“A new website designed for taxpayer identification (TIN) number validation for merchants who process credit cards. Starting January 1, 2013, new IRS regulations require TIN matching and validation.”
[ Newswire item picked up by Canada Business Review online ]
Capital Processing Network Creates Taxpayer ID Validation Site
New article from Bruce Ackermann of Yale University in LA Times. Call for increased enforcement of the Reid Amendment.
No comments posted yet on article.
For all of us, the seed of our anger and determination to fight back, each in our own way, is the sense of betrayal by the very country that we once thought was the source and embodiment of the values we hold dear, of the truths we hold as self-evident. We are angry because we carry those values within us, no matter where we live. So you see, those values, those truths are not dead. They live in us. Continue reading
To the glorious memory
Of members of this university
Who fell in the Great War
1914-1918
Take these men for your ensamples
Like them remember that prosperity can be only for the free
That freedom is the sure possession of those alone
Who have the courage to defend it
This is a cross post from the Righteous Investor.
Americans keep repeating the meme that Federal deficit spending is borrowing from the next generation. This is not entirely true. Deficit spending creates more debt, and debt creates a larger money supply, and a larger money supply is the quintessential definition of inflation. Inflation soon results in increased prices for everything.
Henry Hazlett wrote in his important primer, Economics in one lesson (pdf), p. 19-20 (emphasis mine):
Everything we get, outside of the free gifts of nature, must in some way be paid for. The world is full of socalled economists who in turn are full of schemes for getting something for nothing. They tell us that the government can spend and spend without taxing at all; that it can continue to pile up debt without ever paying it off, because “we owe it to ourselves/’ We shall return to such extraordinary doctrines at a later point. Here I am afraid that we shall have to be dogmatic, and point out that such pleasant dreams in the past have always been shattered by national insolvency or a runaway inflation. Here we shall have to say simply that all government expenditures must eventually be paid out of the proceeds of taxation; that to put off the evil day merely increases the problem, and that inflation itself is merely a form, and a particularly vicious form, of taxation.
There will be a live debate tonight on Radio Télévision Suisse (formerly TSR) concerning a constitutional amendment that will be voted on by the people this coming 17 June, requiring a popular vote to approve international treaties.
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Richard Wilkinson, is a professor emeritus of social epidemiology at the University of Nottingham Medical School and co-founder of the U.K.-based think tank The Equality Trust. He has an interesting theory about narrowing the income gap in Canada and that merely taxing the rich more will not address the real problem.
Petros, in view of your latest post below, I hope you take some comfort from the fact that there are many people, including those with access to public pulpits like Forbes, who are on your side. Today at Forbes, John Tammy writes (De-Friending The U.S., Facebook’s Eduardo Saverin Is An American Hero; emphasis mine):
Saverin’s essential maneuver will at first glance hopefully get Americans thinking once again about our wrongheaded system of taxation. As it stands now, Americans, through taxes levied on income and capital gains, are explicitly forced to “prove” their income to the IRS. Continue reading
Roger sent me an early morning email, saying that my name made into the Miami Herald, and I immediately began to comment at the McClatchy site: IRS crackdown on foreign assets leading many to renounce U.S. citizenship.
There I’ve had a numerous interactions with commenters. Here is what has appeared thus far:
Petros wrote
Hi! My name is Peter W. Dunn, and I am a blogger at the Isaac Brock Society. I am the one mentioned in this article. I don’t know why the moderator took down my original comment, perhaps because I included a link to our blog, where people can get information about why Americans abroad are renouncing their citizenship. I am sorry that I have to go to such lengths to have free speech. But I think that it is the least you can do, since you have mentioned my name in the article, that you give me an opportunity to respond to the article.
Cross posted from RenounceUScitizenship
You can pay the Exit Tax NOW, or the Estate Tax LATER!
Sir John Templeton was one of the world’s greatest investors. In 1955 he founded the Templeton Growth Fund in Toronto, Canada. Of course, it is now a PFIC. and PFICs are “tax cancer” for U.S. citizens. U.S. citizens who invest in it will be severely punished. A good explanation of how PFICs work is here. (If you are U.S. citizen you should consider selling all non-U.S. mutual funds.) In 1969, John Templeton renounced his U.S. citizenship and moved to the Bahamas. In so doing, he avoided the U.S. estate tax. Furthermore, at the time that he renounced, the U.S. did not have an “Exit Tax”.
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