Tag Archives: Bandit Gang Writ Large

Google could be fined £4.4bn as Brussels signals legal challenge

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“Google could face a fine of up to $6.6bn (£4.4bn) after the European Commission began to update its evidence against the search engine – signalling that Brussels has decided to launch a full-blown legal challenge into its dominance.  The newly installed competition commissioner, Margrethe Vestager, whose political career inspired the blockbuster television series Borgen in her native Denmark, has begun updating evidence against Google and weighing whether to ramp up Europe’s five-year probe into Google’s search practices by releasing a new statement of objections.  Google could be fined up to 10% of its worldwide revenues, which were $66bn in 2014.”

http://www.theguardian.com/technology/2015/apr/02/google-could-be-fined-4bn-ec-signals-legal-challenge-margrethe-vestager

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Australia To Start Taxing Bank Deposits

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“The Federal Opposition has accused the Government of breaking an election promise by planning to introduce a tax on bank deposits.  The former Labor Government put forward the policy in 2013 to raise revenue for a fund to protect customers in the event of a banking collapse.  Shadow Assistant Treasurer Andrew Leigh said Treasurer Joe Hockey criticised the proposal at the time. ‘When we put it on the table Joe Hockey said that it was a smash and grab on Australian households just aimed at repairing the budget,’ he said.  The banking industry has raised concerns about a deposit tax, saying it will have to pass the cost back onto customers.”

http://www.zerohedge.com/news/2015-03-29/australia-start-taxing-bank-deposits

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Ron Paul: The IRS and Congress Both Hold Our Liberty in Contempt

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“This week the Justice Department announced it would not charge former Internal Revenue Service (IRS) official Lois Lerner with contempt of Congress. Some members of Congress requested that Lerner be charged with contempt after she refused to testify at a congressional hearing investigating her role in denying or delaying the applications for tax-exempt status of ‘tea party’ and pro-limited government organizations. In contrast, private citizens called before Congress are harangued and even bullied. Congress should stop using the hearing process to intimidate private citizens and start using it to intimidate those government officials who are threatening our liberty.”

http://www.ronpaulinstitute.org/archives/featured-articles/2015/april/05/the-irs-and-congress-both-hold-our-liberty-in-contempt/

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IRS apologizes after seizures hammer small businesses

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“Top IRS officials, under intense pressure from Congress, apologized on Wednesday to small business owners for seizing their bank accounts after they structured bank deposits that just barely avoided federal reporting requirements.  The seizures, actions that are usually aimed at stopping drug dealers from moving large amounts of cash out of the country, cost the business owners tens of thousands of dollars to undo.  The tax agency said it is changing its policy so that businesses that obtain their money legally would not have their accounts seized. By law, bank deposits and withdrawals over $10,000 must be reported to the IRS. It’s a felony to ‘structure’ transactions to avoid that law.”

http://nypost.com/2015/02/11/irs-apologizes-after-seizures-hammer-small-businesses/

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‘Beats paying $10K’: Uninsured opt for Obamacare fine over coverage

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“A moratorium for uninsured Americans to avoid paying a tax penalty under the Affordable Care Act may not be accomplishing its desired goal, as many citizens appear to be opting to pay a fine rather than sign up for coverage.  Although it’s still early in the process—the extended deadline lapses in April—a senior executive at H&R Block said that ‘a significant percentage of taxpayers’ are opting to pay the penalty.  Separately, only 12 percent of uninsured people would buy policies if informed of the penalty, according to a survey of 3,000 adults polled by McKinsey & Co.”

http://www.cnbc.com/id/102524819

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UK ‘Google tax’ will target inter-company payments

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“A new British tax on companies that shift profits out of the country and into tax havens will target inter-company fees for services like use of intellectual property, according to a Treasury document seen by Reuters.  Companies will also be required to report their potential liability to the new tax, which the note said will sit outside the existing corporate tax system. That is intended to avoid legal challenges under existing tax treaties with countries like Ireland, a major conduit for shifted profits.  The Treasury document said that the 25 percent tax would be effective April 1, 2015, and would target conduit-type structures, such as the ‘double-Irish’ used by Google.”

 

http://www.reuters.com/article/2014/12/10/us-google-tax-idUSKBN0JO00X20141210

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Nigerian Currency Touches Record Low After Official Devaluation

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“Nigeria’s currency touched a record low against the dollar on Wednesday, a day after the central bank devalued it by 8 percent.  Falling world oil prices and a retreat from emerging markets have put pressure on the currencies of several oil exporters, including Angola, where the Kwanza also hit a record low, as well as that of Nigeria — Africa’s top producer.  The country grows most of its own food but imports a number of staples such as wheat and rice, making currency weakness extremely sensitive for a poor population — around 60% of whom were living on less than a dollar a day in 2010.  Falls in the naira have spooked bond investors who had been wooed by Nigeria’s high yields.”

http://www.voanews.com/content/nigeria-naira-touches-record-low-after-official-devaluation/2535204.html

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Japan economy shrinks more than expected in face of sales tax hike

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“The hit from an April sales tax hike turned out to be bigger than expected, the revised gross domestic product data indicated, underscoring the challenges Abe and the Bank of Japan face in pulling the world’s third-largest economy sustainably out of deflation.  An increase in Japan’s sales tax to 8 percent from 5 percent in April hit household spending and clouded the outlook for ‘Abenomics,’ a mix of aggressive monetary expansion, fiscal stimulus and structural reforms aimed at ending economic stagnation.  The BOJ’s massive stimulus, adopted in April last year and expanded in October, relies heavily on psychology to accelerate inflation to the bank’s 2 percent target.”

 

http://www.reuters.com/article/2014/12/08/us-japan-economy-gdp-idUSKBN0JL0ZH20141208

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Hungarian savers say government is stealing their pensions

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“Soon after he was elected in 2010, Orban’s government ended mandatory payments into the private funds and nationalised most of the money they contained. That effectively allowed the government to take $12 billion in private pension assets. Poland has since made a similar change to its pension system.  The government said savers could choose to stay in the private funds, although the mandatory contributions would not go to them. About 60,000 people stayed in the funds. The change the government has now submitted to parliament is that the funds will be closed down, and their assets absorbed into the state pension system.”

 

http://www.reuters.com/article/2014/11/27/hungary-pensions-idUSL6N0TG2MP20141127

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Why London’s Mayor Won’t Pay “Outrageous” US Tax Bill

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“Boris Johnson, the mayor of London, just became the unlikely spokesperson for the 8 million or so US citizens living abroad.  Boris is an ‘accidental’ US citizen. Although his parents were British, he was born in the US. That makes him a US citizen even though his family left the US when he was only 5 years old, nearly 50 years ago. And recently, the IRS sent him a bill for capital gains tax on the sale of his personal residence in London.  Boris isn’t happy about it. Under UK law, this gain is exempt from any tax. But since the US, uniquely among major countries, taxes its non-resident citizens wherever they live, the gain isn’t exempt from US tax.”

http://www.nestmann.com/why-londons-mayor-wont-pay-outrageous-us-tax-bill

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