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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Friday, October 31, 2003 - Vol. 5 No. 129
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In This Issue:
* COMMENT: Bourbon Learning.
* OFFSHORE: Aussie Attacks Swiss. Man Hails Level Playing Field. OECD Hits Austrian Low Taxes. Monaco High Life. Cook Islands Funds Missing. Bank of Bermuda Sale Concerns. Barbados Tax Treaty Talks Continue.
* WEALTH: Big U.S. Business Tax Cut; Makes Up for WTO Sanctions. Saving the US Dollar. New $20 Bill is Peachy. The Gold Signal.
* PRIVACY & RIGHTS: US Visitors Restricted. US-EU Passport Accord. Patriot Act Web Site Wrong. US Property Rights. Corporate ID Theft.
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COMMENT: Bourbon Learning.
Dear A-Letter Reader:
Two days ago Jose Antonio Ocampo, UN undersecretary-general for economic and social affairs, claimed the UN is the only forum for global dialogue on taxes. He would love to see the day when all tax havens disappear and international tax competition ends. And, bureaucrat that he is, he probably would love to see the same high taxes imposed everywhere, so that his fat UN salary and expense account is assured of being paid.
We disagree with Jose, but even more, we deeply resent his (and the UN's) cheap attempts to smear tax haven nations as consorts of criminals and terrorists. A UN statement warned that tax competition led to nations "neutralizing each other's incentives, and lowering government's tax take" (the real UN concern). And then came the Big Lie. The UN said moves to "close globalization loopholes" were in line with the fight against transnational crime and international terrorism.
No surprises there. A few years ago a UN tax commission called for an end to national sovereignty over taxes, an end to private beneficial ownership of trusts and international business corporations, and an end to all financial privacy in general. Another UN conference called for a UN worldwide income tax.
Switch now to Washington, DC. Pres. Bush's new IRS Commissioner, Mark Everson, claims that the IRS has been spending too much time and money on customer service (huh?) and not enough on tough tax collection enforcement. He's going to change all that, so look out for more tax cops watching your every move.
His threat comes as a new survey reveals that the number of Americans who believe it's OK to cheat "a little here and there" on their taxes has risen 50% in the past four years. Respondents who said taxpayers should cheat "as much as possible" also went up, from 3% to 5%. The percentage of people who agreed with the statement that it was every American's civic duty to pay his fair share of taxes decreased from 81% percent in 1999 to 68% in 2003.
Both Messieurs Ocampo and Everson remind me of those stubborn Bourbon kings of France, of whom it was said, "They have learned nothing, and they have forgotten nothing."
Leftist and liberals who think the mass of people will continue to submit to being fleeced by corrupt governments are in for a surprise.
That's the way that it looks from here.
Bob Bauman, Editor
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COMMENT LINKS:
* UN equates global tax competition with crime, terrorism. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c
=StoryFT&cid=1066565482099
* IRS Commissioner threatens all tax "cheaters". LINK:
http://seattlepi.nwsource.com/national/apwashington_story.asp?category=1152&
slug=Tax%20Cheats
* IRS Will Hunt Tax Cheats of All Incomes
http://www.latimes.com/news/nationworld/politics/wire/sns-ap-tax-cheats,1,62
88518.story?coll=sns-ap-politics-headlines
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* OFFSHORE *
AUSTRALIAN OFFICIAL ATTACKS SWITZERLAND
Australia's Treasurer claims Swiss bank secrecy masks tax evasion.
LINK: http://www.theage.com.au/articles/2003/10/30/1067233321989.html
* He also warns Australian tax dodgers they'll be caught.
LINK: http://www.theage.com.au/articles/2003/10/30/1067233308236.html
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ISLE OF MAN HAILS O.E.C.D. OTTAWA STATEMENT
DOUGLAS: Treas. Minister Bell reaffirms need for level playing field.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13854
* OECD attacks Austrian tax cut plan; OECD hates lower taxes. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c
=StoryFT&cid=1066565448630
* MALTA may have a problem with domestic tax evasion.
LINK: http://www.timesofmalta.com/core/article.php?id=138782
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LIVING THE HIGH LIFE IN MONACO
Living and real estate in this tax haven are costly but luxurious.
LINK: http://www.escapeartist.com/OREQ6/Living_In_Monaco.html
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MORE COOK ISLAND TROUBLES
RAROTONGA: Government investigates missing $US1.5 million. LINK:
http://www.abc.net.au/asiapacific/news/GoAsiaPacificBNP_977788.htm
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WILL BANK OF BERMUDA STILL BE BERMUDAN?
HAMILTON: HSBC's $1.3 billion buyout of the Bank of Bermuda brings
concern that the island is loosing its flagship bank to others.
LINK: http://www.bermudasun.bm/archives/2003-10-29/01News01
* How Bermuda keeps its world lead in insurance and reinsurance.
LINK: http://www.mondaq.com/i_article.asp_Q_articleid_E_23151
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U.S. - BARBADOS STILL RENEGOTIATING TAX TREATY
Offshore role in saving US taxes causes Washington concerns. LINK:
http://www.barbadosadvocate.com/NewViewNewsleft.cfm?Record=15376
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* WEALTH *
US$128 BILLION IN U.S. BUSINESS TAX CUTS PROPOSED
A substitute for billions in tax breaks for US exporters killed by WTO.
LINKS: http://www.eubusiness.com/afp/031028231332.f3y2tz7p
http://www.guardian.co.uk/uslatest/story/0,1282,-3321266,00.html
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SAVING THE U.S. DOLLAR FROM DESTRUCTION
Hans F. Sennholz reviews the precarious state of the US economy.
LINK: http://www.mises.org/fullstory.asp?control=1357
* The abominable new $20 bill; old Hickory in peach!
LINK: http://slate.msn.com/id/2090262/
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DON'T IGNORE THE GOLD SIGNAL
It's time for Dr. Greenspan to heed the old reliable. LINK:
http://www.nationalreview.com/nrof_comment/darda200310290954.asp
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* PRIVACY & RIGHTS *
AMERICA WELCOMES FOREIGNERS
With a demand for 2 sets of your fingerprints and a digital photo.
LINK: http://www.govexec.com/dailyfed/1003/102803h1.htm
* US State Dept. bars warrantless searches of foreign mail LINK:
http://www.washingtontimes.com/national/20031029-105058-5811r.htm
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* US and EU move closer on anti-terror plan for passports. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c
=StoryFT&cid=1066565482051
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SETTING THE PATRIOT ACT RECORD STRAIGHT
Analysis of the US Justice Dept's PATRIOT Act Web site.
LINK: http://www.cdt.org/security/usapatriot/031027cdt.shtml
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AMERICAN PROPERTY RIGHTS THREATENED
Who owns your property: You or the government?
LINK: http://www.americandaily.com/item/3225
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* Companies warned of corporate ID theft. LINK:
http://www.zdnet.com.au/newstech/enterprise/story/0,2000048640,20280273,00.h
tm
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* Government on ISP 'snooping' code collision course. LINK:
http://www.silicon.com/hardware/storage/0,39024649,39116619,00.htm
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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