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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Thursday Aug 19, 2004 - Vol. 6 No. 157
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In This Issue:
* COMMENT: Well, Pardon Me!
* OFFSHORE: Belize Cabinet Resigns. Bahamas Bank Control Issue.
Liechtenstein Royals Changeover. Swiss Give Back Nigerian Millions.
From Asia: Hong Kong, Singapore, Australia, Nauru.
* WEALTH: Rich Pay Most Taxes. Trust Reforms Debate. IRS Wins.
* PRIVACY & RIGHTS: U.S.A. Travel Restrictions. Net Spy Costs.
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COMMENT: Well, Pardon Me!
Dear A-Letter Reader:
I guess it comes with the territory; over the years I've become a writer
and along the way I've acquired a love for, and interest in, words. I'm
not as good at it as, say, my old friend William F. Buckley, Jr., but I
try.
There are rewards to be found in etymology -- that's the study of the
history, sources and development of words, plus, of course, their
meaning. All of which leads me to the news report that the French Budget
Minister suggested on Monday that France may push for a European Union-
wide "tax amnesty". Hardly news; Belgium did that in 2003.
We have reported much in recent years in about this and that "tax
amnesty" proposed by nations including France, Germany, Italy and
Belgium. (Notice these are among the highest tax nations in the world).
So let's parse "tax amnesty."
"Tax" is defined as both "a contribution for the support of a government
required of persons" and also as "a burdensome or excessive demand; a
strain." (I'd argue that taxes are hardly contributions, but, ah men,
they're a burden and a strain). And an "amnesty" is defined as "a
general pardon granted by a government, especially for political
offenses."
Well, by now, not paying taxes probably has achieved the status of a
political offense in some places, but almost everywhere it's a crime.
So the game goes: raise taxes, lose revenue, propose an amnesty.
Amnesty fails. (Almost all of them have failed).
There's a reason all those billions have left home over the years,
heading straight to tax havens across the EU and around the world.
High taxes! Taxes so high that any sane person would seek a haven to
reduce or remove this state-run confiscation of wealth and profits.
The point missed by money hungry, welfare state tax collectors is
simple: if taxes were not so high, people and businesses would not stash
their cash in tax havens. (Low taxes have made Ireland a very prosperous
nation). But it never occurs to these socialist big spenders to cut
taxes to create jobs and prosperity. They'd rather grab your cash to
give to others to buy votes; they'd rather control your life.
Thank goodness for tax havens and tax competition. We can tell you
where the havens are and how to get there -- legally. Just ask us.
That's the way that it looks from here.
Bob Bauman, Editor
PS: Here's how you can found more about tax havens.
LINK: http://www.youreletters.com/t/47222/3790594/645/0/
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COMMENT LINKS:
* France Suggests EU-Wide Investment Tax Amnesty.
LINK: http://www.youreletters.com/t/47222/3790594/641999/0/
* Belgium Calls For EU Tax Amnesty (2003).
LINK: http://www.youreletters.com/t/47222/3790594/642000/0/
* Articles about Tax Competition. LINK:
http://www.youreletters.com/t/47222/3790594/642001/0/
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* OFFSHORE *
BELIZE GOVERNMENT CRISIS: 7 IN CABINET RESIGN
BELMOPAN, Belize: Tax haven's ministers quit in dispute with PM
over secret use of Social Security funds to guarantee private loans.
LINKS: http://www.youreletters.com/t/47222/3790594/642002/0/
http://www.youreletters.com/t/47222/3790594/642003/0/
* Belize tycoon Lord Ashcroft launches London investment fund. LINK:
http://www.youreletters.com/t/47222/3790594/642004/0/
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FOREIGN BAHAMAS BANK OWNERSHIP HIT
NASSAU: Too much foreign bank ownership is alleged.
LINK: http://www.youreletters.com/t/47222/3790594/642005/0/
* CHINA and The Bahamas forge closer ties.
LINK: http://www.youreletters.com/t/47222/3790594/642006/0/
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CHANGING OF THE GUARD IN LIECHTENSTEIN
VADUZ: Ruling Prince hands over governing to his son and heir.
LINKS: http://www.youreletters.com/t/47222/3790594/642007/0/
http://www.youreletters.com/t/47222/3790594/642008/0/
http://www.youreletters.com/t/47222/3790594/642009/0/
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SWITZERLAND SENDS FUNDS BACK TO NIGERIA
ZURICH: Ex-dictator Abacha millions go home from Swiss banks.
LINK: http://www.youreletters.com/t/47222/3790594/642010/0/
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NEWS FROM ASIA:
* Beijing backed government claims HONG KONG democracy safe.
LINK: http://www.youreletters.com/t/47222/3790594/642011/0/
* SINGAPORE is hot; can Philip Yeo keep it so? LINK:
http://www.youreletters.com/t/47222/3790594/642012/0/
* AUSTRALIA tax collectors chase offshore income, investment. LINK:
http://www.youreletters.com/t/47222/3790594/642013/0/
* NAURU, ex-tax haven, must reform or die. LINK:
http://www.youreletters.com/t/47222/3790594/642014/0/
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* WEALTH *
RICHEST AMERICANS PAY MOST INCOME TAXES
40% of all Americans pay no income taxes; top 1% pay most taxes.
LINK: http://www.youreletters.com/t/47222/3790594/642015/0/
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MORE DEBATE OVER U.S. TRUST REFORMS
New code aims to unify US trust laws, but lawyers are in revolt.
LINK: http://www.youreletters.com/t/47222/3790594/642016/0/
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I.R.S. WINS GUILTY PLEAS, DOCUMENT ACCESS
Non-reporting of offshore accounts; alleged credit card abuse. LINKS:
http://www.youreletters.com/t/47222/3790594/642017/0/
http://www.youreletters.com/t/47222/3790594/642018/0/
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STUDY BACKS GLOBAL SHIP REGISTRIES
CfFP Foundation refutes OECD shipping plan. LINK:
http://www.youreletters.com/t/47222/3790594/642019/0/
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* PRIVACY & RIGHTS *
TRAVELERS TO U.S.A. FACE RESTRICTIONS
Within two months access to US will be much tighter. LINK:
http://www.youreletters.com/t/47222/3790594/642020/0/
* US border crackdown may hit Canadians. LINK:
http://www.youreletters.com/t/47222/3790594/642021/0/
* Detention of British travelers to US brings new visa policy.
LINK: http://www.youreletters.com/t/47222/3790594/642022/0/
* How to get a US passport in a hurry.
LINK: http://www.youreletters.com/t/47222/3790594/642023/0/
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U.S. GOVERNMENT NET SPYING WILL COST YOU
Wiretapping the Internet will cost billions; you pay the bill.
LINK: http://www.youreletters.com/t/47222/3790594/642024/0/
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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