Monthly Archives: February 2013
Avoiding the Snowbirds’ IRS trap

“Their ‘border binder’ contains a detailed snapshot of their lives, tangible proof of who they are, where they live for most of the year, who they bank with, even their credit card statements. Like the other 70,000 members of the Canadian Snowbird Association, the Slacks would never leave home without it. Overkill? Not if you don’t want to be treated like a U.S. taxpayer. Snowbirds tagged as a ‘substantial presence’ can still dodge the bullet on U.S. taxes. But they will need to file ‘Form 8840 Closer Connection Exception Statement for Aliens’ with the IRS. Failure to file this form could result in hefty fines, even if no taxes were owed.”
No Exit: China Uses Passports as Political Cudgel

“Legions of Chinese have been barred from traveling abroad by a government that is increasingly using decisions on passports as a cudgel against perceived enemies — or as a carrot to encourage academics whose writings have at times strayed from the party line to return to the fold. The seemingly arbitrary restrictions, not unlike those of the former Soviet Union, also affect overseas Chinese who had grown accustomed to frequent visits home. Scores of Chinese expatriates have been denied new passports by Chinese Embassies when their old ones expire, while others say they are simply turned away after landing in Beijing, Shanghai or Hong Kong.”
FATCA: Probably the Worst Law Americans Don’t Know About
“Earlier this month, the Obama administration began preparing new legislation to force U.S. banks to disclose more information on foreign investors to those investors’ home governments. Could this because the IRS has only an empty hand to offer when it comes to reciprocity? However, the Obama administration has an uphill battle in convincing Congress to enact such coercive legislation. Many in Congress fear that foreign investors could pull trillions of dollars out of U.S. banks if the proposal becomes law. That could dramatically reduce foreign purchases of U.S. Treasury debt and crush the U.S. dollar. More blowback.”
http://www.nestmann.com/fatca-foreign-account-tax-compliance-act/
The Shearing of the Sheeple

“If we use Sir Arthur’s logic, when we have eliminated the impossible in this case, what we are left with, however improbable, is that the State’s objective is indeed to achieve what it is achieving – denying the depositor his liberty, whilst implying that there is something inherently wrong with the purchase or sale of precious metals. But what is the benefit to the authorities in doing so? By treating those who buy and sell precious metals in the same way as drug lords are treated, it becomes easy to convince the general public that it was a good thing the metals investors were stopped from doing what they were doing. And that’s the whole point.”
http://www.internationalman.com/global-perspectives/the-shearing-of-the-sheeple
Canadian citizenship-stripping plan good politics but dodgy policy

“Immigration Minister Jason Kenney’s plan to strip Canadian terrorists of their citizenship is clever Conservative politics. There’s a feeling out there that just too many people are using Canada as a country of convenience — that they obtain citizenship to take advantage of programs like medicare but that their real loyalties are elsewhere. Now he’s taken advantage of a 2012 terrorist outrage in Bulgaria to advance the far more controversial idea of giving Ottawa the right to strip dual nationals of their Canadian citizenship. Native-born Canadians who also happen to be dual nationals could have their Canadian citizenship revoked by fiat.”
Raul Castro promises end of an era in Cuba as he steps down as country’s president

“Cuban President Raul Castro made the strongest statement yet that the island nation is preparing for a post-Castro era in announcing yesterday that he will step down in five years with plans to institute term limits. He also replaced his No. 2 with a younger Cuban who would be poised to rule if something were to befell Mr. Castro before his second term ends in five years – the first time the nation would be led by someone who did not directly fight in the 1959 Cuban revolution.”
http://www.csmonitor.com/World/Americas/2013/0225/Raul-Castro-promises-an-end-of-an-era-in-Cuba
Cuba part three, Cuban-U.S. relations: end the embargo now
“Although the Castro brothers have not renounced their communist ideals, the reality is that Cuba is shedding many collectivist policies. The economy is being freed up, from small business, to lifting of travel restrictions, to free market agricultural co-ops, etc. In other words, while the spirit of the Revolution is virtually everywhere, the reality is that the Cuban government is shedding the easiest depredations of collectivism. Cuba has no income tax, no sales tax, and very few, if any, real estate taxes. No doubt, Cuba’s civil liberties record should and must be improved. And it will. More interaction with freedom loving Americans will ensure that.”
Dissident blogger allowed to leave Cuba on tour

“Cuban dissident blogger Yoani Sanchez, who has been denied permission to travel abroad for many years, was allowed on Sunday to embark on a three-month trip to Latin America and Europe. Sanchez, 37, who often criticizes the Cuban government in her ‘Generation Y’ blog, had a visa to visit Brazil last year but was unable to make the trip because the government refused to issue her a passport. But Cuba recently made an about-face, issuing a reform allowing its citizens to travel abroad for the first time without a reviled and costly exit visa, and also giving Sanchez her long sought-for permission to travel.”
http://www.rawstory.com/rs/2013/02/17/dissident-blogger-allowed-to-leave-cuba-on-tour/
Should Americans Emigrate Or Defect?

“America still allows emigration; the door has not yet slammed. But America punishes the act and it is proposing legislation to punish it more. For example, a bill called the Ex-PATRIOT Act would ban anyone who expatriates from ever setting foot again on American soil. As the law stands today, the ‘exit tax’ for those who emigrate without renouncing citizenship is to be saddled with a US tax liability in perpetuity; in short, double taxation. The ‘exit tax’ for those who renounce citizenship is the complexity of the process and a confiscation of wealth from those who have it. This is a fiscal Berlin Wall.”
http://dollarvigilante.com/blog/2013/2/11/should-americans-emigrate-or-defect.html
