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Center for Freedom and Prosperity's Weekly Update 1) Dramatic news from the Treasury Department
1) Dramatic news from the Treasury Department. The war is not over, but we continue to win important battles and we have more big news. In a previous update, we talked about the important victory at the G-7 meeting. In this update, we can report on the Treasury Secretary publicly denouncing the OECD's excessive power grab. Friends have pointed out that this is not a "perfect" statement, but the perfect should not be the enemy of the good. So long as supporters of tax competition, financial privacy, and fiscal sovereignty continue their hard work, we will prevail. CFP will continue to work and lobby against this OECD initiative until the last cow comes home. Treasury Secretary Paul O'Neill's Statement:
2) Statement by the Center for Freedom and Prosperity's President Andrew F. Quinlan: The Center for Freedom and Prosperity is very pleased with Secretary Paul O'Neill's comments on the OECD's so-called "harmful tax competition" initiative. The Secretary should be congratulated for defending America's national economic interests. But this is just one battle in a long war for tax competition, financial privacy, and fiscal sovereignty. Until the OECD turns off the lights on this project, CFP will continue to work toward its defeat. To this end, I am heading a delegation to Paris for the OECD Ministerial meeting, May 16 and 17.
3) Majority Leader Dick Armey Comments on Treasury Secretary Paul O'Neill's statement.
4) News Clips on O'Neill's Statement Washington Post: U.S. to Abandon Crackdown on Tax Havens: OECD Effort Is Too Broad and Could Raise U.S. Taxes, Treasury's O'Neill Says Financial Times: US move jeopardises tax haven reform AP: O'Neill: OECD Tax Haven Too Broad Bloomberg News: US Retreating From OECD Crackdown on Tax Havens Tax-News.Com: Treasury Secretary Paul O'Neill Attacks OECD Offshore Initiative
5) CFP's Paris Delegation Trip to OECD Ministerial Meeting A lot has happened in the last 24 hours. The Secretary's statement is very encouraging, but the OECD project is still ongoing. Until the OECD turns off the lights on this project, CFP will continue to work toward its defeat. To this end, I am heading a delegation to Paris with includes Brad Jansen of the Free Congress Foundation to lend adult supervision to the cadre of bureaucrats meeting in Paris for the OECD Ministerial meeting, May 16 and 17. We plan on keeping a close eye on them as they try to influence the US representatives. Next week, I will send an update on our Paris delegation trip before we depart.
6) Two more influential lawmakers go on the record against the OECD's misguided plan. House tax writing committee member Rep. J.D. Hayworth of Arizona takes strong stand for tax competition: U.S. Senator Sam Brownback , member of the Committee on Foreign Relations and the Committee on Commerce, Science, and Transportation, urges Treasury Secretary to reject OECD initiative.
7) Former Ways and Means Committee Chairman Bill Archer on the OECD HTC proposal Former Ways and Means Committee Chairman Bill Archer subjects OECD proposal to detailed criticism, makes cost-benefit analysis showing how the United States would suffer.
The Guardian: "Bush to scuttle OECD tax plan" Mr. Mathavious (BVI) corrects erroneous Financial Times story CFP News Summary: Low-Tax Jurisdictions Press OECD to Answer Questions on Fairness CFP News Summary: British Territories Don't Plan to Endorse OECD Tax Crackdown
Kind regards, Andrew Quinlan
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