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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, October 29, 2002 - Vol. 4 No. 112
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In This Issue:
* COMMENT: Tell It to the I.R.S.
* OFFSHORE: Liechtenstein Smeared. Swiss Cash Clean Up Effective. UK Economy Choked. Jersey Signs IRS Deal. Trib's Tribulations. 2 Havens Compared. Sniper Passports? Philippines, Labuan.
* WEALTH: Rich Pay More. Offshore Funds Doing Well. US Tax Reforms? Rich Chinese, Becker Have Tax Troubles. Coin Trading Goes Modern. Greed Breeds Nigerian Scam Suckers.
* PRIVACY/RIGHTS: Bush Revolt. Lost Liberty. Tracking Chips. Lords.
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* COMMENT: Tell It to the I.R.S.
Dear A-Letter Reader:
Over the last year we repeatedly have voiced our opposition to a pending US Internal Revenue Service regulation issued in the waning hours of Bill Clinton's odoriferous administration.
Along with eleventh hour pardons of criminals and political buddies, Arkansas' gift to American history approved a requirement that, if it ever takes effect, will force US financial institutions to put foreign tax law above US tax law -- and above the best interests of the American people and the national economy.
This radical departure from past policy will require US financial banks and brokerages to report bank deposit interest and other investment income paid to nonresident foreigners. This Clinton hangover IRS proposal helps tax hungry foreign governments to tax US-source income. Opposing this IRS rule is not a question of approving tax evasion because, unlike the US, many foreign nations don't tax income earned offshore. It will give European welfare states personal information to to harass their citizens with US investments. And it could drive billions in needed foreign investment dollars away from US shores at a time when the US economy is shaky. The Sovereign Society has joined many US groups in formally opposing the rule and scores of senators and congressmen also have voiced their opposition.
When I was in Panama last week Andrew Quinlan, president of the Center for Freedom and Prosperity (CFP), reminded me that you can make your voice heard in opposition to this pending rule. The IRS must by law accept views from the public during a comment period, which ends Nov 14. If there is sufficient opposition, the IRS can be forced to withdraw the scheme. Earlier opposition already caused the IRS to modify the worst aspects of the original rule.
Below are LINKS that explain the IRS proposal in more detail, and also the IRS official comment LINK where you can object Online with an your own e-mail in opposition. It was just such US citizen opposition that killed the onerous "Know Your Customer" rule a few years ago. Let your voice be heard.
That's the way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS:
* Sovereign Society joins others in opposition. LINK:
http://www.freedomandprosperity.org/ltr/daniels/daniels.shtml
* CFP web site opposing the IRS proposal. LINK:
http://www.freedomandprosperity.org/update/irsreg/irsreg.shtml#stopirs
* Register your objection Online with the IRS. LINK:
http://www.irs.gov/app/scripts/ct.jsp?regTitle=Reporting%20of%20Deposit%2
0Interest%20to%20Nonresidents
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* OFFSHORE *
GUARDIAN SMEARS LIECHTENSTEIN LONDON: A rehash, mishmash of old stories with a new terrorism twist, the liberal UK newspaper does a hatchet job on the Principality. LINK:
http://www.guardian.co.uk/Archive/Article/0,4273,4532903,00.html
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SWISS ANTI-MONEY LAUNDERING LAWS EFFECTIVE
BERN: Four years after adoption, Swiss laws clean out the dirty cash
crooks. More investigations expected in coming months. LINKS:
http://www.bday.co.za/bday/content/direct/1,3523,1210564-6078-0,00.html
http://www.bday.co.za/bday/content/direct/1,3523,1209337-6078-0,00.html
SWISS COURT ISRAELI BUSINESS
JERUSALEM: Swiss official welcomes Israeli companies. LINK:
http://www.jpost.com/servlet/Satellite?pagename=JPost/A/JP
Article/ShowFull&cid=1035723564159
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BRITISH ECONOMY CHOKED WITH UNNEEDED RULES
LONDON: OECD report says business is choked by red tape. LINK:
http://money.telegraph.co.uk/money/main.jhtml;$sessionid$YJXTM5U
VKP3I1QFIQMGCFFOAVCBQUIV0?xml=/money/2002/10/28/cbtape28
.xml&menuId=252&sSheet
=/money/2002/10/28/ixfrontbusiness.html
http://money.telegraph.co.uk/money/main.jhtml;$sessionid$AKOLJK
RGFUQDNQFIQMGCFFOAVCBQUIV0?xml=/money/2002/10/25
/cnoecd25.xml&sSheet=/money/2002/10/25/ixcity.html
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JERSEY SURRENDERS TO U.S IRS
Formal signing of US tax information exchange agreement (TIEA) nears.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9794
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U.S. EXPAT'S FAVORITE NEWSPAPER'S UNCERTAIN FUTURE
PARIS: Will the International Herald Tribune become the European edition of the New York Times? Does anyone care? LINK:
http://www.mediainfo.com/editorandpublisher/headlines/article_
display.jsp?vnu_content_id=1749614
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BERMUDA and/or MONACO BORING?
NASSAU: One man's comparative view of two leading tax havens. LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?Date=20021025
&Category=MIDOCEAN&ArtNo=110250074&Ref=AR
* Bank of Bermuda listed on the NASDAQ. LINK:
http://www.nasdaqnews.com/news/pr2002/ne_section02_169.html
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DID WASHINGTON SNIPER SELLS PASSPORTS?
ST. JOHN'S, Antigua: Shooter allegedly sold ANTIGUA passports.
LINK: http://www.miami.com/mld/miamiherald/news/4385000.htm
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PHILIPPINES A BASKET CASE
MANILA: Economy a mess, now terrorism adds to the burden. LINK:
http://www.businessweek.com/magazine/content/02_44/b3806149.htm
* LABUAN is already reaching tax haven status. LINK:
http://biz.thestar.com.my/news/story.asp?file=/2002/10/28/business/
bslof1&sec=business
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* WEALTH *
U.S. RICH PAY MOST INCOME TAXES
Top 1% of US taxpayers pay 37.4% of all income taxes. Top 5% pay more than half of such taxes; top 10% pay over 2/3 of all taxes.
LINK: http://www.washtimes.com/commentary/20021028-25551032.htm
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OFFSHORE FUNDS DOING WELL
Plenty of thriving stocks offshore as US and Europe slump. LINK:
http://www.businessweek.com/magazine/content/02_44/b3806165.htm
* New hedge fund performance measuring device.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=9813
http://www.pertrac2000.com/hedgefund.asp
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BUSH ADMINISTRATION MAY PROPOSE TAX REFORMS
Scrap the corporate income tax among possible ideas. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A19465-2002Oct25.html
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RICHEST CHINESE IN TAX TROUBLE
BEIJING: Forbes list gets China's top earners in tax trouble.
LINKS: http://www.forbes.com/forbes/2002/1111/047.html
http://europe.cnn.com/2002/WORLD/asiapcf/east/10/27/china
.corruption/index.html
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BECKER MAY BE IN MORE TAX TROUBLE
MUNICH: German tax collectors wont leave him alone. LINK:
http://www.reuters.co.uk/newsArticle.jhtml;jsessionid=RYFGZFU2HN
ATKCRBAE0CFFA?type=sportsNews&storyID=1642391
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COIN TRADING CREATES NEW MARKET
Electronic tracking of coin trading begins. LINK:
http://www.nytimes.com/2002/10/27/business/yourmoney/27COIN.html
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NIGERIAN SCAM LURES SUCKERS
More case histories of greedy dupes. LINK:
http://www.oregonlive.com/news/oregonian/index.ssf?/xml/story.ssf/
html_standard.xsl?/base/front_page/1035809767130941.xml
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* PRIVACY & RIGHTS *
BUSH'S REVOLTING REVOLUTION
A year ago, as the US reeled from attack, a battle was joined for America's future. Not in Afghanistan, but in Washington, DC. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A1999-2002Oct22.html
* Cato Institute, ACLU see liberties lost due to anti terrorism. LINKS:
http://reason.com/links/links102802.shtml
http://www.post-gazette.com:80/neigh_washington/20021027waexpert6.asp
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* Can you track me now? Human chip implants now on sale.
LINK: http://www.wired.com/news/privacy/0,1848,55999,00.html
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* Worldwide press freedom index.
LINK: http://www.rsf.fr/article.php3?id_article=4118
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GOOD-BYE M'LORDS.
LONDON: Labour pushes plan to kill traditional House of Lords. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/
FullStory&c=StoryFT&cid=1035389343081
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