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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Monday, May 6, 2003 - Vol. 5 No. 53
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In This Issue:
* COMMENT: Amnesty Mouse.
* OFFSHORE: Right Leads Swiss Polls. Liechtenstein's Charms. France Wants EU High Taxes for All. Malta Real Estate Boom. Nauru Goes to the Polls.
* WEALTH: Swiss Franc Drop Pleases. More Swiss Bank Controls. JP Morgan Challenges Swiss Banks. British OK of Euro Put Off.
* PRIVACY & RIGHTS: CIA, Pentagon Sneak Move for Domestic Spy Powers. Record Number of Wiretaps. Attorney-Client Privilege Gutted. Brain Privacy Concerns. IRS Anti-Tax Book Ban Opposed.
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COMMENT: Amnesty Mouse.
Dear A-Letter Reader:
Late week the gullible US news media widely reported an IRS press release claiming success for the Internal Revenue Service's partial amnesty program for taxpayers with unreported offshore bank accounts. A whopping 1,200 people turned themselves in.
You may recall that the IRS "Offshore Voluntary Compliance Initiative," which ended April 15, was a so-called "amnesty" that offered offshore tax scofflaws to own up without having to pay penalties or face criminal charges. Just pay what you owe, the IRS purred.
Following the advice of our tax experts, we warned against taking advantage of this "amnesty" without first consulting a tax attorney. That's because the IRS offer was rife with concealed pitfalls the crafty tax collectors did not explain.
Having ballyhooed its anti-tax evasion amnesty, the IRS had to say something when it ended. Last week's IRS press handout crowed that 1,200 hapless souls had fessed up.
Wow! -- But wait a minute. Is 1,200 such an impressive number?
In 2000 the IRS officially estimated that 505,000 US persons had unreported offshore bank accounts. By early 2002, the IRS figure zoomed to over 2 million, with only 100,000 to 200,000 reporting them. Yet when he retired last fall, IRS Commissioner Rossotti, (a Clinton hold over), admitted in testimony before Congress that the IRS was able to show only 82,100 taxpayers had unreported offshore accounts. And this last figure came after the IRS had grabbed thousands of offshore credit card records from Visa, MasterCard and American Express.
So the IRS mountain has labored and brought for this unimpressive mouse. In the meantime the IRS anti-offshore scare campaign has achieved its goal of intimidating an unknown number of US persons from exercising their right to invest, bank and enjoy true financial privacy in the only place such luxuries still can be found -- offshore.
We repeat; pay your taxes due, file all IRS reports required, and protect your assets -- by going offshore. We'll be glad to help you.
That's the way that it looks from here.
Bob Bauman, Editor
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COMMENT LINKS:
* Amnesty Recovers $50 Million in Taxes for IRS. Wash. Post. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A2751-2003May1.html
* What The IRS Amnesty Really Means. Vernon K. Jacobs CPA
LINK: http://www.offshorepress.com/amnestydetails.htm
* Chief Says the I.R.S. Is Losing Its War on Tax Cheats. LINK:
http://query.nytimes.com/gst/abstract.html?res=F20917F6395A0C768CDDA80994DA404482
* The IRS Scare Campaign. Cato Institute.
LINK: http://www.cato.org/dailys/04-12-02.html
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* OFFSHORE *
WORRIED ABOUT SWITZERLAND?
GENEVA: Don't be concerned; polls show conservatives
continue with their lead in upcoming elections. LINK:
http://www.swissinfo.org/sen/Swissinfo.html?siteSect=111&sid=1830545
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LIECHTENSTEIN - MORE THAN A TAX HAVEN
VADUZ: Tiny Liechtenstein offers scenery and culture galore. LINK:
http://www.myinky.com/ecp/events/article/0,1626,ECP_765_1932510,00.html
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FRANCE WANTS UNIFORM HIGH TAXES FOR ALL EUROPE
BRUSSELS: High tax France wants to end EU "tax competition." LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1051389736983
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MALTA PROPERTY PRICES RISE
VALETTA: EU membership creates real estate boom.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=11755
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NAURU GOES TO THE POLLS
Bankrupt "nation" casts ballots amid charges of vote buying.
LINKS: http://www.smh.com.au/articles/2003/05/02/1051382096173.html
http://www.abc.net.au/news/justin/nat/newsnat-5may2003-75.htm
Nauru info: LINK: http://www.state.gov/r/pa/ei/bgn/16447.htm
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* WEALTH *
DROP IN SWISS FRANC PLEASES BANKERS
ZURICH: Swiss National Bank board welcomes the falling franc. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=1836163
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SWISS REGULATORS WANT MORE CONTROLS
ZURICH: Banking regulators call for tighter account surveillance. LINK:
http://www.swissinfo.org/sen/Swissinfo.html?siteSect=111&sid=1831360
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J.P. MORGAN CHALLENGES SWISS BANKS
ZURICH: JP Morgan Private Bank, #1 US private bank challenges
UBS, Credit Suisse, the two biggest Swiss banks. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1051389738703
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UNITED KINGDOM PUTS OFF EURO DECISION
LONDON: The British pound sterling looks safe for now. LINKS:
http://www.nytimes.com/2003/05/05/international/europe/05BRIT.html
* Britain and the euro: Five tests and a funeral. LINK:
http://www.economist.com/world/europe/displayStory.cfm?story_id=1752320
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* PRIVACY & RIGHTS *
CIA, PENTAGON WANT DOMESTIC SPY POWERS
WASHINGTON: Republicans try to sneak far-reaching new CIA, military
powers to demand personal and financial records as part of foreign
intelligence and terrorism operations. LINK:
http://www.nytimes.com/2003/05/02/international/worldspecial/02TERR.html
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RECORD NUMBER OF WIRETAP WARRANTS
Highest ever number of secret wiretaps issued. LINK:
http://www.usatoday.com/news/washington/2003-05-01-terror-warrants_x.htm
* Judges approve all but one wiretap order in four years.
LINK: http://www.washingtontimes.com/national/20030505-997007.htm
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ATTORNEY-CLIENT PRIVILEGE GUTTED
US Justice Dept. & AG Ashcroft destroy attorney-client privilege.
LINK: http://www.seattleweekly.com/features/0317/news-parrish.php
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BRAIN PRIVACY
Some fear loss of privacy as science pries into brain. LINK:
http://www.boston.com/dailyglobe2/121/nation/Some_fear_loss_of_privacy_as_science_pries_into_brain+.shtml
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I.R.S. COURT APPROVED BOOK BAN OPPOSED
IRS ban on anti-tax book attacked by ACLU. LINK:
http://www.lasvegassun.com/sunbin/stories/archives/2003/may/02/515028405.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor. * SUBSCRIBE FREE or send to a friend at
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