========================================================================
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Friday Sep 10, 2004 - Vol. 6 No. 173
========================================================================
In This Issue:
* COMMENT: Stupid Loophole Tricks.
* OFFSHORE: Hurricanes Hit Havens Hard. Isle of Man Registry.
U.K. - EU Rebate Debate.
* WEALTH: Investments on Hold. Hedge Fund Boom. Are Taxes legal?
* PRIVACY & RIGHTS: Tax Scanners. Chicago on Camera.
========================================================================
ADVERTISEMENT: The $61,275 Breakfast Plate
How your morning coffee, bowl of cereal,
and maybe a donut on your way to work
can make you $61,275 in just 11 months
Read on...
LINK: http://www.youreletters.com/t/57642/3790594/646679/0/
========================================================================
COMMENT: Stupid Loophole Tricks.
Dear A-Letter Reader:
In ancient Greece, a "demagogue" was a leader of the common people,
one admired as a spokesman for average persons. Over the centuries
the meaning of te word, demagogue has changed to describe unprincipled
public persons who uses specious or deceitful arguments to appeal to
the prejudices and passions of their audiences. In other words, a
rabble-rouser.
On the issues of offshore trade, finance, jobs and and taxes, Sen. John
Kerry, the wannbe president of the US, is rapidly becoming eligible for
the 'anti-offshore demagogue' of the year award. And as a Yale grad
the senator can't plead ignorance, we assume.
On Tuesday Kerry, on the stump, pledged as president to eliminate in
a "nanosecond" a tax break that US companies get for foreign business
operations, charging that the "stupid loophole" had forced thousands
of American manufacturing jobs overseas in the past three years. He
offered no proof of this wild claim -- because there is none.
If the senator is so concerned about this recently discovered (by him)
'loophole' - which has been in US tax law for decades - why, during
21 long years in the Senate, didn't he introduce a bill to repeal it?
The likely reason is that, until he decided this was a hot campaign
issue, he cared very little about this so-called loophole.
American jobs that migrate overseas are not driven abroad for the
most part because of a relatively small tax break that Kerry attacks.
Companies relocate jobs offshore to take advantage of lower wages
and production costs. The tax break allows companies to defer
payment of US taxes on income earned overseas and is intended to
equalize higher US business taxes and lower foreign taxes on offshore
operations to make US firms more competitive, not to encourage them
to move jobs overseas. A US-based firm can "expect to pay an
average tax rate of 31%. When this company invests abroad, it faces
an average tax rate of 21%" - that statement from Kerry himself. We
presume even he can figure the tax savings arithmetic.
Kerry's solution is to eliminate the tax deferral for foreign earned
income, a harebrained idea that, as former US Rep. Jack Kemp says,
"would create incentives for companies to take not just the jobs
overseas, but to move the entire operation overseas, as well."
Our guess is that the details are lost in the devilish campaign
rhetoric on both sides. But if presidents and potential presidents
ever told the truth on the campaign trail, the American nation
might collectively faint dead away.
That's the way that it looks from here.
BOB BAUMAN, Editor
PS: There are not many offshore tax breaks, but you can learn about
all of them in my new book: "Where to Stash Your Cash Legally."
LINK: http://www.youreletters.com/t/57642/3790594/645304/0/
========================================================================
COMMENT LINKS:
* Senator Kerry takes up outsourcing issue. LINK:
http://www.youreletters.com/t/57642/3790594/646680/0/
* 'Don't be economic girlie-men,' says Jack Kemp. LINK:
http://www.youreletters.com/t/57642/3790594/646681/0/
* Fighting fiscal protectionism, helping companies compete. LINK:
http://www.youreletters.com/t/57642/3790594/646682/0/
* Destructive morality of class warfare redistributionism. LINK:
http://www.youreletters.com/t/57642/3790594/646683/0/
========================================================================
* OFFSHORE *
HURRICANES HIT HAVENS
BAHAMAS widespread damage, some dead, no electricity. LINK:
http://www.youreletters.com/t/57642/3790594/646684/0/
* Frances stirs things up for BERMUDA insurers. LINK:
http://www.youreletters.com/t/57642/3790594/646685/0/
* CAYMAN ISLANDS brace for category 5 Hurricane Ivan.
LINK: http://www.youreletters.com/t/57642/3790594/646686/0/
-----
ISLE OF MAN MAKES DUE DILIGENCE EASY
DOUGLAS: Online access to information about companies. LINK:
http://www.youreletters.com/t/57642/3790594/646687/0/
* Coutts Bank island branch cuts 3/4 of all employees. LINK:
http://www.youreletters.com/t/57642/3790594/646688/0/
-----
U.K.-EU DEBATE OVER REBATE
LONDON: Britain pressured to give up Thatcher payment. LINK:
http://www.youreletters.com/t/57642/3790594/646689/0/
========================================================================
ADVERTISEMENT: "These Banks Harbor Nuclear Secrets
that Could Vaporize Your Wealth"
Hidden financial time bombs lying in America's big banks are about to
detonate - and cause total economic chaos... with fall-out, so great,
it will make the S&L crisis of the late eighties feel benign. Buffet
calls it "a mega-catastrophe waiting to happen". Fortune Magazine calls
it: "The risk that won't go away". To discover "The 3 Fall-Out Shelters"
the government and America's big banks would prefer you knew nothing
about - and to learn how you can not only use these fall-out shelters
to stay out of harm's way - but also rack up gains of 1894%... 896%...
120% and more (just as we did in 2002/2003)...click here...
LINK: http://www.youreletters.com/t/57642/3790594/645970/0/
========================================================================
* WEALTH *
BRITISH INVESTMENT ON HOLD
LONDON: Bill Bonner says the world is waiting.
LINK: http://www.youreletters.com/t/57642/3790594/646690/0/
* EU tax ruling may equalize European taxes for all.
LINK: http://www.youreletters.com/t/57642/3790594/646691/0/
-----
HEDGE FUNDS BOOMING
Funds borrowing more money; moving offshore.
LINKS: http://www.youreletters.com/t/57642/3790594/646692/0/
http://www.youreletters.com/t/57642/3790594/646693/0/
-----
IS THE U.S. INCOME TAX LEGAL?
Sovereign Society Council of Experts member Vern Jacobs comments.
LINK: http://www.youreletters.com/t/57642/3790594/646694/0/
=======================================================================
* PRIVACY & RIGHTS *
CONNECTICUT SCANS FOR TAX EVADERS
Police scan auto license plates for unpaid taxes. LINK:
http://www.youreletters.com/t/57642/3790594/646695/0/
* CHICAGO plans to watch everyone all the time.
LINK: http://www.youreletters.com/t/57642/3790594/646696/0/
======================================================================
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte, Jr. Editorial Asst.
SUBSCRIBE to The A-Letter FREE or send to a friend at
LINK: http://www.youreletters.com/t/57642/3790594/664/0/
Please DO NOT respond DIRECTLY to THE A-LETTER.
Send E-mail to: [EMAIL PROTECTED]
=======================================================================
* The A-Letter provides accurate information on the subject matter
covered and advertisements displayed, so far as we can ascertain. We
cannot certify the absolute accuracy of referenced articles nor do we
necessarily endorse products advertised herein. The Sovereign Society
advocates full compliance with all applicable tax and financial
reporting laws. All LINKS are operative at time of publication.
* Nothing herein should be considered personalized investment advice.
Although our employees may answer general customer service questions,
they are not licensed under securities laws to address your particular
investment situation. No communication by our employees should be
deemed as personalized investment advice.
* We expressly forbid writers from having a financial interest in any
security recommended to readers. All of our employees and agents must
wait 24 hours after on-line publication prior to following an initial
recommendation. Any investments recommended herein should be made only
after consulting your investment advisor and only after reviewing the
prospectus or financial statements of the company.
=======================================================================
THE SOVEREIGN SOCIETY Ltd., 5 Catherine St., Waterford, Ireland
TEL: 353-51 844 068 FAX: 353-51 304 561
Copyright (C) 2004. All domestic & international rights reserved.
=======================================================================
Please note: We sent this e-mail to:
[EMAIL PROTECTED]
because you or someone using your e-mail address subscribed to this service.
=======================================================================
To unsubscribe, Click the following link or copy and paste it into your browser:
http://www.youreletters.com/t/57642/3790594/643720/0/
[Non-text portions of this message have been removed]
------------------------ Yahoo! Groups Sponsor --------------------~-->
Make a clean sweep of pop-up ads. Yahoo! Companion Toolbar.
Now with Pop-Up Blocker. Get it for free!
http://us.click.yahoo.com/L5YrjA/eSIIAA/yQLSAA/BCfwlB/TM
--------------------------------------------------------------------~->
<a href=http://English-12948197573.SpamPoison.com>Fight Spam! Click Here!</a>
Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/kumpulan/
<*> To unsubscribe from this group, send an email to:
[EMAIL PROTECTED]
<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/
