“Casey Research chairman Doug Casey interviews financial pundit and author Peter Schiff. Their conversation covers a range of issues: gold, the validity of the US dollar, the Federal Reserve system and the Schiff family’s fight with the IRS.”
“In 2010, the IRS decided to require all paid preparers to register with it and those who weren’t otherwise subject to national standards to pass a minimum competency test. Registration began in 2011 and preparers were supposed to pass the test by the end of this year. But on Friday, in a surprise ruling, Washington D.C. Federal District Court Judge James E. Boasberg blocked the IRS from implementing the new requirements, finding the agency ‘unambiguously’ lacked authority from Congress to regulate those who simply prepare returns and don’t otherwise ‘practice’ before the IRS by, for example, representing a taxpayer in an audit.”
“When Andrew Winfield applied to become a U.S. citizen in 2011, he realized he owed taxes on accounts he had left behind in his native England. So he paid what he believed he owed — $2,800 in back taxes, plus the estimated interest and penalties – and entered the IRS’s overseas disclosure program. But when the IRS assessed its penalty in November, Winfield was stunned to learn that it would be $28,000 — 10 times the amount of tax he owed from 2003 to 2010. Because the penalty is based on balances when the exchange rate favored the British pound, paying that amount would mean giving up virtually everything he now has in the accounts.”
http://www.reuters.com/article/2013/01/28/us-column-feldman-immigrants-idUSBRE90R10Q20130128
“The size of crowds at each location varied – from dozens of people in South Dakota to 2,000 in New York. Large crowds also turned out in Connecticut, Tennessee, Texas, Utah and Washington state. Some demonstrators in Olympia, Wash., Phoenix, Salem, Ore., and Salt Lake City came with holstered handguns or rifles on their backs. At the Kentucky Capitol in Frankfort, attendees gave a special round of applause for ‘the ladies that are packin’.”
“Americans will be subject to a new 3.8 per cent tax on investment income that kicks in this year to help pay for the government’s new healthcare program, known as Obamacare. Lawyer Kevyn Nightingale, a Toronto-based U.S. tax expert, estimated tens of thousands of Americans living in Canada could be affected by the new tax and find themselves owing money for the first time. The problem, the Globe said, is that unlike rules that allow expats to claim credits for taxes they’ve paid in the countries where they live, they can’t offset this new tax.”
“A number of Taiwan residents with dual nationalities have chosen to renounce their American citizenship to avoid taxes under FATCA, formally known as Foreign Account Tax Compliance Act, according to local media reports. Ruling Kuomintang Legislator Lai Shyh-bao was quoted as saying that scores of owners of small- and medium-sized enterprises and management executives have begun proceedings to relinquish their U.S. citizenship.”
http://www.taiwannews.com.tw/etn/news_content.php?id=2121625
“Here’s some new polling data that seems very encouraging. Americans, by an overwhelming margin, think that Washington is causing serious harm to the nation. That same poll also found strong support for a limit on federal spending, which warms my heart since I’ve been trying to build support for a Swiss-style spending cap in America. I also was shocked to see another poll that found French and Italians were more supportive of spending cuts than Americans.”
“Last September, Deputy IRS Commissioner Steven Miller promised a Republican-controlled congressional subcommittee that the agency would not enforce the Obamacare mandate. He lied, of course. Despite the fact that the agency is not a legislative body, last December it created 159 pages of Obamacare-related regulations. Since the rules are invasive and deliberately confusing, it’s not surprising that many business owners are looking for ways to minimize their exposure to the IRS’s scrutiny. This has prompted the agency to warn that it will soon issue ‘anti-abuse rules’ intended to punish business owners who use existing regulatory loopholes found in the law.”
http://prolibertate.us/index.php/americans-used-to-tar-and?blog=7
“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.”
http://reason.com/blog/2013/01/03/we-can-no-longer-afford-to-be-american-c
