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Introduction: Driving a Stake Through the For several years CF&P has been working with many of our friends to educate and influence lawmakers and policy makers in Washington on why tax competition is beneficial for the U.S. and other free-market countries. We have been quite successful in educating Washington lawmakers and policy makers. Many news sources have credited us with bringing the importance of this issue to the attention of the Bush Administration and we think our efforts have had an enormous impact. To use a sports metaphor, we are in the closing minutes of our game and we can taste victory. CF&P pledges to continue to work hard to make sure our opponents are unable to resuscitate the EU Savings Directive. We are determined to derail the new proposed IRS regulation. And we will fight to reform America's uncompetitive international tax law – and fight to preserve the right to expatriate if politicians do not make needed reforms. But we need your help. Speak out against these proposals and let your elected officials know where you stand. The following is information we hope that can be useful in defeating the Europeans Unions' Savings Tax Directive
Update 1) Floundering EU tax directive takes another step backwards. The Bureau of National Affairs reports that EU nations have officially acknowledged that the proposed savings tax cartel will not be implemented in January. This scheme has been emasculated, but it is still a step in the wrong direction - particularly since bureaucrats in Brussels immediately will agitate to expand its reach once it goes into effect: The European Union member states agreed July 19 to postpone until July 1, 2005, the implementation of a long-awaited and highly controversial cross-border tax on interest income from savings
accounts. The EU law will take effect provided Switzerland ratifies a separate agreement to impose a savings tax on income earned by EU citizens with Swiss bank accounts. ...The commission also recognized that,
if Switzerland does not implement the law, the EU savings tax will not take effect. "If the Swiss reject it, the whole deal will collapse," the commission official said. "But we do not think that
will happen as the Swiss government and banking industry are very happy with this deal as they can maintain bank secrecy." In the Swiss banking industry, the new cross-border tax has been dubbed "the
dummy tax" because they believe there are numerous loopholes that will make it easy to avoid. 2) European money fleeing to Hong Kong? A recent government report shows that Hong Kong investment funds have seen a surge in assets, with much of the money coming from overseas. There is considerable speculation that the EU savings tax directive already is having an effect: The Hong Kong Securities and Futures Commission reported on Tuesday that total assets managed by funds in the city surged 80% in 2003 compared to the previous year's total. According to the figures,
which include asset management and advisory businesses, in addition to private banking firms, total assets rose to HK$2.947 billion in 2003 from HK$1.635 billion in 2002. Within this total, licensed corporations
reported HK$2.317 billion worth of assets and accounted for 79% of the total fund management business. ...The survey found strong interest from overseas funds which amounted to HK$1.860 billion, representing 63%
of the total assets in the fund management business.
CF&P Press Releases on the EU Savings Tax Directive October 29, 2002 July 24, 2002 July 22, 2002 April 18, 2002
CF&P Publications on the EU Savings Tax Directive
Opinion and Commentary Articles on the EU Savings Tax Directive
New Clips on the EU Savings Tax Directive
Bush Administration Comments on the EU Savings Tax Directive
Congressional Opposition to EU Savings Tax Directive
European Comments on the EU Savings Tax Directive
Reports, Studys and other material on the EU Savings Tax Directive
What is the Europeans Union Savings Tax Directive One of the Center's main goals is the defeat of the EU's proposed Savings Tax Cartel. As explained below, blocking this misguided tax scheme will "kill two birds with one stone."
Not only will victory protect American financial institutions from having to act as vassal tax collectors for Europe's welfare states, but victory also will give low-tax jurisdictions
persecuted by the OECD a perfect excuse to tear up their so-called commitment letters to the Paris-based bureaucracy. In an article for the influential The International Economy
magazine, Dan Mitchell of the Heritage Foundation explains why the EU Savings Tax Cartel is contrary to America's national interests. [Link to PDF article below:] Tax Competition Primer: December 2001, Cato Institute, by Veronique de Rugy, European Union Tax Cartel is Bad for US Economy Graham Mather of the European Policy Forum succinctly explains why the EU's Savings Tax Cartel is collapsing. The United Kingdom's quirky Chancellor of the Exchequer, Gordon Brown, certainly seems to be justifying his reputation as a lightweight. [Link to article below:] April 24 2002, The Financial Times, by Graham Mather, A flawed tax plan: Britain's proposed replacement for the EU withholding tax is causing more problems than the original, says
EU-produced description of the Savings Tax Directive. EU Council Directive (pdf format) The European Commission's new proposal for a Directive dealing with the taxation of savings income:: frequently asked questions July 20, 2001, Tax-News.com, by Ulrika Lomas, EC Presents Proposal On Non-Resident Savings Taxation
Treasury Graph Illustrates the EU Savings Tax Directive's Threat to the U.S.
CF&P Foundation: New Study Explains Why Tax Harmonization Threatens America's Competitive Advantage In Global Economy The Center for Freedom and Prosperity Foundation released a comprehensive study showing why tax harmonization is a threat to America's competitive advantage. Andrew Quinlan, President of the Center for Freedom and Prosperity, remarked, "This new study definitively explains why the tax harmonization and information exchange schemes of the Organization for Economic Cooperation and Development, the European Union, and the United Nations are a threat to America's interests." The report, entitled "The Adverse Impact of Tax Harmonization and Information Exchange on the U.S. Economy," is written by Heritage Foundation tax expert Daniel J. Mitchell. "The United States is a low-tax jurisdiction, the United States is a tax haven, and the United States is the world's biggest beneficiary of international tax competition," said Daniel Mitchell. "The overall tax burden in the U.S. is 29 percent of GDP, compared to 43 percent of GDP in the European Union. This enormous advantage helps explain why living standards in the U.S. are 50 percent higher than EU levels, why economic growth has been so much stronger in America over the past two decades, and why unemployment rates are so much lower in the United States." "Hopefully, this new report will make United States policy makers understand that the interests of the United States are not the same as the interests of countries like France or Germany," added Veronique de Rugy, Cato Institute policy analyst and Center for Freedom and Prosperity Board member. "Armed with this new information, we can expect even greater resistance from American policy makers to the anti-taxpayer proposals of the OECD, EU and UN." concluded Quinlan. CF&P Foundation Study: CF&P Press Release on Study: PDF version: NEWS CLIPS ON THE REPORT: November 29 2001, Bureau of National Affairs, by Myrna Zelaya-Quesada, Compliance With International Tax Efforts Could Damage U.S. Economy, Center Says November 28, 2001, Tax-News.com, US Group Rubbishes Tax Harmonization,
Wednesday, July 21, 2004, The Market Center Blog, Blair' spending binge. Tuesday, July 20, 2004, The Market Center Blog, Wrong reward for the wrong goal. Tuesday, July 20, 2004, The Market Center Blog, Floundering EU tax directive takes another step backwards. Sunday, July 18, 2004, The Market Center Blog, Attack on Britain is part of campaign to increase the EU's bloated budget. Friday, July 16, 2004, The Market Center Blog, Another money grab from Brussels. Friday, July 16, 2004, The Market Center Blog, Another silly idea from Europe. Thursday, July 15, 2004, The Market Center Blog, European Commission launches attack on Britain. Thursday, July 15, 2004, The Market Center Blog, French President criticizes good monetary policy. Thursday, July 15, 2004, The Market Center Blog, Russia continues to move in right direction. July 15, 2004, EU Business, Adopting the EU constitution: a wide range of approaches Wednesday, July 14, 2004, The Market Center Blog, Europe's dismal future. Wednesday, July 14, 2004, The Market Center Blog, More French hypocrisy. Wednesday, July 14, 2004, The Market Center Blog, New EU President caters to left. Tuesday, July 13, 2004, The Market Center Blog, Ambitious French Minister opposes tax cuts. Monday, July 12, 2004, The Market Center Blog, Economic reality forcing changes to European welfare states. Monday, July 12, 2004, The Market Center Blog, Europe is lagging, needs dramatic reform. Monday, July 12, 2004, The Market Center Blog, Europe's unimpressive track record. Monday, July 12, 2004, The Market Center Blog, Dutch want to ease ridiculous labor regulations. Thursday, July 8, 2004, The Market Center Blog, European Parliament, playground for the privileged. Thursday, July 8, 2004, The Market Center Blog, EU bureaucrats launch raid on British taxpayers. Thursday, July 8, 2004, The Market Center Blog, Will Hungary be the France of Eastern Europe? Thursday, July 8, 2004, The Market Center Blog, European money fleeing to Hong Kong? Wednesday, July 7, 2004, The Market Center Blog, No vote on EU constitution will benefit the UK. Tuesday, July 6, 2004, The Market Center Blog, Is Berlusconi serious about tax reform? Monday, July 5, 2004, The Market Center Blog, A misplaced parallel. July 5, 2004, Tax-News.com, by Ulrika Lomas, Overall EU Tax Burden Declined In 2002, Eurostat Reveals Saturday, July 3, 2004, The Market Center Blog, EU hypocrites don't comply with Kyoto Protocol. Friday, July 2, 2004, The Market Center Blog, Ireland leads, Sweden lags, in contest for best EU tax system. Wednesday, June 30, 2004, The Market Center Blog, Preparing for the collapse of the EU. June 30, 2004, The Washington Times, By Marian L. Tupy, An uncoupled Europe ahead? Tuesday, June 29, 2004, The Market Center Blog, The putative new President of the European Commission may not be so bad after all. Tuesday, June 29, 2004, The Market Center Blog, Irish lawmakers defend low tax rates. Monday, June 28, 2004, The Market Center Blog, If Europeans are so worried about unemployment, they should stop voting for socialists. June 28, 2004, Tax-News.com, by Ulrika Lomas, Savings Tax Directive Delay 'Not Switzerland's Fault', Say Bankers Friday, June 25, 2004, The Market Center Blog, British politician issues hollow threat to voters. Friday, June 25, 2004, The Market Center Blog, The Economist urges voters to reject draft constitution. Thursday, June 24, 2004, The Market Center Blog, Even a watered-down, un-implemented savings tax directive is causing capital flight from Europe. Thursday, June 24, 2004, The Market Center Blog, Will Swiss voters save Europe from self-imposed folly? Wednesday, June 23, 2004, The Market Center Blog, Bad news for the EU savings tax cartel, good news for economic liberalization. June 23, 2004, SwissInfo, Government rejects mandatory Schengen vote June 22, 2004, EUBusiness, EU says Switzerland to miss deadline for savings tax deal June 21, 2004, The Market Center Blog, Let's all shed a tear for Jacques. June 21, 2004, The Market Center Blog, Blair wants British to surrender their freedoms to Brussels. June 19, 2004, Reuters, Triumph Over EU Constitution Gives Way to Gloom June 19, 2004, The Market Center Blog, Apathy toward EU is logical. June 18, 2004, Isle of Man OniLine, 'Island is Sleepwalking Into Being a Dependent Territory of the EU': THE man behind television celebrity Robert Kilroy-Silk's European
election success says those opposed to the EU now have a voice. June 17, 2004, The Market Center Blog, Will UK Tories ever find their way out of the wilderness? June 17, 2004, The Market Center Blog, Blair says UK will scuttle EU constitution to block tax harmonization. June 17, 2004, The Market Center Blog, Is there a Ronald Reagan who can save Germany? June 16, 2004, BBC News, By Paul Reynolds, EU constitution: The endgame? June 16, 2004, The Market Center Blog, The EU's statist constitution. June 16, 2004, The Market Center Blog, Big government in Brussels suffers a setback. June 16, 2004, The Market Center Blog, EU constitution to retain tax competition. June 14, 2004, BBC News, EU poll blow for ruling parties: Latest results from elections to the EU parliament show gains for opposition parties across Europe. June 14, 2004, The Market Center Blog, Bad news for advocates of a Brussels super-state. June 13, 2004, The Washington Post, By Robert Barr, Europeans Vote for EU Parliament: Parties of German Chancellor Schroeder and French President Chirac Lose Popularity June 10, 2004, The Market Center Blog, EU nations fare poorly when compared to US states. June 10, 2004, The Market Center Blog, Savings tax directive update: Bad news for EU welfare states. June 9, 2004, Swissinfo, Swiss-EU savings tax deal faces delay June 7, 2004, The Market Center Blog, EU Constitution could be the new savings tax directive. June 4, 2004, The Market Center Blog, More problems for EU savings tax cartel. June 4, 2004, Tax-News.com, by Ulrika Lomas, Agreement Of 'Equivalent Measures' Gives EU Savings Tax The Green Light June 4, 2004, The Market Center Blog, France proposes global tax scheme. June 3, 2004, The Market Center Blog, More bad news for the EU and good news for the world economy. June 3, 2004, The Market Center Blog, Tax competition may save Europe. June 3, 2004, International Herald Tribune, by Paul Geitner, As EU nears deal on tax dodgers, a real solution is elusive June 3, 2004, The Guardian, by Ian Black, EU agrees deal to clamp down on tax dodgers June 3, 2004, The Market Center Blog, Savings tax directive won't raise any revenue, but statist politicians already envisioning future expansion. June 3, 2004, The Market Center Blog, EU Directive stalls again, Luxembourg banks ready to exploit loopholes. June 2, 2004, EU Business, EU puts off decision savings account taxes June 2, 2004, The Market Center Blog, EU directive continues to falter. June 2, 2004, The Market Center Blog, Misguided EU business leader wants EU political union. May 31, 2004, The Market Center Blog, EU savings directive is a "tax only for dummies." May 28, 2004, The Market Center Blog, Savings tax cartel facing new obstacles. May 28, 2004, The Market Center Blog, More evidence of European uncompetitiveness. May 28, 2004, The Market Center Blog, More evidence of European uncompetitiveness. May 27, 2004, The Market Center Blog, Europe's excessive benefits subsidize unemployment. May 27, 2004, The Market Center Blog, The Mouse that Roared. May 26, 2004, The Market Center Blog, Even the business community in Europe is brain-dead. May 26, 2004, The Market Center Blog, The hyper-sensitive French whine about a few jokes. May 25, 2004, EU Observer, By Richard Carter, Prodi: 'radical change' needed for EU to catch US May 25, 2004, Financial Times Article May 25, 2004, The Market Center Blog, Schroeder's economic illiteracy. May 25, 2004, The Market Center Blog, Schroeder's economic illiteracy. May 25, 2004, The Market Center Blog, Has Russia surrendered to EU extortion? May 24, 2004, The Market Center Blog, The EU's corrupt Parliament. May 20, 2004, The Market Center Blog, Bureaucratic Hell in Belgium. May 20, 2004, The Market Center Blog, French politicians thinks Europe needs more government. May 20, 2004, Bureau of National Affairs, EU, Switzerland Finalize Agreements, Including Cross-Border Savings Tax Pact May 20, 2004, The Market Center Blog, More bad news for the EU savings tax cartel. May 20, 2004, Tax-News.com, by Ulrika Lomas, Ahern Rejects Franco-German Call For EU Tax Harmonisation May 20, 2004, LawAndTax-News.com, by Ulrika Lomas, Swiss Government Faces Domestic Opposition Over Bilateral Treaties May 19, 2004, Tax-News.com, by Ulrika Lomas, Three EU Countries Lift Objection To Swiss Savings Tax Deal May 19, 2004, Bloomberg, Switzerland to Miss Jan. 1 Deadline for EU Tax Plan May 19, 2004, The Market Center Blog, A useful role for the European Commission. May 19, 2004, The Market Center Blog, More lunacy from the French. May 17, 2004, The Market Center Blog, The coming collapse of the EU. May 17, 2004, The Market Center Blog, Savings tax directive is a farce. May 17, 2004, The Market Center Blog, Bolkestein should look in the mirror when assigning blame. May 17, 2004, The Market Center Blog, Why EU waste is sometimes a good thing. May 17, 2004, The Market Center Blog, The future German Finance Minister? May 16, 2004, The Market Center Blog, More details on the Franco-Prussian tax axis. May 14, 2004, Bureau of National Affairs, By Bengt Ljung, EU Agrees to Allow Luxembourg to Retain Bank Secrecy as Long as Switzerland Does May 14, 2004, EU Observer, by Lisbeth Kirk, Breakthrough in talks with Switzerland May 14, 2004, Offshoreon.com, Swiss Agreement Clears Way for EU Tax Savings Directive May 14, 2004, International Herald Tribune, by Paul Meller, Luxembourg signals support for EU tax law May 14, 2004, EU Observer, By Lisbeth Kirk, Breakthrough in talks with Switzerland May 14, 2004, Offshoreon.com, Full Text European Union Council Directive on Taxation of Savings Income in The Form of Interest Payments Friday, May 14, 2004, The Market Center Blog, Victory - and defeat - on the EU savings tax cartel. May 13, 2004, The Market Center Blog, The savings tax cartel death watch, ad nauseum. May 13, 2004, The Market Center Blog, Wall Street Journal comments on European stagnation, compliments OECD for finally realizing that lower tax rates are good. May 12, 2004, The Market Center Blog, More good news on the savings tax cartel. May 12, 2004, The Market Center Blog, Will the EU move in the right direction? May 11, 2004, The Market Center Blog, EU savings tax directive death watch. May 11, 2004, The Market Center Blog, French intransigence threatens trade liberalization. May 11, 2004, The Market Center Blog, The EU wants to treat the symptom rather than the disease. May 11, 2004, The Market Center Blog, The US isn't always right and the EU isn't always wrong. May 11, 2004, The Market Center Blog, More economic stupidity from Germany. May 10, 2004, The Market Center Blog, The continuing slow death of the EU savings tax directive. May 10, 2004, EU Business, EU eyes summit deal in long-fought Swiss tax row May 10, 2004, The Market Center Blog, Tony Blair does the right thing, though perhaps for the wrong reason. May 9, 2004, The Market Center Blog, Europe's tradition: Feudalism/socialism. Friday, May 7, 2004, The Market Center Blog, Low tax rates boost European growth, not EU transfers. Friday, May 7, 2004, The Market Center Blog, European elites content with stagnation. May 6, 2004, The Market Center Blog, Do you believe in miracles? May 6, 2004, The Market Center Blog, Swedish government resists democracy. May 5, 2004, The Market Center Blog, Bureaucrats in Brussels undermine EU's original mission. May 4, 2004, The Market Center Blog, Deficits are a symptom, spending is the disease. May 4, 2004, The Market Center Blog, Swiss wisely reject joining EU's socialist super-state. May 4, 2004, The Market Center Blog, Germans want to ignore democratic process. May 3, 2004, The Market Center Blog, More saber-rattling against democracy in Europe. May 2, 2004, Swissinfo, Switzerland faces ambiguous role in enlarged EU May 2, 2004 , Europe's slow death. April 30, 2004, The Economist, A May Day milestone: After years of often tortuous preparations, the European Union is expanding from 15 countries to 25. The new entrants
should catch up with its founder members eventually. But they might not want to emulate them too closely Friday, April 30, 2004, The Market Center Blog, A journey of a million miles begins with a small first step. April 28, 2004, EUbusiness.com, Economic summit warns of public fear of EU enlargement April 27, 2004, The Market Center Blog, President of Czech Republic blasts EU. April 27, 2004, The Market Center Blog, Even biased studies confirm that Europe is falling farther behind the United States. April 27, 2004, The Market Center Blog, Vote for the EU Constitution....or else! April 26, 2004, The Market Center Blog, More evidence of Sweden's collapse. April 26, 2004, The Market Center Blog, German Chancellor seeks EU "lebensraum." April 25, 2004, The Market Center Blog, Politicians uber alles in Germany. April 24, 2004, The Market Center Blog, Why not copy Ireland? Friday, April 23, 2004, The Market Center Blog, Treasury officials have difficult task - teaching Europeans that lower tax rates are good for growth. Friday, April 23, 2004, The Market Center Blog, The EU needs less government, not another "high-level group." Friday, April 23, 2004, The Market Center Blog, French politicians backtrack on referendum promise. Friday, April 23, 2004, The Market Center Blog, The Economist slams European constitution. April 23, 2004, The Taipei Times, Swiss starting to feel that Europe is ignoring them: As the European Union expands, many in Switzerland are reconsidering their country's
lengthy, self-imposed isolation April 22, 2004, The Market Center Blog, German politicians have no clue. April 22, 2004, The Market Center Blog, Will Europeans voluntarily become serfs? April 22, 2004, The Market Center Blog, EU Commissioner calls for cost-benefit regulatory analysis. April 22, 2004, The Market Center Blog, Europe's protectionism robs from the poor to subsidize the rich. April 21, 2004, Tax-News.com, by Ulrika Lomas, European Commission Orders Germany To Scrap 'Exit Tax' Rules April 21, 2004, The Market Center Blog, The slow death of the EU savings tax directive. April 21, 2004, The Market Center Blog, Blair poses false choice on EU constitution. April 21, 2004, The Market Center Blog, The Brussels power-grab. April 20, 2004, EUpolitix.com, Swiss still stalling on EU tax law April 20, 2004, LawAndTax-News.com, by Ulrika Lomas, Gerhard Schroeder Reiterates Tax Warning For New EU Member States April 20, 2004, The Market Center Blog, More take-it-or-leave-it brinksmanship on the EU constitution. April 20, 2004, The Market Center Blog, EU sides against German exit tax. April 19, 2004, The Market Center Blog, Will the English save Europe? April 18, 2004, The Market Center Blog, The looney left wants Ireland to return to its dismal high-tax past. April 17, 2004, The Market Center Blog, Democracy in Britain? April 16, 2004, The Market Center Blog, Will Swiss politicians sell their people into EU slavery? April 16, 2004, The Market Center Blog, British Labor Party rebels against European super-state. April 16, 2004, The Market Center Blog, Will bloated government turn Europe into a tourist attraction? April 15, 2004, Swissinfo, by Jonathan Summerton, Bigger EU prompts second thoughts in Switzerland April 15, 2004, The Market Center Blog, Classical liberals ponder dangers of the EU and tax harmonization. April 14, 2004, The Market Center Blog, French socialist whines that "shadow of sovereignty" is undermining Europe. April 13, 2004, International Herald Tribune, by Mark Landler, A 'Detroit' for Europe takes shape in Slovakia April 13, 2004, The Market Center Blog, Pro-market policies help Slovakia overcome legacy of communism and corruption. April 12, 2004, The Market Center Blog, Liechtenstein leader warns that savings tax cartel will cause capital flight from Europe. April 12, 2004, The Market Center Blog, Wasteful spending in Brussels. April 12, 2004, The Market Center Blog, EU bureaucrats continue their assault on Gibraltar. April 10, 2004, The Market Center Blog, French and German politicians: United in stupidity. April 10, 2004, Washington Post, By Glenn Frankel, No Permit, No Work: A Price of Joining EU: East Europeans Face New Restrictions April 9, 2004, The Market Center Blog, Will Blair allow a vote on staying in the EU? April 7, 2004, The Market Center Blog, Free market tax policies are verboten! April 6, 2004, Tax-News.com, by Ulrika Lomas, Swiss Insist Banking Confidentiality Is Non-Negotiable April 6, 2004, The Market Center Blog, Is the EU savings tax cartel dead? April 6, 2004, The Market Center Blog, Greedy EU bureaucrats lobby for bigger budget. April 6, 2004, The Market Center Blog, Swiss resist EU duplicity. April 5, 2004, The Market Center Blog, EU's attack on Microsoft symptomatic of broader problem. April 3, 2004, The Market Center Blog, Is Europe dying? April 3, 2004, The Market Center Blog, Switzerland continues to resist EU bullying. April 1, 2004, The Market Center Blog, Berlusconi pushes Italy in the right direction. April 1, 2004, The Market Center Blog, EU draft Constitution is a minefield of government intervention. March 31, 2004, Tax-News.com, by Amanda Banks, Cayman Financial Association Supports Information Exchange With EU March 31, 2004, Swissinfo, by Katrin Holenstein, Cabinet sets out stall for EU negotiations Mar 31, 2004, Moneylaundering.com, European Commission proposes new EU information-sharing and other measures on terrorism March 31, 2004, Bureau of National Affairs, By Arthur Rogers, EU Parliament Calls on Commission to Take Tough Line With Switzerland Over Savings Tax March 31, 2004, The Market Center Blog, European attack on Switzerland uses more Orwellian double-speak. March 31, 2004, Associated Press, By Paul Geitner, European Parliament Says EU-US Agreement on Sharing Airline Passenger Data Violates Privacy Law March 31, 2004, CF&P's The Market Center Blog, European Commission launches Orwellian attack on Gibraltar tax system. March 29, 2004, The Market Center Blog, Economist magazine says proposed EU constitution is a terrible mess. March 29, 2004, The Market Center Blog, Is Germany finally coming to its senses? March 29, 2004, Swissinfo, by Jean-Didier Revoin, Swiss economy challenged by EU enlargement March 27, 2004, The Market Center Blog, The EU tramples freedom of the press in an effort to stifle dissent. March 26, 2004, The Market Center Blog, A better idea for the EU Constitution. March 25, 2004, The Market Center Blog, European bureaucrats want to impose an indirect tax on American shareholders. March 24, 2004, LawAndTax-News.com, by Ulrika Lomas, Swiss Government Seeks To Overturn German Decision On Banking Sector March 23, 2004, The Market Center Blog, Low taxes help the US out-perform Europe. March 23, 2004, The Market Center Blog, Former Congressman condemns German tactics, defends Swiss privacy protections. March 23, 2004, The Market Center Blog, Bolkestein continues his fight against competition and liberalization. March 22, 2004, The Market Center Blog, Germany reverts to form in bullying campaign against Switzerland. March 22, 2004, Tax-News.com, by Ulrika Lomas, Bolkestein Speaks On Tax Progress In EU March 21, 2004, The Sunday Times (London), Luxembourg and the EU March 18, 2004, The Market Center Blog, Will socialists kill the Spanish Miracle? March 18, 2004, The Market Center Blog, Good and bad news from Europe. March 17, 2004, Swissinfo, Swiss indignant over German clampdown on banks March 16, 2004, The Market Center Blog, Spanish election could reinvigorate drive for EU constitution. March 16, 2004, Statement by Frits Bolkestein Member of the European Commission, Progress on Financial Services Action Plan and Taxation March 11, 2004, Savings tax directive death watch continues... Switzerland is refusing to become an EU colony. March 10, 2004, San Marino and Liechtenstein join Swiss in resisting savings tax cartel. Europeans don't understand causes of economic growth. March 9, 2004, The EU savings tax directive death watch continues. March 5, 2004, Bad news for Europe's tax-aholics: Swiss people support privacy for law-abiding investors. March 5, 2004, European stagnation shows that big government is a failure. March 4, 2004, Tax-News.com, by Ulrika Lomas, Majority Of Swiss Supportive Of The Nation's Banking Industry March 3, 2004, European effort to boost entrepreneurship ignores problem of bloated government. March 2, 2004,Singapore cuts tax rates, prepares for windfall if EU savings tax cartel is approved. March 1, 2004, Will EU expansion promote statism or liberalization? February 27, 2004, The EU fantasy land. February 25, 2004, Bloomberg, Swiss Favor Money Laundering Crackdown, Bank Secrecy February 25, 2004, Swissinfo, Banks hit back at "capital flight" claims February 25, 2004, Reuters, Swiss banks say secrecy is here to stay February 24, 2004, Tax-News.com, by Ulrika Lomas, Bolkestein Proposes Harmonisation Of EU Corporate Tax Base February 24, 2004, Swissinfo, EU grants Switzerland breathing space February 21, 2004, Is a smaller EU better than a large one? February 20, 2004, The EU wants to subsidize corruption and economic decline in poor nations February 20, 2004, EU tries more blackmail against Switzerland February 20, 2004, No wonder the left hates Berlusconi February 20, 2004, Swissinfo, Swiss demand freeze on EU tax plans February 18, 2004, Two cheers for Switzerland and one cheer for stubborn EU politicians February 18, 2004, SwissInfo, EU hits Switzerland with new tax February 14, 2004, EU: Taxes Yes, Accountability No February 13, 2004, Will the Swiss save Europe? February 13, 2004, EUpolitix.com, by Anna McLauchlin, EU delays Swiss Schengen talks February 12, 2004, Tax-News.com, by Ulrika Lomas, Switzerland Holds Out Against EU Pressure Over Savings Tax Directive February 11, 2004, Caribbean Net News, Conflicting reports over Cayman Islands commitment to EU Tax Directive February 11, 2004, More good news on the EU savings tax cartel February 11, 2004, More bad news for the EU savings tax directive February 10, 2004, Financial Times, By Daniel Dombey And George Parker, Savings tax plans likely to cause EU quarrel February 10, 2004, EUpolitix.com, by Anna McLauchlin, Tax talks trouble finance ministers February 10, 2004, EUbusiness, EU presses Switzerland as tax standoff heats up February 10, 2004, SwissInfo, Switzerland rejects EU tax demand February 10, 2004, EU Savings Tax Directive Death Watch February 9, 2004, Caribbean Net News, Cayman Islands reported to have signed on to EU Tax Directive February 9, 2004, EUpolitix.com, by Anna McLauchlin, Savings tax teeters February 9, 2004, Financial Times, By Raphael Minder and Andrew Parker, Impasse in EU talks with tax havens February 6, 2004, Tax-News.com, by Jason Gorringe, House Of Lords Debates Tax Evasion And Avoidance February 5, 2004, European Foundation Intelligence Digest, Berlin rejects euro tax February 4, 2004, LawAndTax-News.com, by Ulrika Lomas, Germany Expresses Opposition To EU Tax Plans February 4, 2004, Tax-News.com, by Amanda Banks, Cayman Optimistic Over EU Tax Deal February 3, 2004, Financial Times, By Andrew Parker, Caymans in move on EU tax crackdown February 2, 2004, SwissInfo, Swiss fail to break deadlock over EU bilaterals January 22, 2004, The Economist, One Europe, united in fiscal misrule January 22, 2004, United Press International, By Gareth Harding, Analysis: Eurosclerosis grips EU economy January 21, 2004, United Press International, By Gareth Harding, Analysis: Eurosclerosis grips EU economy January 21, 2004, Associated Press, By Robert Wielaard, EU says Europe falling behind on economy January 20, 2004, Tax-News.com, by Amanda Banks, Gibraltar Bankers' Report Cites EU Savings Tax Directive As Major Concern January 20, 2004, French Parliamentary Report Suggests Worldwide Taxes to Counter Globalization January 15, 2004, New York Law Journal, by Mark Hamblett, Foreign Tax Claims in U.S. Are Dismissed January 14, 2004, LawAndTax-News.com, by Glen Shapiro, EU Seeks WTO Permission To Impose Sanctions On US 2004 Index of Economic Freedom: Chapter 2, by Daniel J. Mitchell, The Economics of Tax Competition: Harmonization vs. Liberalization January 14, 2004, EUpolitix.com, EU battles fraud image January 8, 2004, Tax-News.com, by Ulrika Lomas, Slovakia's Tax Reforms Now Being Put To The Test January 8, 2004, LawAndTax-News.com, by Ulrika Lomas, French President Outlines Tax Plans January 7, 2004, Tax-News.com, by Amanda Banks, Cayman Islands Given Until End Of January To Submit Plan For Adoption Of EU Savings Directive January 6, 2004, DW-World.de, Slovakia to Become European Tax Haven December 28, 2003, The Washington Times, By Martin Walker, Wealth gap worries EU states December 23, 2003, LawAndTax-News.com, by Robin Pilgrim, UN To Launch International Tax Organisation December 16, 2003, The Economist, A constitution in tatters December 16, 2003, Tax-News.com, by Amanda Banks, EU Savings Tax Directive Aimed At 'Unfair' Tax Competition Says CATO Analyst December 12, 2003, Bermuda Sun, By Robin Holder, Bermuda competition too 'strong' for the E.U. December 11. 2003, The Royal Gazette, By Mairi Mallon, Stand up to US, Bermuda told December 11, 2003, SwissInfo, Blocher election complicates EU relations December 10, 2003, SwissInfo, Blocher victory overturns old order December 9, 2003, Tax-News.com, by Amanda Banks, UK Will Not Impose Direct Rule On Caymans Over EU Tax Directive December 3, 2003, SwissInfo, Parliament mounts defence of banking secrecy December 3, 2003, International Herald Tribune, By David Howell, Big countries vs. small in Europe: A two-speed EU? December 2, 2003, BBC News Online, By Stephen Mulvey, The euro and Europe's blurring borders December 1, 2003, Financial Times, By Christopher Adams, Caymans defiant in dispute over tax status November 30 2003, Financial Times, By Andrew Parker, Global crackdown on tax evasion begins to stall November 30 2003, Financial Times, By Andrew Parker and John Burton, Caymans faces UK ultimatum over EU directive November 30 2003, Financial Times, By Andrew Parker, Global crackdown on tax evasion begins to stall November 26, 2003, The Times (London), By Carl Mortishead, Messy European tax laws provoke the Cayman people November 26, 2003, The Wall Street Journa l - Europe, Bursting the Constitutional Bubble November 26, 2003, The Wall Street Journa l - Europe, By Guy Verhofstadt, Europe Emancipates Itself November 25, 2003, Financial Times, By Lydia Adetunji, OECD predicts EU growth will be half that of US November 25, 2003, The New York Times, By Kenneth N. Gilpin, Economy Grew Even Faster Than First Thought in 3rd Quarter November 25, 2003, The Telegraph (London), By Anton La Guardia and George Jones, Britain threatens veto on EU November 24, 2003, Tax-News.com, by Amanda Banks, Primarolo Repeats UK Threat To Cayman Islands Over EU Tax Directive November 19, 2003, Tech Central Station, By Tomasz Teluk, Constitutional Crisis November 18, 2003, LawAndTax-News.com, by Ulrika Lomas, Bolkestein To Launch New Push For Corporate Tax Harmonisation November 17, 2003, Business Week, By John Rossant, How Europe Could Grow Again: The European experiment was supposed to deliver prosperity. It hasn't. But with less
reform than you might think, a healthy new economy could emerge. November 6, 2003, Tax-News.com, by Jason Gorringe, Brown Reiterates Opposition To European Tax Harmonisation November 5, 2003, Truth News, by Scott Stearns, EU Warns of Multi-Billion Dollar Sanctions Against US October 29, 2003, Citizens for a Sound Economy, by Max Pappas, Europe's Global Tax: Europe is forcing American companies to collect taxes for it. October 27, 2003, Tax-News.com, by Jason Gorringe, Ireland Remains Europe's Lowest-Taxed State October 27, 2003, Guernsey Press And Star, by Mark Oliphant, Guernsey Defends Savings Tax Directive Stance October 26, 2003, Neue Zürcher Zeitung AG, by Jacob Greber, Cantons compete for the golden taxpayer: The German tennis ace Boris Becker is just one in a long list of
well-heeled individuals attracted to Switzerland by low tax rates in some cantons October 23, 2003, SwissInfo, Rightwing success threatens bilateral agreements October 22, 2003, SwissInfo, Swiss rightwing pales alongside European extremes October 21, 2003, SwissInfo, Rightwing power bid gathers momentum October 21, 2003, The Daily Telegraph, By Ambrose Evans-Pritchard, Liberty groups attack plan for EU health ID card October 17, 2003, Out-Law.com, Data retention plan in Europe unlawful? October 17, 2003, Tax-News.com, by Ulrika Lomas, Brown Urges Europe To Reject Moves Towards Tax Harmonisation October 2, 2003, DW-World.de. German Celebrities Head to Tax Oasis Switzerland September 29, 2003, Tax-News.com, by Amanda Banks, Jersey Denies FT Story On EU Savings Tax Directive 'Loophole' September 26, 2003, Cato Institute, by Veronique de Rugy, European Politicians Want to Tax U.S Companies September 24, 2003, Times Online, By Carl Mortished, Banquo's Ghost of tax hovers at EU ministers' table September 18, 2003, Business World (Ireland), EU pushes to gain control of tax policy September 18, 2003, SwissInfo, Bankers attack EU and OECD over tax September 16, 2003, Tax-News.com, by Amanda Banks, UK Plans New Law To Force EU Directive On Cayman Islands September 15, 2003, Financial Times, By George Parker, Brown's tax law threat to Cayman Islands September 11, 2003, Tax-News.com, by Ulrika Lomas, EU Commission To Expand Info Sharing Rules On Direct Tax September 9, 2003, European Commission, Direct taxation: Commission proposes strengthening co-operation to combat fraud September 2, 2003, The New York Times, By Mark Landler, Just East of the West, Unity Has Its Costs September 2003, EU Business.com, EU members opposed to new constitution stage talks in Prague July 28, 2003, LawAndTax-News.com, by Robin Pilgrim, Former Guernsey Politician Slams Lack Of Level Playing Field July 23, 2003, LawAndTax-News.com, by Ulrika Lomas, EC Finds 'Harmful' Tax Practices In New EU Entrants July 22, 2003, LawAndTax-News.com, by Ulrika Lomas, Ireland Will Fight To Keep National Tax Veto July 17, 2003, Tax-News.com, by Jason Gorringe, EU Savings Tax Directive Just The Start Warns Academic July 10, 2003, LawAndTax-News.com, by Ulrika Lomas, Italy To Push For EU Treaty On Taxation July 1, 2003, Tax-News.com, by Jason Gorringe, Gibraltar Considers Legal Action Over Savings Tax Directive June 30, 2003, Tax-News.com, by Ulrika Lomas, Tax Cuts Key To Hungarian Competitiveness Says Finance Minister June 27. 2003, The Royal Gazette, By Roger Crombie, Bermuda's EU tax exemption may not last long - expert June 27, 2003, Tax-News.com, by Jason Gorringe, Minister Reiterates Ireland's Hostility to Tax Harmonisation June 26, 2003, Tax-News.com, by Mike Godfrey, EU Tax On Internet Could Hurt US Tech Firms Says Lobby Group June 26, 2003, Tax-News.com, by Ulrika Lomas, Germany Heading For Clash With EU Over Tax June 25, 2003, The New York Times, By Richard Bernstein, Aging Europe Finds Its Pension Is Running Out June 13, 2003, Eubusiness, by Jitendra Joshi, European Union draft constitution unveiled June 12, 2003, LawAndTax-News.com, by Robin Pilgrim, Jersey And IoM Plump For Withholding Tax June 9, 2003, LawAndTax-News.com, by Jason Gorringe, Guernsey Confirms Plan To Introduce Retention Tax Legislation June 6, 2003, Taxpayers Association of Europe (TAE), TAE Rejects Own European Union Tax June 5, 2003, The Royal Gazette, By Mairi Mallon, Island [Bermuda] exempt from EU tax agreement June 4, 2003, Financial Times, by Francesco Guerrera, EUROPE: EU agrees savings tax deal to start in 2005 June 4, 2003, DW-World.De, EU Agrees on Taxing Foreign-Earned Interest June 4, 2003, SwissInfo, EU tax deal gives Swiss room to bargain June 4, 2003, Financial Times, by Francesco Guerrera, EUROPE: EU agrees savings tax deal to start in 2005 June 3, 2003, Europa, Taxation: Commission welcomes adoption of package to curb harmful tax competition June 3, 2003, Europa, Results of Council of Economics and Finance Ministers, Luxembourg, 3rd June 2003 taxation and financial services May 24-May 25, 2003, The Weekend Australian Financial Review, Is the Greenback in Peril? New kid on the currency block rises as a challenger May 20, 2003, Tax-News.com, by Jason Gorringe, Jersey Banks Face Huge Costs Over EU Savings Tax Directive May 15, 2003, The Times (London), By David Charter, Thatcher's back and gunning for the French May 12, 2003, Nzoom.com, EU choir sings for tax harmony May 6, 2003, Tax-News.com, by Ulrika Lomas, EU Constitutional Convention Moving Towards Harmonised Tax Regime May 6, 2003, Tax-News.com, by Jason Gorringe, Jersey Considers Options On EU Savings Tax April 24, 2003, Tech Central Station Europe, by Hans Labohm, Sick Man Is Europe April 8, 2003, Tax-News.com, by Ulrika Lomas, EU Convention Remains Split Over Direct EU Taxation April 7, 2003, Tax-News.com, by Jason Gorringe, Guernsey To Adopt Withholding Tax Under EU Directive April 04. 2003, The Royal Gazette, By Roger Crombie, Island [Bermuda] may escape savings tax directive April 3, 2003, SwissInfo, by Jacob Greber, Money laundering "not impossible" in Switzerland April 2, 2003, Tax-News.com, by Amanda Banks, Partial Success For Cayman Islands At ECJ March 28, 2003, Cayman Island Press Release on Court Decision March 27, 2003, Law and Tax-News.com, by Amanda Banks, ITIO Warns Over Erosion Of Level Playing Field March 27, 2003, Tax-News.com, by Ulrika Lomas, EU/Swiss Savings Tax Agreement Hangs In The Balance March 24, 2003, Tax-News.com, by Ulrika Lomas, European Commission Mulls EU Tax Reform March 22, 2003, The New York Times, By Paul Meller, European Union Economic Meeting Reports Limited Progress March 21, 2003, LawAndTax-News.com, by Ulrika Lomas, Confusion Continues Over EU Tax Packages March 21, 2003, Tax-News.com, by Amanda Banks, Cayman Delegation Challenges EU in Court March 21, 2003, Maritime Press, OECD moves to lift corporate veil March 21, 2003, Tax-News.com, by Jason Gorringe, Guernsey Bank Deposits Fall 6.8% in 2002 March 20, 2003, The Nassau Guardian, By Lindsay Thompson, 'BISX must not die!' March 20, 2003. Expatica.com, EU split on cross-border tax evasion March 17, 2003, Reuters, By Lisa Jucca, Italian demands may block EU tax plans - officials March 17, 2003, Tax-News.com, by Amanda Banks, Cayman Takes EU To Court Over Savings Tax Directive March 11, 2003, Tax-News.com, by Ulrika Lomas, Italy Scuppers EU Savings Tax Deal March 10, 2003, Tax-News.com, by Ulrika Lomas, ECOFIN Met On Friday To Finalise The EU Tax Package March 10, 2003, Tax-News.com, by Ulrika Lomas, EU Seeks To Firm Up Tax Co-operation Plans With Switzerland March 9, 2003, Reuters, By Jim Loney, Blacklists Hurt Caribbean Financial Sector March 6, 2003, EU Business, by Jitendra Joshi, EU grapples with new obstacles to savings tax deal March 5, 2003, Tax-News.com, by Amanda Banks, Report Warns Over Impact Of Savings Tax Directive On Offshore Centres February 28, 2003, Tax-News.com, by Jason Gorringe, Allan Bell Agrees Savings Tax Directive 'A Fudge' February 27, 2003, Edinburgh Evening News, EU clampdown 'to cost tax evaders millions February 24, 2003, The Lawyer Group, by Brendan Malkin, Channel Islands demand EU fair play February 24, 2003, Tax-News.com, by Amanda Banks, Jersey Urged To Consider Wider Context Of Savings Tax Discussions February 19, 2003, Datamonitor, Opportunities in onshore/offshore asset shifts February 11, 2003, Tax-News.com, by Amanda Banks, BVI Banker Expresses Concern Over Impact Of EU Savings Tax Initiative February 10, 2003, Tax-News.com, Panama Tells OECD There Is No Level Playing Field February 5, 2003, Swissinfo, by Robert Brookes, Bankers Association warns EU over banking secrecy February 5, 2003, Tax-News.com, by Jason Gorringe, EU Threatens Corporation Tax, Says London Lawyer February 4, 2003, Tax-News.com, US Institute Advises Bahamas To Resist EU/OECD Pressure January 30, 2003, Tax-News.com, by Ulrika Lomas, Liechtenstein Expresses Concern Over EU Savings Tax Agreement January 29, 2003, Tax-News.com, Antigua Tells OECD: 'All Bets Are Off' January 25, 2003, International Herald Tribune, by Thomas Crampton, EU tax deal shouldn't flood Asia with cash January 24, 2003, Tax-News.com, by Jason Gorringe, Low-Tax Jurisdictions Puzzle Over Response To EU Savings Tax Deal January 24, 2003, CayPolitics News, Cayman Highly Critical of EU Savings Initiative; Questions Legitimacy January 23, 2003, The Wall Street Journal (Europe), Still Secret January 23, 2003, International Herald Tribune, by Thomas Fuller and Eric Pfanner, Crackdown on tax cheats could backfire on the EU January 22, 2003, WorldNetDaily.com, The Power To Destroy: EU cracks down on tax evaders; New agreement spells end of money shelters January 22, 2003, The Guardian, by Charlotte Denny and Andrew Osborn, EU deal on tax dodging leaves loopholes January 21, 2003, Reuters, By Lisa Jucca, EU optimistic on tax compromise January 21, 2003, BBC News, By Patrick Bartlett, EU tackles tax evasion January 21, 2003, Tax-News.com, by Ulrika Lomas, Europe's Low-Tax Territories Watch And Wait . . . January 20, 2003, Tax-News.com, by Ulrika Lomas, Luxembourg, Austria, And Belgium Offered New Concessions Over Savings Tax January 19, 2003, Scotland on Sunday, by Bill Jamieson, Ugly return of the unwanted savings tax January 18, 2003, The Guardian, by Paul Lashmar, MI6 role in Cayman investigation exposed as Austin Powers farce January 17, 2003, Reuters, By Lisa Jucca, Watered-down EU proposal may solve savings tax row January 2, 2003, The Cato Institute Project on Social Security Choice, by William G. Shipman, Retirement Finance Reform Issues: Facing the European Union December 17, 2002, Investors Offshore.com, by Philip Morton, Liechtenstein Expresses Support For Swiss Withholding Tax Proposal December 13, 2002, Investors Offshore.com (via Tax-News.com ), by Philip Morton, Liechtenstein Expresses Support For Swiss Withholding Tax Proposal December 13, 2002, Tax-News.com, by Ulrika Lomas, Savings Tax Deadline Postponed At ECOFIN Meeting December 12, 2002, SwissInfo.com, Swiss stand firm on EU tax offer December 12, 2002, EurActiv.com, No deal on savings tax by end of 2002 December 12, 2002, SwissInfo.com, Swiss insist on tax offer December 12, 2002, Tax-News.com, by Ulrika Lomas, Luxembourg Rejects Savings Tax Compromise December 11, 2002, Bloomberg.co.uk, By Emma Vandore and Catherine Hickley, EU Tax Bid Fails as Luxembourg Defends Bank Secrecy (Update1) December 10, 2003, The Republic of Panama, Panama Reiterates to the OECD the Need for Equitable And Non-Discriminatory Treatment December 9, 2002, Tax-News.com, by Ulrika Lomas, EU Tax Deals Unlikely This Year, Says Upcoming Greek Presidency December 6, 2002, The Republic of Panama, Letter to the OECD December 5, 2002, AFX News, EU officials, Switzerland's Villiger keep quiet after savings tax talks December 6, 2002, Investors Offshore.com, by Carla Johnson, SBA Chief Condemns EU Over Savings Tax Controversy December 1, 2002, The New York Times, By George Parker in Brussels, France and Germany call for EU tax accord November 29, 2002, Tax-News.com, by Amanda Banks, Cayman Leader Promises To Challenge UK Over Savings Tax Directive November 29, 2002, Tax-News.com, by Ulrika Lomas, EC Prepared To Compromise With Swiss Over Banking Secrecy November 29, 2002, Tax-News.com, by Ulrika Lomas, New Study Calls For Direct EU Taxation November 26, 2002, Tax-News.com, by Mike Godfrey, Cayman and US Should Stand Together Over EU Savings Tax Directive November 22, 2002, The Wall Street Journal Europe, by Paul Hofheinz in Brussels and Glenn Simpson in Washington, Tax Havens Revolt: U.K.'s Caribbean Colonies Ignore
Government Order To Disclose Account Data November 22, 2002, The Wall Street Journal Europe, by Paul Hofheinz in Brussels and Glenn Simpson in Washington, Tax Havens Revolt: U.K.'s Caribbean Colonies Ignore Government Order To Disclose Account Data November 19, 2002, Tax-News.com, by Amanda Banks, Cayman To Stand Firm Over EU Savings Tax Directive November 15, 2002, OffshoreOn.com: Swiss and EU Negotiate Savings Tax Proposal November 11, 2002, Tax-News.com, by Jason Gorringe, Pierre Horsfall Says Tax Talks With UK Now 'Cordial' November 11, 2002, Tax-News.com, by Ulrika Lomas, Giscard Threatens Tax Harmonisation In New EU Constitution November 10, 2002, Financial Times, By Daniel Dombey and George Parker,Giscard says tax harmonisation on EU agenda November 10, 2002, Financial Times, By Daniel Dombey and George Parker, Giscard says tax harmonisation on EU agenda November 8, 2002, International Money Marketing, EU threatens Swiss again over information exchange November 8, 2002, Washington Post, By Keith B. Richburg, The EU and the Power of the People: Czech and Other Leaders Are Eager to Join, but Their Citizens Aren't So Sure November 6, 2002, Tax-News.com, by Ulrika Lomas, EU Proposes Tax Amnesty To Force Switzerland Into Savings Tax Plan November 5, 2002, Telegraph (London), By Selina Mills, Switzerland barricades against sharing banking information November 5, 2002, Tax-News.com, by Ulrika Lomas, EU To Face Imminent Collapse Of Information Sharing Plans November 5, 2002, Tax-News.com, by Ulrika Lomas, Ireland And UK Blocking EU Tax Harmonisation Plans November 5, 2002, Ananova (AFX News), ECOFIN Savings tax deal at risk if automatic information swap sought - Grasser November 4, 2002, Swissinfo, by Claudia Spahr, Swiss and British lock horns over banking secrecy November 4, 2002, Tax-News.com, by Ulrika Lomas, EU To Undertake Coordinated Tax Evasion Clampdown October 31, 2002, OpinionJournal.com, By Dan Lewis, Channel 'Tea Party' Forces British Tax Retreat October 30, 2002, United Press International, UPI's Capital Comment: U.S. to Europe: Butt out of our bank accounts October 30, 2002, Tax-News.com, US Administration Reiterates Opposition To EU Information-Sharing Plans October 25, 2002, No-euro.com, Prodi calls for "single economic government October 2002, No-euro.com, European Draft Constitution endorses tax harmonization: Is anyone surprised? October 18, 2002, Offshoreon.com, Switzerland Continues Battle with EU on Savings Tax Directive October 12, 2002, DW-World.de, by Andreas Hartmann, EU Challenges Switzerland Over Bank Secrecy October 11, 2002, EUbusiness, Swiss and EU remain at loggerheads on bilateral deals October 11, 2002, Tax-News.com, by Mike Godfrey, US Think-Tanks Criticise Bolkestein Over Savings Tax Dispute October 10, 2002, Tax-News.com, by Jason Gorringe, Departing HM Procureur Warns Guernsey Over EU And Tax October 8, 2002, SwissInfo, EU wields sanctions threat against Swiss October 9, 2002, Tax-News.com, by Ulrika Lomas, Luxembourg And Germany Clash Over EU Savings Tax October 8, 2002, Reuters, EU Sees Sanctions Vs Swiss in Tax Row Only in 2010 October 8, 2002, Telegragh (London), By Selina Mills, Swiss fury as commissioner attacks 'lack of help on tax' October 9, 2002, Tax-News.com, by Ulrika Lomas, Switzerland Angered By Bolkestein's Comments October 9, 2002, Bloomberg, By Marc Wolfensberger, Switzerland Won't Comply With EU Tax Demands Unless U.S. Does October 7, 2002, SwissInfo, EU turns up heat on Swiss banking secrecy October 7, 2002, The Financial Times, By Frits Bolkestein, COMMENT & ANALYSIS: I cannot stand Switzerland cheating on tax October 6, 2002, The Financial Times, By George Parker and Francesco Guerrera and Ed Crooks, Some EU states 'trying to prevent tax deal' October 6, 2002, This is LONDON, by Dan Atkinson, Brown steps up fight on tax-dodgers October 3, 2002, The Economist Intelligence Unit , Stand-off with EU October 2, 2002, Tax-News.com, by Ulrika Lomas, EU Warns Switzerland That Bilateral Negotiations May Stall Over Savings Tax Issue September 28, 2002, Reuters, By Ashley Seager , Savings tax proposal runs into trouble September 28, 2002, Reuters, Swiss banks welcome U.S. opposition to EU tax plan September 26, 2002, The Financial Times, By Edward Alden, US Opposes Sharing Information on Savings Taxation: White House Advisers Come out Against European Request For Data On Foreign-Held Accounts: http://archive.freedomandprosperity.org/Articles/ft09-26-02/ft09-26-02.shtml September 26, 2002, Tax-News.com, by Mike Godfrey, White House Again Opposes EU Information-Sharing Proposals September 26, 2002, The Financial Times, By Edward Alden and Francesco Guerrera, US endangers Brown savings tax plan September 26, 2002, AccountancyMagazine.com, by Bob Reynolds, US scuppers EU savings directive: Americans decline to support European information exchange initiative September 17, 2002, Tax-News.com, by Amanda Banks, Cayman Leader Promises To Fight EU Tax Initiative September 12, 2002, Wall Street Journal Online: Review & Outlook, Mighty Little Luxembourg September 12, 2002, Tax-News.com, by Ulrika Lomas, Luxembourg Opposed To EU's Sanction Plans For Switzerland September 4, 2002, Tax-News.com, by Mike Godfrey, US Administration Battles Treasury Over Information-Exchange August 28, 2002, Tax-News.com, by Mike Godfrey, CFP Reaction To US Information Sharing Plans Mixed August 12, 2002, Tax-News.com, by Mike Godfrey, Taxpayers' Union Director Attacks EU Information-Sharing Regime August 1, 2002, Tax-News.com, by Mike Godfrey, US Treasury Warms Over Clinton-Era Bank Interest Tax Rules August 1, 2002, International Money Marketing, EU savings tax directive "dead", say US groups July 31, 2002, The Bureau of National Affairs, Thomas Mulls Hearing on EU Savings Tax, Nonresident Alien Interest Reporting Rules July 31 2002, The Financial Times, By George Parker and Francesco Guerrera, Accounting controls on EU budget 'unreliable' July 30, 2002, Tax-News.com, by Mike Godfrey, US Administration Repeats Opposition To EU Savings Tax July 29, 2002, Swiss Info, Pressure eases on banking secrecy as EU tax plan unravels July 26, 2002, The Independent (London), Outlook: A taxing matter the Bush Administration can ill afford to can July 25, 2002, The Bureau of National Affairs, Treasury, EU Still in Contact on Savings Tax; Interest Group Asserts White House Rejection July 25, 2002, The Bureau of National Affairs, Treasury, EU Still in Contact on Savings Tax; Interest Group Asserts White House Rejection July 25, 2002, Tax-News.com, CFP Says EU Savings Directive Is Dead July 20, 2002, Financial Times, by Luis Suarez-Villa, Letters To The Editor: Wrong way to tackle EU's tax evaders July 17, 2002, Tax-News.com, by Mike Godfrey, Mitchell Argues Against EU Savings Tax Directive, For Flat Tax July 15, 2002, Tax-News.com, by Ulrika Lomas, Savings Tax Directive Doomed Unless Swiss Cooperate, Says EU Presidency July 11, 2002, Tax-News.com, by Amanda Banks, Cayman Media Warns On EU Savings Tax Directive July 11, 2002, Tax-News.com, by Mike Godfrey, Washington Foundation Attacks EU Tax Exports June 27, 2002, Tax-News.com, by Mike Godfrey, EU Claims That US Supports Savings Tax Directive June 20, 2002, Tax-News.com, by Mike Godfrey, The US Starts To Recognize EU 'Information Exchange' Problem May 24, 2002, The Bureau of National Affairs, by Joe Kirwin, EU Workers 20 Percent Less Efficient Than U.S. Workers, Commission Report Says Link to 2002 European Competitiveness Report May 13, 2002, Swiss Info , Talks on closer EU ties remain in limbo May 13, 2002, Swiss Info, EU lashes out at Swiss over taxation May 3, 2002, Congressional Research Service of the Library of Congress, Global Taxation and the United Nations: A Review of Proposals February 26, 2002, Tax-News.com , by Jason Gorringe, Ireland Rejects Tax Harmonisation Proposal Friday, 22 February 2002, AFX Europe, Ireland rejects idea of EU tax harmonisation February 9, 2002, Prof Richard Vedder, Remarks to the Taxpayers Association of Europe's International Taxpayers Conference, Kiev, Ukraine, Prosperity or Stagnation? No. 1, 2002, Lithuania in the World, By RĄta VainienĄ, The More the Better: but not Taxes! Tax and spend is hardly the recipe for economic success February 8, 2002, The Associated Press, White House Raps EU Internet Tax January/February 2002, American Enterprise Institute -- Federalist Outlook, by Michael S. Greve, New Insights from the Old Continent December 7, 2001, Bureau of National Affairs, by Myrna Zelaya-Quesada, Experts Praise EU Harmonization Effort But Foresee Difficulties With Transition December 6, 2001, Tax-News.com, by Ulrika Lomas, EU Talks On Savings Tax Directive Collapse December 5, 2001, Bureau of National Affairs, by Joe Kirwin, Luxembourg, Austria Raise Obstacles To EU Cross-Border Savings Tax Plan Tax-News.com, July 25,2001, by Ulrika Lomas, Belgium Becoming Europe's Newest Tax Haven July 25, 2001, Democrats Chase After Runaway Tax Slaves, by Paul Craig Roberts July 19, 2001, Taxing Away Freedoms, by Paul Craig Roberts April 6, 2001, Wall Street Journal, Editorial, The Next Kyoto? April 4, 2001, Wall Street Journal Europe, Editorial, The Next Kyoto? Wall Street Journal Europe: Swiss voters emphatically rejected a proposal to open negotiations for European Union membership: BNA: Bond Exemption, Swiss Vote Among Factors Threatening Progress on EU Savings Tax Pact April 2001, NBER Working Paper No.w8198, "Inequality and Happiness: Are Europeans and Americans Different?" by Alberto Alesina, Rafael Di Tella, Robert MacCulloch December 13, 2001, EUBusiness.com, EU delays savings tax decision a year after Austria, Luxembourg balk December 14, 2001, Tax-News.com, by Ulrika Lomas, EU Savings Directive Stumbling At Laeken December 2001, Cato Institute, by Veronique de Rugy, European Union Tax Cartel is Bad for US Economy
Op-eds and Commentary on the Europeans Union Savings Tax Directive June 17, 2004, The Wall Street Journal, Review & Outlook: A Constitutional Farce June 17, 2004, The Market Center Blog, EU constitution is a farce. June 16, 2004, The Wall Street Journal, Review & Outlook: America's Poorest June 16, 2004, The Market Center Blog, The United States leaves the EU in the dust. June 1, 2004, The Washington Times, By Richard W. Rahn, Europe's new oppressors June 1, 2004, The Market Center Blog, Former Chamber of Commerce Chief Economist condemns tax harmonization. May 19, 2004, Tech Central Station, By Daniel J. Mitchell, Paris, Taxes May 17, 2004, The Wall Street Journal, By John W. Miller, As Gregor Samsa Awoke to Less Red Tape ... Belgian Lawmaker Evokes Kafka in Trying to Cut Back On Stifling Bureaucracy May 6, 2004, Tech Central Station, By James K. Glassman, Revolutionaries Join Europe April 30, 2004, American Enterprise Institute, By Peter Chapman, Schröder tax plan dubbed 'economically illiterate' April 22, 2004, The Economist, The voters' charter: Why Tony Blair is right to propose a national referendum on the draft EU constitution April 22, 2004, Cato Institute, by Marian L. Tupy, Mitteleuropa: German Threat Resurgent April 21, 2004, The Independent, By Andrew Grice, 'Let the people have the final say. Let the issue be put. Let the battle be joined': Tony Blair, The House of Commons, Yesterday April 14, 2004, TechCentralStation.com, By Marian L. Tupy, Mitteleuropa: German Threat Resurgent April 11, 2004, Scotsman.com, by Allister Heath, Heading for reform or oblivion April 8, 2004, Tech Central Station, by Daniel J. Mitchell, The Constitution Europe Needs March 26, 2004, The Economist, Revived to die another day? March 10, 2004, Tech Central Station, By Daniel J. Mitchell, Avoid This STD! March 3, 2004, The Wall Street Journal – Europe, By Daniel J. Mitchell, Europe Has Caught Tax-Cut Fever February 6, 2004, Wall Street Journal, By Mark Hunter, Something Is Rotten In the State of France February 4, 2004, The Washington Post, By Robert J. Samuelson, The European Predicament February 4, 2004, Tech Central Station, By Marian L. Tupy, Good Unintended Consequences February 2004, Prospect, by Tim King, French favours: A decade of corruption trials has chastened the French elite. But few heads have rolled and little has changed. What are
the roots of French corruption? February 1, 2004, The Heartland Institute, By: John Skorburg, Slovakia Adopts Personal Retirement Accounts: Social security reform movement gains steam across the globe January 27, 2004, Weekly Standard, by Irwin M. Stelzer, Europe's Wishful Thinking: The European Union wants to have a bigger economy than America and their welfare state, too. January 26, 2004, Institute of Economic Affairs, By John Blundell and Gerald Frost, Friend or Foe? What Americans should know about the European Union January 16, 2004, National Review Online, David Frum's Diary, Communication Gap December 1, 2003, The Heartland Institute, By Veronique de Rugy, U.S. Companies Become EU Tax Collectors November 29, 2003, The Washington Times, By Daniel J. Mitchell, Slovakia: Hong Kong of Eastern Europe November 25, 2003, The Washington Times, By Arnaud de Borchgrave, Czech warns Europe of 'dream world' woes November 4, 2003, Tech Central Station, By Sandy Schulz, Courting International Law November 7, 2003, The Heritage Foundation Backgrounder, by Ronald D. Utt, Have the Tax Cuts Saved America from Eurosclerosis? October 7, 2003, Wall Street Journal – Europe, By Angelo M. Petroni, Your Liberty Is at Risk: In the EU's New Constitution October 6, 2003, Forbes, by Paul Johnson, Europe's Utopian Hangover Spring 2003, The Independent Review, by James B. Burnham, Why Ireland Boomed September 16, 2003, The Weekly Standard, by Irwin M. Stelzer, European Holiday: Europeans wonder why Americans have it so good. The answer: We work hard for it while they take vacations September 11, 2003, Tech Central Station, By Kevin Hassett, Europe's Good Idea September 11, 2003, Tech Central Station, By Jean-Christophe Mounicq, Swedish Sense September 4, 2003, Cato Institute, by Veronique de Rugy, European Politicians Want to Tax U.S. Companies September 2, 2003, Dennis Prager: Socialism kills August 17, 2003, The Washington Times, By Alan Reynolds, Europe's dabbling hands in U.S. business affairs August 4, 2003, Tech Central Station Europe, by William Niskanen, A More Perfect Union July 30, 2003, National Review Online, by Michael Novak, Anti-American European? Read this! July 27, 2003, The Washington Post, by George F. Will, A Botched Constitution July 24, 2003, National Review Online, by Michael Novak, North Atlantic Community, European Community: Part II: What is causing the recent cleavages? July 22, 2003, National Review Online, by Andrew Stuttaford, Bullying Berlusconi: Why they hate him. July 9, 2003, Tech Central Station Europe, by Jeremy Slater, When Efficiency Is Bad July 8, 2003, Cato Institute, by Richard Pollock, The New Europe Looks a Little Like `1984' July 3, 2003, The Washington Times, By Richard W. Rahn, Global greed screed July 2, 2003, Tech Central Station Europe, by Marian L. Tupy, Socialism's Farewell Note June 16, 2003, CNET News.com, By Declan McCullagh, Why Europe still doesn't get the Internet June 14, 2003, The New Republic, by Andrew Sullivan, The Euro Menace: The USE Vs The USA June 12, 2003, The Washington Times, By Richard W. Rahn, Economic murder-suicide June 9, 2003, Tech Central Station, by Roger Bate, Paradise Lost May 8, 2003, The Wall StreetJournal (Europe), From Four Freedoms To 1,500 Rules May 1, 2003, Times Online (London), by Anatole Kaletsky, Capitalism is humanity's most benign creation February 26, 2003, Daniel Mitchell, Testimony before Joint Economic Committee on the 2003 Economic Report of the President February 6, 2003, The Washington Times, by Richard Rahn, The economic ruin of Europe Summer 2002-03, Policy (The Centre for Independent Studies), David R. Burton, Towards a Global Tax Cartel February 3, 2003, The Nassau Institute, by Dan Mitchell, Time to Stiff-Arm the OECD January 24, 2003, The Sovereign Society Offshore A-Letter, by Bob Bauman, This Mouse Will Roar January 20, 2003, The Wall Street Journal, By Brian M. Carney, Europe's Tiny Tax Havens Have Survival Skills November 7, 2002, The Washington Times, by Daniel J. Mitchell, European cult of multilateralism October 10 2002, Financial Times, by Daniel J. Mitchell and Veronique de Rugy, Letter to the Editor: Forget the Swiss, Mr Bolkestein. Pick on someone your own size - the US October 7, 2002, The Wall Street Journal (Europe), By Brian M. Carney, Who Is Protected By EU Privacy Rules? September 10, 2002, The Heritage Foundation, Edwin J. Feulner's letter to Treasury Secretary Paul O'Neill on Global Tax Competition July 25, 2002, WSJ-E: Mitchell & Quinlan -- The End of Europe's Savings-Tax Cartel July 20, 2002, Financial Times, by Luis Suarez-Villa, Letters To The Editor: Wrong way to tackle EU's tax evaders July/August 2002 , Foreign Policy, by Dan Mitchell, Between the Lines: Havens Can Wait July 25, 2002, The Wall Street Journal - Europe , Editorial, American Unilateralism Exists July 22, 2002, National Review Online, by Eric V. Schlecht, Bringing Us All Down July 3, 2002, The Wall Street Journal – Europe, By John Blundell, The Global Tax Cartel Cometh July 2, 2002, Cato Institute, by Veronique de Rugy, Bush Should Reject European Tax Cartel July 1, 2002, National Review Online, By Daniel J. Mitchell, Making U.S. More Like Europe: The war on our economy. June 7, 2002, National Review Online, By Veronique de Rugy, Repel the Cartel: EU tax collectors are assaulting American sovereignty. June 4, 2002, National Post, By Veronique de Rugy, Europe lobbies U.S. for a tax cartel: Lower tax rates and simplification are better ways to stop tax evasion May 31, 2002, Capitalism Magazine, By Daniel J. Mitchell, The European Union Wants to Tax You! Spring 2002, The International Economy, by Dan Mitchell, EU Tax Trap April 2002, The Atlantic Monthly, by Walter Russell Mead, The Case Against Europe: The very things that Europeans think make their political judgment better than Americans'
actually make it worse April 24 2002, The Financial Times, by Graham Mather, A flawed tax plan: Britain's proposed replacement for the EU withholding tax is causing more problems than the original, says April 3, 2002, National Review Online, by Dan Mitchell, The EU's Tax Attack February 9, 2002, Prof Richard Vedder, Remarks to the Taxpayers Association of Europe's International Taxpayers Conference, Kiev, Ukraine, Prosperity or Stagnation? December 2001, Cato Institute, by Veronique de Rugy, European Union Tax Cartel is Bad for US Economy October 2001, The Centre for the New Europe, by Norman Barry, Competitive Federalism: The Case of the European Union October 1, 2001, Competitive Enterprise Institute, by Stephen Entin, "New Threats To Foreign Investment: The U.S. Treasury And Information-Sharing" April 6, 2001, Wall Street Journal, Editorial, The Next Kyoto?
Third Ranking Republican in U.S. Senate Denounces the EU's Savings Tax Directive Pennsylvania Senator Rick Santorum, who serves as Chairman of the Republican Conference, asked Treasury Secretary Paul O'Neill to be "equally skeptical toward the European Union's proposed Savings Tax Directive" as O'Neill was toward the OECD's "harmful tax competition" scheme. The following are excerpts from the letter: "Tax competition between nations is a liberalizing force in the world economy, one that forces policy-makers to be more fiscally responsible lest they drive economic activity to
competing jurisdictions with lower tax burdens. . . . I urge you to be equally skeptical toward the European Union's proposed Savings Tax Directive. As a low-tax country by
industrial world standards, the United States has little if anything to gain by participating in a tax cartel designed to help high-tax nations . . . . Governments, like private
businesses, should be subjected to the discipline of market competition." Below is a link to the full letter:
US Rep. Pete Sessions asks the EU to answer a "few simple questions." Congressman Pete Sessions of Texas, a member of the U.S. House of Representatives' powerful Rules Committee, has taken a leadership role in Congress on the European Union's Savings Tax Directive. Mr. Sessions sent a letter today to Mr. Romano Prodi, President of the European Commission, asking him to "answer a few simple questions[.]" The Congressman plans on sharing the President's responses with the rest of Congress because "it is difficult to understand why members of Congress should support a scheme that would undermine America's competitive advantage in the global economy." The six questions asked: 1) Do you think sovereign nations have the right to determine how income earned inside their borders is taxed? 2) Have EU member nations considered tax rate reductions and tax reforms as an alternative way of stopping capital flight? 3) Even if the six non-EU nations participate, is the EU's Savings Tax Directive feasible? Won't savings simply gravitate to other jurisdictions (in Asia and elsewhere) outside of the proposed cartel? 4) The Savings Tax Directive assumes that there should be multiple taxation of income that is saved and invested. But if a nation reforms its tax system to eliminate double-taxation, would that nation still be expected to collect data on savings even if such information was not needed for domestic purposes? 5) Should taxpayers have due-process legal protections, such as the right to contest the release of confidential financial information? The following is a link to the full letter:
Dozens of Congressional Letters on the OECD and EU Tax Harmonization and Information Exchange Schemes
UK Treasury attacks EU tax plans [Excerpt from www.no-euro.com newsletter: Main events 26 April – 2 May 2002 link 4. [UK] Treasury attacks EU tax plans * The [UK] Treasury this week attacked EU plans for a single system for calculating corporate tax across the EU. The [UK] Treasury fears that the system would be a first step to the upward harmonisation of corporate tax in Britain. * A [UK] Treasury spokesman said, "we won't support any action at the EU level that would threaten jobs and the competitiveness of UK business" (Guardian, 1 May). * Tax Commissioner Frits Bolkestein first made his gradual harmonisation plan explicit in February 2001, saying "taxes should be raised on a similar basis. Then we will see what happens to tax rates..." (Frankfurter Allgemeine Zeitung, 22 February 2001). * The Commission's tax plan confirms the relentless drive to harmonise UK corporate tax up to Eurozone levels. Outside the euro we can block plans which would damage UK businesses. But in the euro it would be far more difficult to prevent a gradual loss of control over tax.
CF&P: The OECD Lays an Egg: Low-Tax Jurisdictions Will Achieve Final Victory When EU Savings Tax Directive is Defeated (April 2002) CF&P President Andrew F. Quinlan said: This announcement of a new "blacklist" is a non-event. The OECD agenda is a combination of imperialism (they targeted small jurisdictions) and hypocrisy (they did not apply the same rules to developed nations). Fortunately, the "commitments" made by low-tax jurisdictions are not binding unless all OECD member nations agree to the same misguided rules. This is why stopping the EU Savings Tax Directive is now a top priority. This will not happen. Extraterritorial taxation is not in the U.S.'s best interests. The U.S. needs to take this opportunity and reform its tax system to attract more overseas capital,
not scare it away. The Center for Freedom and Prosperity will work hard over the next several months to insure that all lawmakers, policy makers, opinion leaders and taxpayers
are aware of the threat that tax harmonization schemes from the OECD and EU pose to America's national interests. [Link to full CF&P press release below:]
CF&P Strategic Memo: Paris has Surrendered, Onward to Brussels (March 2002) [Excerpt from memo] The OECD, of course, is trying to downplay its stunning defeat. But no amount of "spin" can alter the facts. The "rich man's club" failed in its effort to create a fiscal cartel for the benefit of high-tax nations. But don't believe me. Go to the OECD website and read the "commitment letters" that arrived in June 2000 and compare those documents to the letters that arrived last week. They are all available at http://www.oecd.org/EN/document/0,,EN-document-22-nodirectorate-no-4-4393-22,FF.h tml (but don't be surprised if the OECD pulls down this web-page to mask its embarrassment). While it is tempting to rest on our laurels and enjoy the OECD's humiliation, the war is far from over and attention now shifts to Brussels. Specifically, our top objective now is to derail the European Union's Savings Tax Directive. This misguided proposal would require unlimited and automatic information sharing between nations. Every EU nation would be expected to take part in this scheme, as would all EU territories and six non-EU nations (Switzerland, the United States, Andorra, Monaco, San Marino, and Liechtenstein). Link to full memo below:
CF&P Strategic Memo: A Christmas present from Europe . . . The EU's infamous Savings Tax Directive is in disarray (December 2001) "What a nice way to end the year. The European Union's infamous Savings Tax Directive is in disarray. It may not be clinically dead, but it is in a coma, kept alive only by a respirator, artificial heart, and the desperate wails of greedy politicians from high-tax nations. "First, some background: The EU Savings Tax Directive seeks to mandate automatic and unlimited exchange of information between nations with regards to nonresident savings. That is the bad news. The good news is that EU tax harmonization schemes require unanimous support from all member nations, meaning that the handful of EU nations with some respect for financial privacy – Austria, Luxembourg, and Belgium – have veto power. Moreover, the EU's proposed cartel is contingent on the participation of six non-EU nations, including Switzerland, the U.S., Liechtenstein, and Monaco (plus U.K. territories). "A strong and principled stand by just one nation is enough to kill this anti-growth initiative. The "veto" can be cast by an EU member nation, or it can be cast by one of the six nations that the EU has targeted. Actually, victory does not even require a strong and principled stand. It only requires that one nation do the right thing, even if it is for the wrong reason. "In any event, the right thing is happening. The EU cannot get an agreement. The initiative has been shelved for "further study." Translated into real world English, the
proposal is "road kill." There are three elements of this issue that warrant further discussion: . . ." Select link below the full complete version of the strategic memo:
Competitive Enterprise Institute: Report on Dangers of Information Exchange to U.S. Economy A new report says proposed IRS rules killing US foreign investor privacy could cost the US billions of dollars in foreign savings. Link below: October 1, 2001, Competitive Enterprise Institute, by Stephen Entin, "New Threats To Foreign Investment: The U.S. Treasury And Information-Sharing"
The European Union: Less Growth, Fewer Jobs, and Higher Taxes We never though we would be highlighting a publication produced by the bureaucrats in Brussels, but the EU has a new publication that concisely explains that the EU is falling further and further behind the United States. Even more amusing, the report shows that the two EU nations doing the best are Luxembourg and Ireland, both of which have low-tax policies that cause considerable dismay for the tax-aholics in Berlin and Paris. Chapter Two from the European Competitiveness Report 2001 (PDF file linked below)
Cato Paper: International Tax Competition -- A 21st-Century Restraint on Government [Excerpt] Most industrial countries have pursued tax reforms to ensure that their economies remain attractive for investment. The average top personal income tax rate in the major industrial countries of the Organization for Economic Cooperation and Development has fallen 20 percentage points since 1980. The average top corporate income tax rate has fallen 6 percentage points in just the past six years. Rising tax competition has caused governments to also adopt defensive rules to prevent residents and businesses from enjoying lower tax rates abroad. In the United States, such tax rules are hugely complex and affect the ability of U.S. companies to compete in world markets. Other defensive responses to tax competition include proposals to harmonize taxes across countries and to restrict countries from offering tax climates that are too hospitable to foreign investment inflows. Those defensive responses to tax competition are a dead end. They do nothing to promote economic growth or reform inefficient tax systems. A more constructive
response to tax competition would be to learn from foreign reforms and adopt pro-growth tax policies at home. The United States should be a leader but has fallen behind on tax
reform. For example, the United States now has one of the highest corporate tax rates among major nations. The chairman of the president's Council of Economic Advisers,
Glenn Hubbard, believes that "from an income tax perspective, the United States has become one of the least attractive industrial countries in which to locate the headquarters
of a multinational corporation." [Link to full paper below:]
Mitchell: The EU'S Tax Attack on High-Tech and Internet Sales This isn't the first time Europe has tried to undermine our fiscal sovereignty. The European Union already has dragged the United States before the World Trade Organization in an attempt to compel American lawmakers to impose higher taxes on U.S. companies. The EU also wants American officials to weaken financial privacy laws, so they can reach across the Atlantic and tax the money that Europeans have deposited in our banks and invested in our stock market. This so-called "Savings Tax Directive" could drive hundreds of billions, perhaps even trillions, of dollars from the U.S. economy. [Link to full article below:] April 3, 2002, National Review Online, The EU's Tax Attack Also available on the Heritage Foundation website
EU's Major Set Back. . . Savings Tax Cartel Collapses…for Now (December 2001) Talks over a European Union plan to create a cartel for the purpose of double-taxing income that is saved and invested collapsed after Luxembourg and Austria objected to the plan. This could be a huge victory for supporters of market liberalization and fiscal competition, but it is not time to celebrate. The bureaucrats intend to meet later this week in an effort to resuscitate their dangerous initiative. 'Luxembourg's position is not open to change and will not change,' said the principality's Prime Minister Jean-Claude Juncker. Full article linked below: December 6, 2001, Tax-News.com, by Ulrika Lomas, EU Talks On Savings Tax Directive Collapse December 5, 2001, Bureau of National Affairs, by Joe Kirwin, Luxembourg, Austria Raise Obstacles To EU Cross-Border Savings Tax Plan
German Chancellor Gerhard Schroeder lets the cat out of the bag (March 2002) It is refreshing when a leader of one of the EU's leading countries comes out and lets the world know what the EU's real agenda for the rest of the world – harmonizing tax rates upward. The BBC news story reports in part: [Excerpt] In an interview with The Times newspaper, the German leader called for the "Europeanisation" of "everything to do with economic and financial policy". He said the EU should determine taxation policies in member states. His comments will be seized upon by the Conservatives as further evidence of moves towards a federal European state. [link to full article below] February 22, 2002, BBC NEWS, 'EU should decide taxes' – Schroeder
The Same Old Song…You Can't Spell Tax Harmonization Without EU (April 2002) From www.no-euro.com newsletter: Main events: 22 March - 28 March 2002 link:
[Excerpt] * In a new pamphlet, Britain in Europe (BiE) have claimed that there is no agenda in the Eurozone for tax harmonisation and that harmonisation is only proposed by an "occasional maverick supporter". In the foreword for the pamphlet, BiE's Chairman, Lord Marshall, writes that "the argument in Europe is about tax competition, not tax harmonisation." * The claims that tax harmonisation has only an "occasional maverick supporter" is ridiculous. In his recently-published election manifesto (see below), French Prime Minister Lionel Jospin said, "the coordination of economic policies should be considerably increased, to be able to react efficiently to external shocks. I propose, in terms of corporate tax, that the tax bases should be harmonised and that a minimum rate should be fixed. This would be the first step towards a European tax ... Furthermore, I propose that, in order to be able to harmonise taxes in Europe, fiscal decisions which will affect the Internal Market should be made by QMV and not by unanimity. The same should be the case for social harmonisation" (Je m'engage, 22 March). * Jospin's comments are just the latest in a long line by senior Eurozone politicians. * In a joint article in the FT (8 March), Pascal Lamy, the EU Trade Commissioner said, "a natural first step would be to harmonise the tax bases and to adopt minimum tax rates but the ultimate goal should be the creation of a European corporate income tax whose proceeds would either finance the EU or be allocated to Member States." Lamy continued, "to get there, we may need qualified majority voting on tax matters relating to the single market: controversial in the UK, perhaps, but a logical development." * In an interview with Le Monde on 7 March, French President Jacques Chirac called for "genuine fiscal harmonisation in Europe", saying that "in an open, competitive Europe with a common currency, it is damaging for the French to always be taxed more than everyone else." * In an interview with the Times on 22 February, German Chancellor Gerhard Schroeder called for the "Europeanisation" of "everything to do with economic and financial policy". * The euro lobby has consistently refused to acknowledge that there is a tax harmonisation agenda in the Eurozone. They need to explain how the euro can work without any system of fiscal transfers, a large centralised budget, and further political integration.
What a Surprise! Former Clinton Official Endorses EU's Tax Harmonization Scheme (December 2001) Joseph Guttentag, former international tax counsel at the U.S. Treasury Department, endorses the European Union's Tax Harmonization agenda. This hardly comes as a surprise. We wonder if Mr. Guttentag has read CF&P Foundation's comprehensive study showing why tax harmonization is a threat to America's competitive advantage. More importantly, we wonder if it would do any good if he did read the report? Link to CFPF report below and article on Guttentag's comments: December 7, 2001, Bureau of National Affairs, by Myrna Zelaya-Quesada, Experts Praise EU Harmonization Effort But Foresee Difficulties With Transition November 2001, Prosperitas Vol. I Issue IV, by Daniel J. Mitchell, The Adverse Impact of Tax Harmonization and Information Exchange on the U.S. Economy
Norman Barry -- Competitive Federalism: The Case of the European Union [Excerpt:] It is not so difficult to show, however, that the allure of a free Europe has less substance when it is closely examined. [Link below] October 2001, The Centre for the New Europe, by Norman Barry, Competitive Federalism: The Case of the European Union
Marshall Langer: New EU, U.K., and U.S. Reporting Rules on Bank Deposit Interest Paid to Nonresidents Marshall Langer, an international renowned tax attorney, spoke at the European-American Tax Institute's 24th Annual Congress in Barcelona in November on
bank deposit interest reporting rules. Dr. Langer's remarks were published in the January 28, 2002 issue of Tax Notes International. Link to PDF of story below:
Treasury's Barbara Angus said that the U.S. taxation of foreign income should move toward a territorial system for taxing multinational corporations Both the Bureau of National Affairs and the Worldwide Tax Daily report that Barbara Angus, the Treasury Department's international tax counsel, believes that U.S. taxation of foreign income should move toward a territorial system for taxing multinational corporations. BNA reports: "While a pure territorial system would be very different from a system that taxes worldwide income, Angus said many countries mix the approaches, with territorial countries taxing some foreign income, and worldwide tax countries exempting some foreign income. "Reform should address fundamental issues, Angus said: what income to tax, how to allocate expenses, and how to lessen the impact on companies and the government. "In the meantime, Angus said, a number of steps can be taken to simplify current law: narrowing of Subpart F, providing an exception for active financial services income, rationalizing the anti-deferral regimes, and revisiting the expense allocation rules."
Dr. Gilbert NMO Morris on International Financial Regulations & The Rule of Law September 2001, Paper for the Cambridge International Symposium on Economic Crime, Dr. Gilbert NMO Morris, International Financial Regulations & The Rule of Law; link below |
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