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Center for Freedom and Prosperity's Weekly Update This has been a busy and productive week. We have worn out shoe leather working on Capitol Hill and inside the new Administration. Fortunately, our efforts seem to be bearing fruit, and our update is full of interesting information, including: Eighth member of Congress speaks out against the OECD; a copy of the OECD mystery "minutes"; IRS extends comment period on new bank deposit interest regulation; 15 members of Congress come our against IRS regulation; Americans for Tax Reform President asks Sec. O'Neill to dump OECD project and much more . . . 1) Eighth US Lawmaker Rejects the OECD's Attack on Tax Competition
1) Eighth High-Profile US Lawmaker Rejects the OECD's Attack on Tax Competition An influential Congressional Black Caucus Member and delegate from the U.S. Virgin Islands calls on Treasury Secretary Paul O'Neill "to reject the OECD's misguided initiative." Rep. Donna M. Christensen, a Democratic congressional delegate from the U.S. Virgin Islands, became the eighth U.S. policy maker to ask the Treasury Department to pull support for the OECD's anti-tax competition project. The following is a PDF link to the letter: The following is a link to the text of the letter:
2) OECD's Confidential Meeting Notes Below. The link below contains the famous "minutes" that caused quite a controversy at the OECD Task Force meeting in Paris. As the Tax Notes International story indicates, the OECD tried to convince the media that these minutes were false, but their denial was, shall we say, very Clintonian. The OECD spin doctors vigorously asserted that the document did not reflect minutes of an official Fiscal Affairs Committee meeting, but they did not deny that the minutes were an accurate reflection of an OECD meeting or a meeting of OECD officials. To be fair, we cannot vouch for the veracity of these minutes, but they seem very authentic, and numerous government officials and others report that the sentiments are completely consistent with other OECD statements. PDF copy of fax received by CFP: Related Tax Notes International story on "minutes" controversy in Paris: Allegations of Underhandedness Emerge at OECD's Harmful Tax Competition Meeting in Paris.
3) IRS Regulations, Deadline For Comments is Extended Until May 31, 2001 Due to your outrage and volume of comments, the IRS was forced to extend the deadline. CFP has requested to testify before the IRS when the regulation is discussed at a public hearing in June. We need your help to stop this misguided regulation. PLEASE EMAIL US YOUR STATEMENT TO THE IRS AND WE WILL POST SELECTED COMMENTS. Most importantly, please contact the IRS and SAY NO to proposed IRS regulation on requiring US financial institutions to report interest income to foreign governments (The new deadline is May 31, 2001). Visit our "DUMP THE IRS REG" web page for more information. Link below:
4) Florida Congressional Delegation Speaks Out Against Proposed IRS Regulation Florida Members of Congress sent a Delegation letter to Treasury Secretary Paul O'Neill asking him to withdraw the proposed regulation requiring all banks located in the United States to report periodically to the Internal Revenue Service the amount of interest paid to nonresident alien individual depositors. Link to text of letter below:
5) International Wire Service Informs the World of the OECD's "brush-off" of Rep. Sam Johnson's inquiry. UPI hears ... Insider notes from United Press International Rep. Sam Johnson's letter to the OECD (PDF format): OECD Secretary-General Donald Johnston's "response" to Rep. Johnson's six important questions (PDF format) [stay tuned for more on the OECD's disrespectful actions regarding Congressman Johnson]:
6) Tax Notes International's Story on CFP's Paris Forum: Center for Freedom and Prosperity Meets in Paris
7) Americans for Tax Reform President says No to the OECD Well-known and respected conservative leader Grover Norquist, President of Americans for Tax Reform, asks Secretary Paul O'Neill to reconsider the US's support for the "OECD's so-called harmful tax
competition project."
8) Dan Mitchell of the Heritage Foundation Brings CFP's Message to the Grassroots Dan Mitchell of the Heritage Foundation brings CFP's message to the grassroots with an article in the oldest and most widely read conservative weekly newspaper in the US, Human Events. (Note: Please visit our web page later this week for more information on how you can help mobilize activists against the OECD. We hope to replicate the voter outrage in the US that eventually killed the domestic "Know-You-Customer" regulations two years ago. Human Events: Bush Administration Needs to Hear From Public: International Bureaucrats Seek Control of U.S. Tax Law, By Daniel J. Mitchell
9) Swiss vote shakes EU . . . more interesting articles 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
10) Administration rejects international "know-your-customer" bill Administration Says Hold Your Horses . . . "Congress should be wary of the unintended effects of passing new legislation aimed at reducing money laundering." BNA: Administration Cautions Senators On Risks of Banning Certain Accounts
Kind regards, Andrew Quinlan
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