cross-check details of the income people declare on their tax returns against their spending patterns to identify 'high' and 'medium' risks of both illegal and legal tax avoidance. About two million people are expected to be scrutinised under the programme, which may lead to privacy concerns. Treasury sources said that 'hundreds of millions' are expected to be raised from the greater use of third-party data, such as that supplied by credit reference agencies. Information will also be routinely shared between the British and American authorities." Continue reading →

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Crime-Ridden Camden To Dump City Police Force

"As the New Jersey city of Camden blasts through its all-time-high homicide record — exceeding 60 murders so far this year — city officials have an unusual solution to rising crime: laying off the entire police department. Camden officials say it's the only affordable way to bring down crime, but critics call the strategy a deliberate move to bust the police union. People say they turn to crime because they can't make money doing anything else." Continue reading →

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Street artist whose mock ads claimed NYPD used spy drones is busted

"A street artist whose mock public service ads around the city claimed the NYPD used spy drones to monitor citizens was busted after outing himself in a website interview, authorities and sources said. Essam Attia, 29, was hit with 56 counts of criminal possession of a forged instrument, grand larceny possession of stolen property and weapons possession for an unloaded .22-caliber revolver under his bed at his Manhattan apartment. Authorities said Attia planted dozens of ads in display cases around the city between Sept. 14 and 16. Many of them even used his artist signature, 'ESSAM.'" Continue reading →

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Anti-drone protesters knocked off course by broad restraining order

"Adams said that he has repeatedly been arrested as he attempted to deliver a letter to the base commander, Colonel Greg Semmel, and others accusing the government of war crimes. The order of protection, issued by Donald Benack, a judge in the Dewitt town court, Onondaga, New York, on 25 October, forbids the 17 activists from contacting Colonel Earl A. Evans. The activists, Adams said, had asked if the order meant they had to stay away from the weekly permitted protest across the road from the base. The response from law enforcement officers: if Evans found it 'irritating' then it did." Continue reading →

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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 →

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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 →

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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 →

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Dollar-Less Iranians Discover Virtual Currency

"Under sanctions imposed by the U.S. and its allies, dollars are hard to come by in Iran. The rial fell from 20,160 against the greenback on the street market in August to 36,500 rials to the dollar in October. It’s settled, for now, around 27,000. The central bank’s fixed official rate is 12,260. Yet there’s one currency in Iran that has kept its value and can be used to purchase goods from abroad: bitcoins, the online-only currency." Continue reading →

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Iran: Oil for gold deals bypass sanctions, US unveils new penalties

"The United States and European Union have imposed tough sanctions on Iran that have weakened its economy. But Tehran has found ways to bypass the penalties, such as Turkey's use of gold to pay for Iranian natural gas imports. The Menendez-Kirk measure would allow the president to impose sanctions in cases of the sale or transfer of precious metals, targeting efforts by Iran to circumvent the penalties." Continue reading →

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As Europe Plots Closer Ties, Britain Mulls Split

"German Chancellor Angela Merkel called last week for turning the European Commission, which currently drafts legislation and regulates competition, into 'something like a European government.' The phrase alone rattles the teeth of many British politicians, who have warned for decades of the specter of a European superstate. Last month, Cameron faced a huge rebellion within his own party as 81 of the 303 Conservative lawmakers defied his orders and voted to hold an urgent referendum on EU membership in 2015." Continue reading →

Continue ReadingAs Europe Plots Closer Ties, Britain Mulls Split