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Center for Freedom and Prosperity's Weekly Update (Special note: During these "dog days" of August, there is very little news. As such, the Weekly Update is being issued when warranted – about once every 10 days. We will return to the regular schedule in September.) 1) Another attack piece: The New Republic tries to smear the Center 3) Dan Mitchell on the WTO, the US and a step toward territorial taxation 4) Some Pacific Islands leaders launch attack on OECD's anti-tax competition plan 5) CFP and Bruce Zagaris call on the Bush Administration to provide due process rights for taxpayers 6) Financial Services Roundtable on IRS's Proposed Regulation 7) Tax Competition Seminar in Iceland 8) Oxfam's director is one of the members of the UN bureaucracy that wants global taxation 9) Testimony on the Internet Sales Tax 10) Richard Rahn on how U.S. can jump-start the economy 11) CFP News Clips 1) Another attack piece: The New Republic tries to smear the Center The Center for Freedom and Prosperity's work is featured in an article in the most recent issue of The New Republic. This is the second article (WSJ three weeks ago) that tries to impugn our motive for working against global tax harmonization and information exchange. That is the bad news. The good news is that both articles document the effectiveness of the Center's lobbying effort. The most troubling aspect of these articles is that they are based on the preconceived notions of the authors. They automatically assume that our role is to defend tax evaders and shady foreigners, yet everything we do is meticulously documented on our web page (some have said it is the most informative in the world on tax competition). This is hardly the behavior of an organization with something to hide. We even have more than a half-dozen OECD staffers who receive our weekly update and strategic memos. Our critics clearly are upset that we are shifting the debate against statist governments and bureaucrats and toward what is best for the world's taxpayers. The left-leaning press also is upset that we protect the privacy of our supporters. The New Republic said I refused to disclose our donors. What is left unstated by the reporter is that he spent 30 minutes on the phone trying to have me respond to what Senator Levin's staffers said about our "shady supporters." I told him that the Center is like other non-profit US lobbying organizations (Sierra Club, NOW, NRA, Planned Parenthood) – federal law says our donors are confidential. I welcome the articles because they bring attention to the OECD's attack on tax competition, financial privacy and fiscal sovereignty. I just hope that someone would take the time to write an article on how the grassroots of America, along with dozens of concerned lawmakers, have worked hard to protect our freedoms. Dan Mitchell wrote a letter to the editor in response to The New Republics' rant. He lists eleven falsehoods. See Dan's letter attached below for the 11 points. Dan Mitchell's letter to The New Republic
2) Financial Times columnist Amity Shlaes writes on Ireland's low-tax miracle and the state of Maine's dismal fiscal outlook. Aug 14, 2001, Financial Times, by Amity Shlaes, A tiger slumbers in Maine's northern woods
3) Dan Mitchell on the WTO, the US and a step toward territorial taxation One of the Center's guiding principles is that governments should not tax income earned outside their borders. The United States is one of the world's worst offenders in this regard, but US lawmakers may take a step toward territorial taxation thanks to a WTO decision. See the attached article. July 31, 2001, The Washington Times, by Daniel J. Mitchell, WTO edict requires global tax repair
4) Some Pacific Islands leaders launch attack on OECD's anti-tax competition plan August 18, 2001, Agence France Presse, Strong objections from Pacific leaders to anti-tax haven moves August 20, 2001, Tax-News.com, by Mary Swire, Nauru Launches Surprise Attack On OECD Proposals
5) CFP and Bruce Zagaris call on the Bush Administration to provide due process rights for taxpayers. August 14, 2001, Tax-News.com, Washington Lawyer Calls On Bush To Honor Father's Privacy Pledges
6) Financial Services Roundtable comes out against the IRS's Proposed Regulations on Information Reporting by U.S. Banks That Pay Interest to Nonresident Aliens Letter below:
7) Tax Competition Seminar in Iceland The Institute of Economic Studies at the University of Iceland (IoES) and the International Policy Network announce a conference on: "Tax Competition: An Opportunity For Iceland?" In
Reykjavik on November 2, 2001. Dan Mitchell will be among the speakers. For more information see link below:
8) Oxfam's director is one of the members of the UN bureaucracy that wants global taxation. For those that have read the two most recent issues of Prosperitas, this comes as no surprise. Links to CFP Foundation's Oxfam study and UN study: UN paper: Oxfam paper:
9) Testimony on the Internet Sales Tax Many of the arguments used by state politicians in an effort to tax consumer sales outside their borders are used by European-welfare states to argue for taxing income earned in other nations. Below is great testimony that explains why anti-tax competition and tax harmonization is bad for everyone. Testimony by Michael S. Greve of the American Enterprise Institute before the Senate Committee on Finance. He discusses internet taxation and how to solve it by implementing an origin-based tax
methodology. Mr. Greve also serves on the Board of Directors of the Competitive Enterprise Institute. Below is a link to CEI's copy of the testimony:
10) Noted economist says U.S. can jump-start the economy if the capital gains tax is cut and the new IRS Qualified Intermediary regulation is rescinded August 9, 2001, The Washington Times, by Richard W. Rahn, Economic growth options
August 20, 2001, Tax-News.com, by Mike Godfrey, Institute For Economic Freedom To Challenge Qualified Intermediary Programme August 20, 2001, Independent.co.uk, by Stephen Castle in Brussels, EU's secret network to spy on anti-capitalist protesters August 14, 2001, The Daily Telegraph, By Janet Daley, Just what is so moral about paying more tax? [This email address may be too long for one line. Make sure to add back remaining web address to browser, Thank you.] August 14, 2001, Tax-News.com, by Mike Godfrey, US Attorney-General Pitches In On Money-Laundering August 14, 2001, Financial Times, By Alan Beattie, INTERNATIONAL ECONOMY: World Bank report to defend globalisation August 13, 2001, Financial Times, Tax problems force 90 per cent of foreign investors out of Iran [This email address may be too long for one line. Make sure to add back remaining web address to browser, Thank you.] August 13, 2001, Tax-News.com, by Mike Godfrey, RIMS Opposes 'Bermuda Loophole' Bill, August 13, 2001, Financial Times, by Michael Peel and Francesco Guerrera, OECD gets rating and a warning The Canberra Times, Impose profits tax, says OECD, By Lincoln Wright and AAP [This email address may be too long for one line. Make sure to add back remaining web address to browser, Thank you.]
Best regards, Andrew Quinlan
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