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Center for Freedom and Prosperity's Weekly Update 1) CFP Statement and Memo on Senator Levin's OECD Hearing 2) Brief Comments on the Levin Hearing 3) CFP's Quinlan becomes member of Task Force on Information Exchange and Financial Privacy 4) Future US Financial Assistance for OECD Discussed on House Floor 5) EC Presents Proposal On Non-Resident Savings Taxation 6) The Economist warns that the FATF may lose support . . . 7) FYI: Heritage Foundation half-day seminar on fundamental tax reform
1) CFP Statement and Memo on Senator Levin's OECD Hearing Wednesday, the Senate Governmental Affairs Committee's Permanent Subcommittee on Investigations held a hearing titled "What is the U.S. Position on Offshore Tax Havens." Neither the Center for Freedom and Prosperity nor the Heritage Foundation was asked to testify. Below is a statement issued by the Center at the hearing. I have also attached the CFP's Strategic Memo written by Dan Mitchell of the Heritage Foundation. This memo was distributed to select Hill staffers and other before the hearing. Below we have a link to the statement, memo and a news story on both. Center For Freedom and Prosperity Statement Center For Freedom and Prosperity Strategic Memorandum Washington 20 July 20, 2001, Tax-News.com, by Mike Godfrey, CFP Says Senate Hearing Was Stacked By Democrats
2) Brief Comments on the Levin Hearing Treasury Secretary Paul O'Neill held up well under the one-sided and biased questions of the Chairman of the subcommittee, Senator Carl Levin of Michigan. It was obvious that Sen. Levin wanted to put words in Sec. O'Neill's mouth. It is also apparent that the Administration is not comfortable with sanctions on targeted countries, the recent bullying of the OECD and double standards used by the OECD. Sec. O'Neill also made it clear that the U.S. would like to continue negotiations on some type of limited information exchange, however, he did say that they would prefer to obtain it via bilateral treaties. Note: CFP's research and strategies must have been major topics during the preparation for the hearing. Of the 22 exhibits distributed by the subcommittee, 8 were CFP statements, memos, news reports or other. In fact, Senator Levin did mention the Center in a question to the two former IRS commissioners.. News Reports on Senate Hearing July 19, 2001, The Miami Herald, By Gregg Fields, Treasury secretary lashes out at those who rap his tax-haven stand July 19, 2001, Tax-News.com, by Mike Godfrey, US Treasury Secretary Questioned By Senate Panel Over Tax Havens July 19, 2001, The New York Times, By DAVID CAY JOHNSTON, Tax Enforcer Says Cheating Is on the Rise July 19, 2001, The Washington Post, By George Lardner Jr., O'Neill Targets Tax Havens July 19, 2001, Financial Times, By Edward Alden, Tax havens 'pose threat to US'
3) CFP's Quinlan becomes member of Task Force on Information Exchange and Financial Privacy The Prosperity Institute is leading a coalition that Andrew Quinlan of the Center for Freedom and Prosperity and Dan Mitchell of the Heritage Foundation have joined to develop workable, balanced solutions that respect financial privacy rights and meet the legitimate needs of tax administration and law enforcement. The "Task Force on Information Exchange and Financial Privacy" will develop detailed policy recommendations. The Task Force anticipates that the first of its recommendations should be available by the end of the Summer. List of members of task force below: Links to CFP statement and task force press release: CFP Press Statement Task Force Press Release Prosperity Institute's Web Page MEMBERS OF THE TASK FORCE CHAIRMAN SENIOR ADVISORS EXECUTIVE DIRECTOR MEMBERS
4) Future US Financial Assistance for OECD Discussed on House Floor Wisconsin Congressman Paul Ryan, one of the fastest rising young conservative stars in Congress, asked Rep. Frank Wolf, Chairman of the House Appropriations Subcommittee on Commerce, Justice, and State, The Judiciary, and Related Agencies, if the US should "reconsider future funding" for the OECD. Full discussion from the Congressional Record below: Mr. RYAN of Wisconsin. Mr. Chairman, will the gentleman yield? Mr. WOLF. I yield to the gentleman from Wisconsin. Mr. RYAN of Wisconsin. Mr. Chairman, I would like to express my concerns about the Organization for Economic Cooperation and Development. This group has recently begun promoting tax harmonization among nations. The OECD believes developing nations, like Liberia or Grenada, should not be allowed to set their own tax rates to attract needed capital to their economies. Instead, the OECD says that nations should adopt all higher tax rates more among the lines of those in Europe. This is unfair to the nations who need foreign capital to promote economic growth, and it also goes against the free market concept that tax competition keeps taxes lower worldwide. As the chairman knows, the United States contributions to the OECD, which are distributed through the State Department, constitutes roughly 25 percent of its budget. I do not think that our tax dollars should be used to promote an idea so contrary to the kinds of policies that have historically made our economy so strong. I think we should be ready to reconsider future funding of the OECD if they continue with their support of tax harmonization . Mr. WOLF. Mr. Chairman, reclaiming my time, I thank the gentleman for sharing his concerns about the OECD and its policies on tax harmonization . I can assure the gentleman that we will keep an eye on the situation and will be happy to work further with the gentleman as our process moves forward. [Congressional Record, House of Representatives - July 18, 2001, Departments of Commerce, Justice, and State, The Judiciary, and Related Agencies Appropriations Act, 2002, Page: H4172]
5) EC Presents Proposal On Non-Resident Savings Taxation July 20, 2001, Tax-News.com, by Ulrika Lomas, EC Presents Proposal On Non-Resident Savings Taxation EU Council Directive (pdf format)
6) The Economist warns that the FATF may lose support . . . The Economist warns that the FATF may lose support for catching money launders if it joins the OECD in its crusade to destroy low-tax countries. Below is an ominous excerpt for the OECD from the article: "If the FATF sides further with the fight against tax havens--it has its headquarters at the OECD, after all, and meets regularly with the OECD committee leading the tax-haven charge--it risks losing support for dealing with nastier crimes. 'We are aware that focusing on tax evasion could undermine the effectiveness of anti-money-laundering systems,' says Patrick Moulette, head of the task-force secretariat. Not, probably, a price worth paying." The Economist, (www.economist.com), June 23, 2001, Fighting the dirt
7) FYI: Heritage Foundation half-day seminar on fundamental tax reform The Heritage Foundation seminar entitled "The Tax Debate: From Relief to Reform" Co-hosted by the Cato Institute and Citizens for a Sound Economy White House Economic Advisor Larry Lindsey, Chairman of the Council of Economic Advisors Glen Hubbard, and House Majority Leader Dick Armey will be the featured speakers at a half-day seminar on fundamental tax reform. Along with several economic policy experts, they will discuss problems with the current tax code, options for reform, and incremental measures that Congress might consider. DATE Monday, July 23, 2001 Please RSVP to Crystal Gibson, (crystal.gibson@heritage.org), either by e-mail or by calling 202.608.6078.
Best regards, Andrew Quinlan
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