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Center for Freedom and Prosperity's E-mail Update 2) Chairman Istook Condemns IRS for Legal and Regulatory Abuses 3) Dan Mitchell to Speak this Week in Slovakia and Austria 4) High-tax nations will suffer most if EU savings tax directive is approved 5) Mitchell writes for the Wall Street Journal: Europe Has Caught Tax-Cut Fever 6) London Think Tank Criticizes OECD's Fiscal Affairs Committee 7) Kerry Smears Bermuda – and gets slammed in the Wash. Times for demagoguery 8) Tax havens help American companies compete 9) Bad Tax Policy is Undermining US Competitiveness 10) The IRS is trying to make US companies less competitive 11) Selected Market Center Blog Entries 12) John Kerry: Offshore investor and outsourcing plutocrat 13) Corporate Tax Planning Attacked 14) Less government equals more jobs 15) Social Security Reform is a Necessity 16) CF&P Clips
Today's update features another letter of opposition to the IRS's proposed interest reporting regulation, this one from House Appropriation Subcommittee Chairman Ernest Istook. We have been working non-stop on Capitol Hill over the last several months. We feel positive that our efforts will pay off with the eventual withdrawal of the proposed rule. We look forward to additional key Members of Congress voicing their opposition to this misguided directive in the near future. The following topics are also featured in this update: The EU Savings Tax Directive, the OECD's misguided anti-tax competition agenda, Senator John Kerry's offshore and outsourcing experiences, how bad tax policy undermines U.S. Competitiveness, how tax havens strengthen the U.S. economy, and many other interesting issues pertaining to tax competition, financial privacy and fiscal sovereignty. I also want to bring you up to speed on the Market Center Blog. We are getting hundreds of new visitors to our web page. We have found that this is the most effective way to get our message of limited government and competitive markets out in a timely fashion. Visit our blog and, as they say, please tell a friend or two. Best regards, AQ
2) Chairman Istook Condemns IRS for Legal and Regulatory Abuses, Warns that Interest-Reporting Regulation Could Cause Capital Flight The Center for Freedom and Prosperity praised Oklahoma Representative Ernest Istook for his leadership in the fight to turn back the proposed Internal Revenue Service (IRS) regulation to require the reporting of bank deposit interest paid to nonresident aliens (REG-133254-02). Rep. Istook, the chairman of the powerful Appropriations Subcommittee that determines the budget for the Treasury Department and the IRS, sent a letter to Treasury Secretary John Snow asking him to review the proposed rule. Chairman Istook states his opposition to the proposed rule and shares his concern with the "procedural handling of this issue." Congressman Istook wrote, "First, I am troubled by the fact that the IRS is using a regulatory edict to overturn existing law. For more than 80 years, Congress has sought to attract capital to the US economy by neither taxing nonresident alien bank deposit interest nor requiring the reporting of such income. . . . Second, I am equally concerned that the IRS has ignored legal requirements that are designed to improve the outcome of the regulatory process. It appears, for instance, that the IRS made no effort to comply with either Executive Order 12866, OMB Circular A-94, or the Regulatory Flexibility Act." [Link to full letter and press release below:] Rep. Istook's letter: CF&P Press Release: CF&P's Dedicated IRS Interest Reporting Regulation Web Page: Heritage Foundation Dedicated web page on IRS Reg:
3) Dan Mitchell to Speak this Week in Slovakia and Austria March 18, 2004 ~ Dan Mitchell to speak in Slovakia at the Economic Reforms for Europe International Conference and discuss Growth Opportunities in Enlarged EU March 19, 2004 ~ Dan Mitchell to speak in Vienna at the Hayek Institute on Economic Implications of EU Expansion
4) High-tax nations will suffer most if EU savings tax directive is approved Dan Mitchell has an article on techcentralstation.com analyzing the savings tax directive. He notes that there are three reasons why the proposal won't work, but he also notes that high-tax nations in Europe will be harmed the most if it does work. Veronique de Rugy commented on this aspect of the debate for the Market Center Blog: Writing for techcentralstation.com, Dan Mitchell of the Heritage Foundation notes that EU politicians should reject the savings tax directive (STD) this June. If it works (which is doubtful), the proposal will drive money out of Europe, reduce total savings, and undermine incentives for economic reform. As Dan explains: An old Chinese proverb states that you should be careful what you wish for, and the Europeans likewise should think twice about the supposed benefits of the STD So-called tax havens currently provide Europeans with a tax-efficient means of investing in their home countries. A German dentist, for instance, can use a Luxembourg account to invest money in German companies. This is good for the taxpayer and good for the German economy. But if the STD is approved, our hypothetical dentist may move his money to Singapore, where investment patterns are less likely to favor Europe, or he may decide that investing is now too troublesome. Why not buy a fancy BMW and a nice house in the Black Forest? In either case, the German economy has less capital formation and long-term growth suffers. The directive also might boomerang on Europe by creating bad incentives for politicians. The current environment pressures lawmakers to lower tax rates and implement tax reforms as part of an effort to attract investment and discourage capital flight. This process of tax competition has helped lower tax rates dramatically in the past two decades. But if taxpayers no longer have an escape hatch, governments will have much less reason to make needed fiscal reforms - and the absence of reform could have enormous negative effects, particularly in the long run. European leaders may want to reconsider how they vote this June. Approving the savings tax directive is a lose-lose proposition. If it doesn't work, the EU loses capital and growth suffers, and if it works, the EU loses capital and growth suffers. [Full link to article below:] March 10, 2004, Tech Central Station, By Daniel J. Mitchell, Avoid This STD! Additional EU Blog entries and news clip: 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. March 9, 2004, 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 20, 2004, Swissinfo, Swiss demand freeze on EU tax plans February 18, 2004, Swissinfo, EU hits Switzerland with new tax January 21, 2004, United Press International, By Gareth Harding, Analysis: Eurosclerosis grips EU economy
5) Mitchell writes for the Wall Street Journal: Europe Has Caught Tax-Cut Fever [Excerpt] More than 20 years ago, Margaret Thatcher and Ronald Reagan triggered a world-wide revolution by dramatically slashing marginal income tax rates. In addition to rejuvenating the U.K. and U.S. economies, these supply-side tax cuts prodded other nations into implementing similar reforms. Thanks to "tax competition" between nations, top tax rates in developed nations -- on average -- are nearly 20 points lower today than they were in the 1970s. Now a new wave of tax competition is sweeping Europe, one that could yield equally impressive results for the global economy. The genesis of this supply-side renaissance is a bit murky, but leaders in Ireland and Russia deserve considerable credit. It was Ireland, for instance, that resisted EU pressure for harmonization and enacted a 12.5% corporate-tax rate. This dramatic reform, accompanied by reductions in tax burdens on personal income and capital gains, has turned the "sick man of Europe" into the Celtic Tiger. Equally important, however, these reforms have prompted corporate tax rate reductions in many other European nations. On the other side of Europe, Russia decided to junk its "progressive" tax system and replace it with a 13% flat tax. This new system took effect in 2001 and already has boosted economic growth and tax compliance. This positive track record, combined with the successful flat-tax regimes in the Baltic nations, has encouraged many other Eastern European nations to take similar bold steps. [Link to full article below:] March 3, 2004, The Wall Street Journal – Europe, By Daniel J. Mitchell, Europe Has Caught Tax-Cut Fever
6) London Think Tank Criticizes OECD's Fiscal Affairs Committee [Excerpt from Tax-news.com] A London think tank has criticised the way in which the Organisation for Economic Co-operation & Development approaches tax competition issues. The European Policy Forum said yesterday that "whilst much of the OECD's work is infused with the spirit of the market economy and choice, its work on taxation seems to be dominated by a desire to facilitate the interests of tax collection and reduce competition". Mr Graham Mather, the Forum's President and a former Member of the European Parliament, said that it is looking at the OECD's system of governance to see whether the skewed approach results from a lack of good governance systems within the organisation, and as part of a wider programme of work to establish best practice in non-governmental organisations. He said: "Our work so far suggests that there have been a number of problems with the way in which the OECD Fiscal Affairs Committee operates. "The Committee seems dominated by officials preoccupied with the needs of tax authorities. "The Committee pays little or no attention to its remit to examine taxation issues with regard to economic policy. "The Committee does not in its work pay 'due regard to the provision of adequate safeguards for taxpayers' and scarcely considers this question. [Link to full article below:] March 3, 2004, Tax-News.com, by Jason Gorringe, London Think Tank Criticises OECD
7) Kerry Smears Bermuda – and gets slammed in the Washington Times for demagoguery [Excerpt from Dan Mitchell's op-ed] The No. 1 U.S. enemy is not al Qaeda, Libya, North Korea or Cuba. It's Bermuda. At least that's what John Kerry seems to want American voters to believe. At almost every campaign stop, he attacks "Benedict Arnold corporations" that move to Bermuda. One could almost conclude that Bermuda is a predatory regime that shelters scoundrels. These irresponsible charges recur on the Kerry campaign's Web site. "John Kerry will save jobs by ending the unpatriotic practice of U.S. corporations moving jobs offshore (known as inversions) to avoid paying their fair share of taxes," it states. "He isn't afraid to crack down on corporations that are hiding their money in Bermuda to avoid paying their fair share and will end special tax giveaways to companies that ship jobs abroad." It's difficult to decide which is most objectionable, Mr. Kerry's smear of a friendly regime or his disregard for accuracy. The denigration of Bermuda is certainly reprehensible, particularly since the territory's market-based tax policy and race relations are both much better than can be found in the United States. (It's worth noting, too, that Bermuda has much tougher anti-money laundering laws than the United States.) But Mr. Kerry's inability to understand the issue also is troubling. He and his campaign staff make obvious errors with the simplest facts. [Link to full article below:] March 4, 2004, The Washington Times, By Daniel J. Mitchell, Damaging charges? More blogs and news clips on Senator Kerry's offshore investing: March 3, 2004, More offshore investing by the Kerry family. March 3, 2004, The Hill, By Sam Dealey, 'Benedict Arnold' CEOs fund Kerry: Front-runner has accepted $370,000 this election cycle March 1. 2004, The Royal Gazette, By Mairi Mallon, Kerry's ties to captives surface again February 28, 2004, The Washington Times, Editorial: Kerry's donors February 22, 2004, The Observer, by Conal Walsh, Kerry: friend or foe of US business? February 20. 2004, The Royal Gazette, By Mairi Mallon, Kerry is bad news January 23. 2004, The Royal Gazette, by Colin O'Connor, Kerry pledges to end island's 'creed of greed' within 500 days March 1, 2004, The Union Leader, Editorial -- Kerry's traitors: Takes money from 'Benedict Arnolds'
8) Tax havens help American companies compete [From The Market Center Blog, Monday, March 8, 2004 ~ 9:58 a.m., Andrew Quinlan] Tax havens help American companies compete. According to the General Accounting Office, most US companies that do business with the federal government have subsidiaries in so-called tax havens. This is good news for American taxpayers since the companies presumably are reducing their tax bills and thereby in a position to pass on some of the savings when bidding for government contracts. Unfortunately, some companies are so afraid of government that they actually brag that they pay too much in taxes: Fifty-nine of the top 100 publicly traded federal contractors have set up subsidiaries in offshore tax havens, according to a report by congressional auditors released on Thursday. ...Altogether the 100 federal contractors had a total of 464 tax haven subsidiaries, the report said, citing information it gleaned from Securities and Exchange Commission filings. ..."Unlike a number of our competitors who operate in the U.S. but have moved their domicile to tax haven countries, Halliburton proudly remains a U.S. company and has a higher effective tax rate as a result," said spokeswoman Wendy Hall. [Link to full article below:] March 4, 2004, Reuters, Many US govt contractors use tax haven units-study March 8, 2004, Tax havens help American companies compete.
9) Bad Tax Policy is Undermining US Competitiveness [From The Market Center Blog, Wednesday, March 10, 2004 ~ 3:50 p.m., Dan Mitchell] Chairman Bill Thomas points out that bad policy is undermining US competitiveness. Writing in USA Today, the Chairman of the House Ways & Means Committee explains that US companies are being hurt by misguided policies. But these are not the misguided policies of other governments; these are the bad policies of the US government! This is why politicians who want to demonize foreign countries and "greedy corporations" for things like outsourcing should instead try to reduce the burden of government in America. As Chairman Thomas states: The United States imposes on its businesses and workers one of the highest corporate tax rates in the industrialized world. In addition to this high tax rate, rising health care costs, virtually unlimited liability exposure and the outdated manner in which U.S. businesses are taxed on their worldwide income have combined to put American companies and American workers in a dangerously uncompetitive position. [Link to full article below:] March 9, 2004, USA Today, By Bill Thomas, Ease corporate tax load Additional blogs and news clips: March 10, 2004, Chairman Bill Thomas points out that bad policy is undermining US competitiveness. March 5, 2004, America's worldwide tax system undermines US competitiveness and job creation. March 8. 2004, The Royal Gazette, By Matthew Taylor, Cox: Bermuda may join WTO March 4, 2004, The CalTrade Report, Senate Begins Debate on Dismantling FSC Program: House Republican leader outlines revised version of companion bill February 26, 2004, The New York Times, By Elizabeth Becker, European Union Says U.S. Faces $4 Billion in Trade Sanctions
10) The IRS is trying to make US companies less competitive [From The Market Center Blog, Tuesday, March 9, 2004 ~ 4:09 p.m., Dan Mitchell] The IRS is trying to make US companies less competitive. Conspiracy theorists might want to investigate whether the IRS is in cahoots with the Kerry campaign. Not only is the IRS pushing a regulation (http://www.freedomandprosperity.org/update/irsreg/irsreg.shtml) that threatens to drive capital from the US economy (see http://www.treasury.gov/tic/exhibitsa-d.pdf for a measure of how much money foreigners have invested in America), they also are seeking to impose de facto tax increases on companies that do business in America. Even more troubling, these de facto tax increases would be the result of unilateral IRS action involving a technical part of the tax code known as "transfer pricing." CFO magazine has an article explaining the potential consequences: The current IRS rules are similar to those in the 29 other members of the Organization for Economic Cooperation and Development (OECD). And that means that, should the new IRS rules be ratified, one or more of those foreign tax authorities could add insult to injury. If another OECD member disagrees with the IRS interpretation of proper transfer pricing, the parent or subsidiary in that country would still owe tax on the portion of profit subject to tax in the United States-subjecting that amount to double taxation. The United States and other OECD members agree that double taxation is unfair, but the process for seeking relief can take up to five years even under current regulations. And because of the additional complications of the proposed rules, says Cognizant's Silvestri, "you're going to add to that [period] by several years." [Link to full article below:] March 1, 2004, CFO Magazine, by Ronald Fink, Haven or Hell?: The IRS wants to crack down on multinational corporations that transfer U.S. intellectual property to tax havens. March 9, 2004, The IRS is trying to make US companies less competitive.
11) Selected Market Center Blog Entries Link to The Market Center Blog: Taxation March 10, 2004, Chairman Bill Thomas points out that bad policy is undermining US competitiveness. March 5, 2004, America's worldwide tax system undermines US competitiveness and job creation. March 7, 2004, Keep tax rates low to collect more revenue. March 3, 2004, California taxpayers overwhelmingly reject effort to weaken tax-increase Tax Competition March 15, 2004, Tax competition continues to promote good policy. March 12, 2004, Competition makes America stronger. March 4, 2004, British business community urges more competitive tax policy. March 2, 2004, Killington seeks to escape Vermont's Iron Curtain. February 26, 2004, The Russia flat tax is a big success. February 26, 2004, Assigning blame. Tax Harmonization March 15, 2004, Good news: European court strikes down French tax on emigrants. March 5, 2004, State tax cartel seeks to export bad tax law. February 25, 2004, More tax harmonization talk from Brussels. February 24, 2004, France chasing down runaway tax slaves. Trade and Investment March 14, 2004, America wins with trade. March 4, 2004, Canadian study shows importance of lower taxes on capital. February 26, 2004, A better approach on trade. Potpourri March 6, 2004, France's corrupt political culture. March 4, 2004, New York Times recognizes that government mandates hurt workers! February 27, 2004, Have the French always been economically illiterate? February 26, 2004, Will political correctness turn America into France.
12) John Kerry: Offshore investor and outsourcing plutocrat [From The Market Center Blog, Thursday, March 11, 2004 ~ 7:37 p.m., Veronique de Rugy] The Market Center has discussed Senator Kerry's interesting forays into the world of offshore investing. But, as Techcentralstation.com reports, the multi-millionaire Massachusetts lawmaker also has significant ties to the practice of outsourcing. Kerry and his left-wing colleagues presumably understand that free trade is good for America, but they choose to lie in an effort to score political points: ... look at H.J. Heinz & Co., the family business of Kerry and his wife Teresa. Of the 79 factories that the food-processor owns, 57 (a felicitous number!) are overseas. According to its website, Heinz is making ketchup, pizza crust, baby cereal and other edibles in such countries as Poland, Venezuela, Botswana, China, Thailand and India. Put hypocrisy aside. The traitors to American interests aren't CEOs seeking to boost profits that ultimately lead to more hiring at home. The real Benedict Arnolds are Kerry and his colleagues in Congress, like Sens. Hillary Clinton (D-NY) and Jon Corzine (D-NJ), who understand enough economics to know that outsourcing is trade and that trade -- as David Ricardo figured out 200 years ago and as Hillary's husband articulated in the 1990s -- benefits both parties. [Link to full article below:] March 11, 2004, Tech Central Station, By James K. Glassman, The Real Benedict Arnolds Other Outsourcing blogs and news clips: March 15, 2004, Insourcing exceeds outsourcing by more than $50 billion. March 11, 2004, John Kerry: Offshore investor and outsourcing plutocrat. Blame politicians for outsourcing, not companies. March 9, 2004, Outsourcing creates jobs...for Americans. March 5, 2004, Protectionist restrictions on outsourcing are bad for US competitiveness. February 25, 2004, More evidence that outsourcing is good for the economy. February 24, 2004, Bursting the myth that low wages in other nations take away American jobs.
13) Corporate Tax Planning Attacked [From The Market Center Blog, Wednesday, February 25, 2004 ~ 12:51 p.m., Dan Mitchell] An article in the Boston Globe discusses the various steps that multinational corporations take to lower tax burdens. The article implies, not surprisingly, that it is somehow wrong for companies to lawfully protect the interests of workers and shareholders. So what should be done? The article notes: "Companies are increasingly international," said Pamela F. Olsen, treasury undersecretary for tax policy. "The IRS has dedicated staff watching this, but my concern is their resources may not be as sophisticated as those on the other side. We need statutory change." Pam Olson, who actually just departed from Treasury, is right - but only if "statutory change" means fixing the tax law (see http://www.heritage.org/Research/Taxes/BG1691es.cfm for more information). If "statutory change" means more power for the IRS, by contrast, then America's anti-competitive tax system will become even worse. [Link to full article below:] February 24, 2004, The Boston Globe, By Stephen J. Glain, Corporate income stows away abroad: Facing huge deficits, US steps up efforts to reduce the appeal of foreign tax havens
14) Less government equals more jobs. [From The Market Center Blog, Tuesday, March 9, 2004 ~ 2:38 p.m., Veronique de Rugy] Richard Rahn has a Washington Times editorial explaining that more government spending means fewer resources for the productive sector of the economy - and this means fewer jobs. Politicians also should remember that businesses only create jobs when they think an extra worker will increase profits. This is why the anti-profit ideology of the left is so destructive to employment growth. As Richard writes, it would be a mistake to make America more like France: One reason for the slow employment growth has been the rapid growth in government spending. Some people think government spending creates jobs (the old Keynesian myth) but, in fact, government spending reduces more jobs in the private sector than it can create in the government sector. The reason is private sector jobs tend to be more productive than government jobs, and there is a considerable cost (i.e., dead weight loss) when government extracts monies from the private sector by taxing or borrowing to pay for the government jobs. Therefore, countries with large government sectors, like France and Germany, tend to have much higher unemployment rates than countries with smaller government sectors. [Link to the full article below:] March 9, 2004, The Washington Times, By Richard W. Rahn, How to create more jobs Additional blogs and news clips: March 9, 2004, More on how big government destroys jobs. March 9, 2004, Less government equals more jobs. March 9, 2004, Don't cry for me, Argentina. March 5, 2004, Wasteful spending is the problem, not deficits. March 3, 2004, Default by Argentina could provide useful lessons. February 24, 2004, Does tax reform lead to bigger government?
15) Social Security Reform is a Necessity [From The Market Center Blog, Sunday, February 29, 2004 ~ 12:11 p.m., Dan Mitchell] Social Security reform needed to reduce government's long-term debt. Opponents of Social Security privatization correctly note that the creation of personal accounts will require the government to borrow more money. This is because younger workers will be shifting some of their payroll tax into personal accounts, yet the government will still pay all promised benefits to current retirees and older workers (benefits that currently are financed by payroll taxes). Does this mean Social Security reform will increase the nation's debt? Not at all. Personal accounts reduce the giant long-term unfunded liability in the Social Security system, and this reduction in long-term debt more than offsets the increase in short-term debt. In other words, Social Security privatization is akin to refinancing a home mortgage. It costs more in the short-run, but yields big savings in the long-run. An editorial written by two economists in today's Washington Times explains the need for reform: Social Security currently faces a financial shortfall of $10.5 trillion in present value, equal to about 100 percent of GDP. Each year that passes without a reform makes that shortfall larger, and it increases the cost of fixing the program's finances hence the need for immediate corrective measures. ... In explaining the consequences of reform, it is important to emphasize that this debt is not being created by the reform: It already exists. [Link to full article below:] February 29, 2004, The Washington Times, By Jagadeesh Gokhale/Kent Smetters, Social Security SOS Other Social Security blogs and news clips: March 4, 2004, Social Security truth, Part II. March 4, 2004, The Washington Times, By James K. Glassman, Benefits fog March 4, 2004, Social Security truth, Part I. February 29, 2004, Social Security reform needed to reduce government's long-term debt.
March 10, 2004, Tax-News.com, by Ulrika Lomas, UK To Confirm That Its Dependent Territories Are Compliant With EU Savings Directive March 6, 2004, The Washington Times, By Richard W. Rahn, Minority party syndrome March 4, 2004, The Mercury News, Editorial -- $300 billion waits to come home: Profits Parked Offshore Just Need An Incentive: A One-Year Tax Break March 1, 2004, National Review Online, By Michael T. Darda, Supply-Side Smelling Salts: Kerry needs a whiff of taxation reality. February 25, 2004, Tax-News.com, by Tatiana Smolenska, Russia Attracts Record Levels Of Foreign Investment In 2003 February 24, 2004, LawAndTax-News.com, by Amanda Banks, Cayman Financial Secretary Hits Back Over 'Pirates Of The Caribbean' Report February 24, 2004, The Washington Times, By Richard Rahn, Kerry's economic beliefs February 24, 2004, Tax-News.com, by Mary Swire, Singapore Manufacturers Call For More Tax Incentives February 24, 2004, Cato Institute, by James A. Dorn, Capital Freedom for China February 24, 2004, LawAndTax-News.com, by Amanda Banks, Anguilla FSC Representatives Attend International Trusts Seminar February 22, 2004, The Washington Times, By Guy Taylor, U.S. terror watch list keeps eye on all groups February 17, 2004, The Heritage Foundation, by James L. Gattuso, PeopleSoft and Oracle: The Antitrust Dogs Turn March 2, 2004, Tax-News.com, by Jason Gorringe, Ireland Ranks As The World's Most Globalised Economy
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