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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Tuesday, August 19, 2003 - Vol. 5 No. 97
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In This Issue:
* COMMENT: Bush's IRS Blunder.
* OFFSHORE: Saddam's Offshore Cache? Gibraltar Millionaires.
Liechtenstein Abdication. Irish Revenue Rooters. Expats in Spain.
Paraguay New President. Pacfic Havens Meet.
* WEALTH: Is China Becoming Capitalist? Hong Kong Conduit.
* PRIVACY & RIGHTS: Schiff Fights IRS.
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COMMENT: Bush's IRS Blunder.
Dear A-Letter Reader:
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.
What is particularly galling is that this stupid proposal is still afloat,2 and 1/2 years into the Bush administration. It's as if the IRS doesn't now that a conservative sits in the White House as president. And if Bush is a conservative, he shouldn't be sitting idly by while the IRS screws up the US national economy with its idiotic rules.
If it ever takes effect, the IRS proposal 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 helps tax hungry foreign governments, many of them socialist welfare states, 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.
All this at a time when the US desperately needs foreign capital. The latest US trade deficit figures show just how bad this need is. (See LINK below). Below are LINKS that explain the IRS proposal in more detail.
Writing in the Washington Times, columnist Joel Mowbray says:The reporting requirement has been sitting in limbo for more than two-and-a-half years, and there is a chance that new Treasury Sec.John Snow won't sign off on the proposal. If he does, however,only time, and disappearing bank deposits, will tell how much theregulation will harm the economy."
That's the way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS:
* A taxing US Treasury proposal. Washington Times.
LINK: http://washingtontimes.com/op-ed/20030813-091813-8115r.htm
* US Treasury Pushes IRS Proposal.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13001
* US Trade Gap could swallow the recovery. LINK:
http://www.businessweek.com/magazine/content/03_34/b3846025_mz010.htm
* Sovereign Society opposes IRS rule. 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
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* OFFSHORE *
DID SADDAM USE OFFSHORE HAVENS TO STASH CASH?
GENEVA: Reporter charges gold, diamonds, cash in bank. metals
accounts in Switzerland, The Bahamas, Panama. Some denials heard.
LINK: http://washingtontimes.com/world/20030816-105042-4611r.htm
* Gold rush fever strikes Switzerland. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=4133418
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GIBRALTAR HOME TO 200 MILLIONAIRES
Over 200 buy homes in Gibraltar as low taxes lure wealthy. LINK:
http://www.thepeninsulaqatar.com/Display_news.asp?section=Business_News&subsection=market+news&month=August2003&file=Business_News2003081023115.xml
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LIECHTENSTEIN PRINCE TO ABDICATE
Prince Hans-Adam II will turn over power to his son, Prince Alois. LINK:
http://www.nytimes.com/2003/08/16/international/europe/16BRIE3.html
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IRISH REVENUE ROOTS OUT OFFSHORE FUNDS
DUBLIN: Collectors claim they got 650 million euros over 3 years.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13020
* 60,000 US citizens now live in Ireland; an expat guide.
LINK: http://www.escapeartist.com/e_Books/Ireland_Report/
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* An Expat’s Guide to Living in SPAIN.
LINK: http://www.escapeartist.com/efam/49/Living_in_Spain.html
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PARAGUAY HAS NEW PRESIDENT
CIUDAD DEL ESTE: Hope that he will crack down on offshore dirty cash.
LINK: http://www.charlotte.com/mld/observer/news/6537311.htm
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PACIFIC ISLAND HAVENS MEET
Australia leads Pacific gathering; summary of progress. LINK:
http://www.nzherald.co.nz/storydisplay.cfm?storyID=3517757&thesection=news&thesubsection=general
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* WEALTH *
IS CHINA BECOMING CAPITALIST?
Communist leaders want prosperity, and capitalism beckons. LINK:
http://www.miami.com/mld/miamiherald/news/world/6559075.htm
* HONG KONG to serve as China's financial conduit. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479069876
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* PRIVACY & RIGHTS *
SCHIFF FIGHTS I.R.S. RESTRICTIONS
Can a man be held in contempt of court and jailed for selling copies of
public records?
LINK: http://www.nytimes.com/2003/08/16/national/16TAX.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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