Monthly Archives: July 2014

Is The IRS Really Driving Americans To Renounce Citizenship?

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“After surveying 414 expat clients, 327 said they had ‘actively considered,’ ‘are thinking about,’ or ‘explored the options’ of renouncing their U.S. passport because of the new rules. Many cited problems opening and maintaining bank accounts in their new countries and disliked the costs and paperwork associated with compliance.  ‘Some told us that they felt they were now under suspicion by the IRS, even though there was no question of any wrongdoing or having any taxes owing,’ Green said.  U.S. Treasury Department data shows that passport relinquishments were up 220 percent in 2013 from the year earlier.”

http://www.ibtimes.com/irs-really-driving-americans-overseas-renounce-citizenship-1628644

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Corporations Join Increasing Numbers Renouncing US Citizenship

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“The strategy these companies are using is known as an inversion. It’s where a US company merges with a foreign company in a jurisdiction with lower taxes and then reincorporates there. Current US law allows for this if the foreign shareholders own at least 20% of the combined company (though some are trying to raise the minimum to 50%).  Now, despite the howls and shrieks from upset politicians and the mainstream media about these companies being ‘unpatriotic’ and ‘un-American,’ they’re doing absolutely nothing illegal. Inversions are totally acceptable within the current rules of the US Tax Code.”

http://www.internationalman.com/articles/corporations-join-droves-renouncing-us-citizenship

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The Retention of Wealth

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“The world has never seen a time like the present one. In most every facet of the economy, personal wealth is threatened. In many countries, there is the threat of greater taxation, devaluation of currencies, collapses in markets, and even outright confiscation of bank accounts.  Consequently, if the powers-that-be exert their power to (quite literally) rob their citizens, those citizens need to determine the safest havens for their wealth that they possibly can… and need to do so before the wolf arrives at the door.  As to what countries the reader might consider, several nations in the world have no income tax.  There are sixteen nations that have no property tax.”

http://www.internationalman.com/articles/the-retention-of-wealth

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Austrian Tor Exit Node Operator Found Guilty As An Accomplice

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techdirt1

“Three years ago we wrote about how Austrian police had seized computers from someone running a Tor exit node. This kind of thing happens from time to time, but it appears that folks in Austria have taken it up a notch by… effectively now making it illegal to run a Tor exit node.  It’s pretty standard to name criminal accomplices liable for ‘aiding and abetting’ the activities of others, but it’s a massive and incredibly dangerous stretch to argue that merely running a Tor exit node makes you an accomplice that ‘contributes to the completion’ of a crime. Under this sort of thinking, Volkswagen would be liable if someone drove a VW as the getaway car in a bank robbery.”

https://www.techdirt.com/articles/20140701/18013327753/tor-nodes-declared-illegal-austria.shtml

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Spanish citizenship offer appeals to US Jews

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“The Spanish government presented a bill last month that would grant citizenship to Jews forced into exile from Spain by the Inquisition in 1492. The plan, expected to pass easily in Parliament, aims to right a past wrong and honor the loyalty of communities that ‘do not hold a grudge’ against a country that forgot them, according to the bill.  According to Spain’s bill, to be eligible for dual citizenship, applicants will also have to take a Spanish culture test and have their ancient ties to the nation vetted by experts.  The Spanish government is expecting a massive response, according to reports in the Spanish news media.”

http://www.kansascity.com/news/nation-world/article714780.html

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Robbing Peter

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“Spain may defend its decision by pointing out that it has one of the lowest tax takes in the European Union, which is true. However, what should be the issue here is not the amount of tax being imposed, but the principle upon which the tax is being taken. Let there be no doubt about this bail-in or any other—it is pure theft.  The measure in Spain is also an advance on the concept that, as long as an emergency is perceived to exist, confiscation is justified. In Spain, no emergency situation is being pretended; they simply want the money and have decided to take it.”

http://www.internationalman.com/articles/robbing-peter

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Spain Issues Retroactive 0.03% Tax on Bank Deposits

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“Spain will retroactively tax bank deposits to January 1, 2014 stating the move will boost growth and job creation.  Guru Huky correctly labeled the tax for what it is ‘More than a tax, this looks like a mini seizure of deposits. Someone likely needs a few million and to balance the books.’  The notion that a tax increase will boost the economy is of course absurd. But don’t worry, it’s only 0.03%, nudge nudge, wink wink … for now.”

http://globaleconomicanalysis.blogspot.com/2014/07/spain-issues-retroactive-003-tax-on.html

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Switzerland: From Banking Paradise To Data Safe Zone

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“Data storage is booming in Switzerland. Attracted by the country’s political neutrality and ironclad privacy laws, a growing number of people and companies are choosing to keep their sensitive information in the nation’s servers.  Behind the rush: Edward Snowden. Since he first blew the whistle on the National Security Agency’s surveillance activities last year, demand has surged for the services of Swiss data-storage companies.  The right to data privacy is so deeply rooted that it’s written in the Swiss constitution: ‘Every person has the right to privacy in their private and family life and in their home, and in relation to their mail and telecommunications.'”

http://www.npr.org/2014/07/12/330751548/switzerland-from-banking-paradise-to-data-safe-zone

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Retirement Dreams (Workers) vs. Reality (Retirees)

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“There are major discrepancies between what workers think they will live on in retirement vs. what retirees are actually living on.  The youngsters have figured out that Social Security will not be there. Under a third think Social Security will be the major source of their income. Over half of retirees say Social Security is in fact the major portion.  The [discrepancies] are surveyed in this short video.”

http://teapartyeconomist.com/2014/07/05/video-retirement-dreams-workers-vs-reality-retirees/

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What’s It Like to Work for the New York FED?

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“Not bad, if you like perks, 8-hour days, and bureaucratic security.  This is the opinion of two-thirds of its employees who responded to the GlassDoor inquiry.  It’s fat city in Fat City. And why not? Working for the Federal Reserve is a license to print money . . . literally.  Click the link to see what the good life is like for America’s legal counterfeiting operation.”

http://teapartyeconomist.com/2014/06/24/whats-like-work-new-york-fed/

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