Category Archives: Taxation

Top Dog Dogs Tax Havens

America, Barack Obama, Economy, EU, Private Property, Taxation, UN

The swindler-in-chief’s shakedown efforts have taken a predictable turn today. Reports a sympathetic Bloomberg:

“President Barack Obama proposed raising about $190 billion over the next decade by outlawing three offshore tax-avoidance techniques. Obama’s plan also would make it riskier for Americans to stash money in tax-havens.”

Note how the efforts of private property owners to retain what is theirs by right are criminalized with the use of terms such as “stash away,” “tax avoidance,” “abusive,” “hiding money.” But state theft of said property is framed as “raising money,” “closing loopholes,” and conducting a “tax overhaul.”

The tax code is “full of corporate loopholes that makes it perfectly legal for companies to avoid paying their fair share,” Obama said at the White House today, as he outlined the plan [and as Treasury Secretary Timothy Geithner looked on with that evil-gnome scowl of his].

In 2001, I had the unusual occasion to commend the Bush Administration for refusing “to support an attempt by the Organization for Economic Co-operation and Development (OECD) to clamp down on tax havens. If the junta of high-tax governments has its way,” I wrote in the Financial Post, “not only will there be no place left to run to, but by eliminating what tax havens offer, these governments will have eliminated tax competition, and with it the imperative to downsize their fiefdoms.”

In “The War on Tax Havens,” I strongly condemned the coercive efforts of the OECD to strangle, “sanctuaries such as Bermuda, the Cayman Islands, Cyprus, Malta, Mauritius and San Marino are rolling over.”

The sentiment applies to the Obaminator in spades. I fully expect him, moreover, to fulfill the UN’s dream of establishing an international tax collection organization, so as to better co-ordinate the confiscation of private property.

Incidentally, a few weeks back the administration (and Bush would have been of the same mind) sanctimoniously castigated Castro for taxing remittances from the US. Pot. Kettle. Black. And oh the hypocrisy! The US is one of the few nations to tax the income that nationals earn outside its borders.

Recommended: “The War on Tax Havens”

Debt Means Taxes

Debt, Economy, Government, Media, Taxation

“But you’re getting a tax cut under Obama,” screeched the cerebrally and ethically challenged CNN attack dog, Susan Roesgen. She was shouting at an informed, ticked-off taxpayer at the nationwide tea parties. Which is why reporters, retarded ones especially, should never editorialize.

Writes former US accountant and comptroller general, David M. Walker:

Total federal debt almost doubled during President George W. Bush’s administration and, as much as we needed some stimulus spending to boost the economy, the nonpartisan Congressional Budget Office now estimates total debt levels could almost double again over the next eight years based on the budget recently outlined by President Obama.

Regardless of what politicians tell you, any additional accumulations of debt are, absent dramatic reductions in the size and role of government, basically deferred tax increases. Remember the old saw? “You can pay me now or you can pay me later, with interest.” …

the federal government accumulated $56.4 trillion in total liabilities and unfunded promises for Medicare and Social Security as of September 30, 2008. The numbers used to calculate this figure come directly from the audited financial statements of the U.S. government.

If $56.4 trillion in financial commitments is too big a number to digest, think of it as $483,000 per American household, or $184,000 for every man, woman and child in the country.

Even broken down, the numbers can be tough to swallow. Yes, you’ve paid your taxes, but you still bear a significant share of the government’s own financial burden. …

So as you file your tax returns this year, bear in mind that no matter how much you’re paying now, you’ll pay much more in the future because of Washington’s failure to get its finances in order…

The “Don’t Tread On Me” Tradition Is Back!

Federal Reserve Bank, Liberty, Neoconservatism, Old Right, Political Philosophy, Republicans, Ron Paul, Taxation, Terrorism, War

Or so says Richard Spencer, editor of Taki’s Magazine, in the fabulous article: “Are the Tea Parties Radical and Paranoid Enough?”

In the tea party protest Spencer attended he saw ample signs of the Old Right rising. This recrudescence took the form of fewer “bloviations about the war on terror,” and more “Abolish the Federal Reserve!” and “Republicans + Democrats = National-Socialism” signs. “[O]nly two or three blue-blazer-and-kakis Frumbots” loitered around aimlessly.

Sweet.

Writes Richard: “There’s no question that the Republicans would love to co-opt the Tea Party movement to strengthen their prospects in 2010, but my sense last night was that the ‘Don’t Tread on Me’ crowd might be a bit too radical to be neutralized and Republicanized easily.”

Read the rest on Taki’s.