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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Tuesday, October 7, 2003 - Vol. 5 No. 118
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In This Issue:
* COMMENT: Unhappy Birthday.
* OFFSHORE: FATF Blacklist Unchanged. Dubai Suspect. EU Suppression. CF&P Ottawa Meet Dogs OECD. Scottish Land Titles. Canadian Border. Caribbean Divided? Arnold's Dual Role. South African Amnesty. Russia.
* WEALTH: Who Owns America? US Estate Planning; Trusts & Insurance. Mutual & Hedge Funds. Brazilian Tax Evasion via Computer Bribes.
* PRIVACY & RIGHTS: Terror Watch Fault. Surveillance Cuts Freedom. A US national ID Card for Everyone?
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COMMENT: Unhappy Birthday.
Dear A-Letter Reader:
October marks the 90th anniversary of the US federal income tax adopted in 1913. The original tax law was just 400 pages. Today the US Tax Code requires 50,000 pages, plus thousands more pages of regulations and court decisions.
Putting aside arguments about the legality of the the income tax, and even the continuing debate about how much tax should be paid, there are far more serious problems with the US tax system and the despotic way in which it is enforced.
Daniel J. Mitchell of the Heritage Foundation notes: "The IRS is the most feared government agency with good reason. Americans who run afoul of this bureaucratic behemoth have little chance of surviving unscathed. This is because the rules are rigged against taxpayers. We have to provide information to the IRS, even though the Bill of Rights supposedly protects us from self-incrimination. We're guilty until we prove ourselves innocent, even though our Constitution, at least, in theory, guarantees a presumption of innocence."
Add to these constitutional issues, the IRS record of wholesale fishing expeditions without probable cause as they chase sham trusts, "abusive" tax shelters and offshore credit card holders. Most recently the IRS has attacked lawyer-client confidentiality, trying to force tax attorneys to reveal advice given to clients.
With all this, this massive agency is run like a third world dictatorship, with scrambled, conflicting computer systems and bureaucrats who can't answer questions correctly more than half the time. Millions of dollars are wasted, and yet the only IRS response is 'we need more money, more employees, more power.'
What's really needed is a major overhaul of the tinker toy tax system and replacement with a no frills flat tax. But that requires a degree of political courage that US politicians seem to lack. In the meantime, taxpaying Americans will continue to suffer.
That's the way that it looks from here.
Bob Bauman, Editor
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COMMENT LINKS:
* The IRS vs. The Bill Of Rights. Dan Mitchell. LINK:
http://www.heritage.org/Press/Commentary/ed092203a.cfm
* Constant Change: A History of US Federal Taxes
LINK: http://jec.senate.gov/studies/HistoryIncomeTax.pdf
* US Income Tax Celebrates 90th Birthday.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13554
* How the US Tax Code hurts American companies. Dan Mitchell.
LINK: http://www.heritage.org/Research/Taxes/BG1691.cfm
* Former Commissioner Says IRS Needs More Money.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13568
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& Asset Recovery Symposium: More valuable information at
LINK: http://www.kycnews.com/03agenda.htm
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Or call Offshore Alert in Miami, Florida 1 305-372-6296.
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* OFFSHORE *
F.A.T.F. BLACKLIST UNCHANGED
STOCKHOLM: 9 nations remain on the alleged dirty money list; Ukraine,
Cook Islands, Egypt, Guatemala, Indonesia, Myanmar, Nauru, Nigeria &
the Philippines. LINK:
http://www.manilatimes.net/national/2003/oct/05/metro/20031005met1.html
* US focuses on DUBAI as financial center for terrorists. LINK:
http://www.nytimes.com/2003/10/05/international/middleeast/05DUBA.html
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EUROPEAN UNION TRIES TO SUPPRESS DISSENT
BRUSSELS: Small nations concerned over the new EU constitution
are told to shut up or lose their EU subsidies. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059480342885
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C F & P TAX COMPETITION ROUND TABLE IN OTTAWA
Center for Freedom and Prosperity's event matches OECD meet. LINKS:
http://www.freedomandprosperity.org/press/p09-30-03/p09-30-03.shtml
http://www.freedomandprosperity.org/press/p09-30-03/p09-30-03.shtml#speakers
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WEALTHY SCOTS TITLE LAND IN TAX HAVENS
GLASGOW: Scottish land ownership of 4 million acres is titled in
the Cayman Islands, The Bahamas, Panama, Liberia and Jersey.
LINK: http://www.sundayherald.com/37275
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CANADIAN BORDER REPRIEVE
Homeland Security system won't apply to cross border US/Canada visits.
LINK: http://www.cjonline.com/stories/100403/pag_canada.shtml
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IS U.S. TRYING TO DIVIDE CARIBBEAN NATIONS?
Washington is accused of "divide and rule" in the Caribbean.
LINK: http://www.finalcall.com/artman/publish/article_1043.shtml
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ARNOLD'S DUAL CITIZENSHIP
If the California governor's race doesn't work out for Arnold
Schwarzenegger, he can always run for president of AUSTRIA. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A42298-2003Oct3.html
* Click here for more about dual citizenship, 2nd passports.
LINK: http://www.agora-inc.com/reports/190SGOPS/W190CB47/
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SOUTH AFRICA'S OFFSHORE TAX AMNESTY
Wading through the bureaucratic paperwork is the worst part. LINK:
http://www.sundaytimes.co.za/2003/10/05/business/money/money03.asp
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INVESTMENT BANKERS EYE RUSSIA
MOSCOW: Many new companies seeking foreign partners.
LINK: http://www.gateway2russia.com/artr.php?artid=150290
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* ADVERTISEMENT *
100% Accuracy. With Average Gains of 100%!
Steve Sarnoff Has Given His Readers A Chance to turn $5,000 Into $1 Million With the
Hot Streak of the Decade
If you were one of this Steve's loyal readers in 2006, you would have had a chance to make money on every single one of his recommendations. And not just small gains, either - the average return was 100%. Catch this streak while it's still hot - and learn how quickly you could turn $5,000 into $1 million.
LINK: http://www.isecureonline.com/Reports/OHL/WOHLH600/
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* WEALTH *
WHO OWNS AMERICA?
Buried in this article is the fact that offshore central banks
own almost one trillion dollars of US Treasury debt. LINK:
http://www.boston.com/business/markets/articles/2003/10/03/treasuries_sink_after_surprise_job_gains/
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U.S. ESTATE PLANNING
The uses of a bypass trust and/or a living trust. LINK:
http://www.chron.com/cs/CDA/ssistory.mpl/business/2136536
* The proper role and use of life insurance coverage.
LINK: http://mymoney.iafrica.com/finfitness/274004.htm
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OFFSHORE MUTUAL FUNDS
Bermuda expert explains the hidden costs of mutual funds. LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20031004/BUSINESS/110040092
* Hedge funds coming under greater government scrutiny.
LINK: http://www.timesonline.co.uk/article/0,,145-839495,00.html
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HOW NOT TO PAY TAXES IN BRAZIL
Just bribe the tax collectors to delete your tax debts and records.
LINK: http://news.bbc.co.uk/2/hi/business/3160424.stm
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* PRIVACY & RIGHTS *
TERROR WATCH LIST UNDERMINED
ID theft undermining integrated terror watch lists. LINK:
http://www.computerworld.com/securitytopics/security/story/0,10801,85606,00.html
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The Cato Institute: more surveillance equals less liberty.
LINK: http://www.cato.org/dailys/10-03-03.html
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America's future; a national ID card for everyone? LINK:
http://worldnetdaily.com/news/article.asp?ARTICLE_ID=34897
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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