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Center for Freedom and Prosperity's Weekly Update 3) Ilana Mercer's National Post's column exposes the OECD's real agenda 6) CFP Strategic Memo: The "17 Questions" and continued OECD hypocrisy 7) Independent Community Bankers of America oppose the IRS's midnight regulation 9) Michael Peel of the FT carries water for the OECD…again 11) CFP News Clips **Please note that some of the links may have expired. If so, please contact us and we will email you the article. Thank you.
With lawmakers coming back to Washington after their August recess, the Center for Freedom and Prosperity will renew its efforts to educate Congress and the Bush Administration on the need to protect tax competition, financial privacy and fiscal sovereignty. Over the next few months, we will be focusing on information exchange, financial privacy, the IRS's proposed regulation on interest income paid to nonresident aliens, the UN's new tax agenda and the OECD's "new" anti-tax competition plan. 2) Heritage Foundation condemns Johnson-Neal legislation that would penalize insurance companies based in low-tax jurisdictions like Bermuda. Bermuda has wisely chosen not to implement personal and corporate income taxes. This has enabled the island's economy to develop, making it one of the world's more prosperous jurisdictions. One reflection of this market-based success story is the development of a world-class insurance industry. Unfortunately, competitors from nations with higher tax burdens sometimes seek to punish success. Two American lawmakers, Nancy Johnson and Richard Neal, have introduced a bill that would impose a discriminatory protectionist tax on the U.S. subsidiaries of insurance companies based in low-tax jurisdictions. Dan Mitchell of the Heritage Foundation has written an analysis that exposes this legislation as a form of fiscal protectionism designed to prop up hometown insurance companies. Mitchell says Congress instead should make American companies more competitive by junking the "worldwide" system of taxing corporate income and taxing only on a territorial basis. Full Paper linked below: September 5, 2001, Heritage Foundation Backgrounder, by Dan Mitchell, How the Johnson-Neal Bill Would Harm Competition and Tax Reform 3) Ilana Mercer's National Post's column exposes the OECD's real agenda September 4, 2001, National Post, by, Ilana Mercer, The war on tax havens: The OECD says it wants to eliminate tax havens because their practices are harmful, if not criminal. What
it really wants is to eliminate tax competition 4) TechCentralStation.com publishes article demonstrating that the OECD and EU initiatives are a threat to technological development. Excerpt: "The tax harmonization agenda has adverse tech implications. The willingness of consumers to adopt new technologies and to expand their use of existing technologies could be undermined if they feel government is monitoring their private financial transactions. Another problem is that governments may stifle new technologies because they are not able to monitor private financial transactions. " Full article linked below: August 30, 2001, TechCentralStation.com, by Dan Mitchell, "Europe's Tax Harmonization Agenda a Threat to the High-Tech Economy" 5) American Institute for Economic Research finds that the OECD's "information sharing" scheme would cause tax rates around the world to rise and capital formation and economic growth to slow Excerpts: "The drive by the Organization for Economic Cooperation and Development for "information sharing" between governments for tax collection purposes is akin to their campaign to eliminate "harmful tax competition." Either proposal would enable high-tax countries to avoid capital flight." "The information sharing initiative sup-ported by the OECD and EU is simply a continuation of their attempt to enable high-tax countries to raise tax rates and avoid capital flight. The effort to eliminate "harmful tax competition" was correctly seen as an attempt to collude and harmonize high tax rates around the world. While information sharing seems more innocuous, its result would be the same, the elimination of tax competition. This would cause tax rates around the world to rise and capital formation and economic growth to slow, with the loss of some foreign capital in the U.S." Link to full article below: August 13, 2001, Research Reports, Published by American Institute for Economic Research, Great Barrington, Massachusetts 6) CFP Strategic Memo: The "17 Questions" and continued OECD hypocrisy Excerpt: "The OECD finally has responded to questions that were asked by the low-tax members of the OECD/non-OECD task force (the one set up following the January meeting in Barbados). The response - along with the original questions - is available on the Center's website, but it offers very little new information. Indeed, other than continued arrogance, there is no reason why it took the bureaucrats several months to concoct their answers. "Fans of Arthur Conan Doyle's Sherlock Holmes will recall the famous reference to "the dog that didn't bark." This omission was a clue that Holmes used to solve a case. Likewise, the OECD's response is perhaps most noteworthy for "the questions that were not answered." Specifically, the Paris-based bureaucracy is demonstrating an amazing capacity for evasion by refusing to give forthright answers to questions about whether the OECD is using different standards for member nations and non-member nations. " Link to full memo below: September 3, 2001, CFP Strategic Memorandum, The "17 Questions" and continued OECD hypocrisy Letter from Ambassador Hinton (PDF) 17 Questions (PDF) 7) Independent Community Bankers of America oppose the IRS's midnight regulation Letter from the Independent Community Bankers of America to the US Treasury Department on the Internal Revenue Service's proposed new reporting requirements for nonresident alien deposits. "[T]he ICBA believes that the new costly reporting requirements proposed would not improve the financial interest of the U.S. nor cost-effectively enhance the ability of the IRS to perform its revenue
collection function. Rather, new nonresident alien interest reporting requirements would add material compliance costs and would jeopardize beneficial foreign investment and deposits to the detriment of U.S.
financial institutions and the customers and communities they serve. Therefore, the 5,300 members of the ICBA strongly objects to these proposed new regulations and urges that they be withdrawn." Link to Full letter
below: 8) Sir Ronald Sanders of Antigua and Barbuda rightfully explains that targeted countries have been denied participation August 27, 2001, Bureau of National Affairs, By Myrna Zelaya-Quesada, Ambassador of OECD Tax Havens Target Complains Countries Denied Participation 9) Michael Peel of the FT carries water for the OECD…again August 23, 2001, Financial Times (London), Tax haven clampdown EXTRAORDINARY ITEMS 10) "If Congress does not intervene – quickly and powerfully – it will be too late." WorldNetDaily's Henry Lamb warns US about UN tax agenda. Excerpt: " 'It will never happen,' was the almost universal response to our first reports of global taxation nearly a decade ago. The folks at the United Nations, however, believe that it will happen – and soon. In fact, another World Conference is being planned for March 18-22, 2002, in Monterrey, Mexico, to consider the recommendations of a special High Level Panel on Financing for Development, that has been working since the Millennium Summit last year. "The preliminary draft report of the panel is now public, and – surprise, surprise – global taxation is among the recommendations. But their report is much more comprehensive than just global taxation – it proposes U.N. control over all economic activity." Link to full article below: September 1, 2001, WorldNetDaily.com, by Henry Lamb, Global taxation moves closer CFP Foundation's Paper on the UN's Tax Agenda written by Dan Mitchell entitled, United Nations Seeks Global Tax Authority September 5, 2001, Tax-News.com, by Jason Gorringe, OECD Answers 17 Questions From Low-Tax Jurisdictions September 17, 2001, Forbes Magazine, by Richard C. Morais, Floating Tax Haven September 10, 2001, The Weekly Standard, By Jeremy Rabkin, Eurojustice An exercise in posing and preening. September 5, 2001, Panorama (via Tax-News.com), Gibraltar's Chief Minister Confirms Fear Of Exodus Remains August 30, 2001, Financial Times, By Michael Peel, ACCOUNTANCY: Question marks linger: The Revenue owes the public a much fuller explanation of why the number of incomplete records has
increased recently August 30, 2001, Tax-News.com, by Amanda Banks, FATF Condemned As 'Toothless Poodle' Over Internet Gaming August 30, 2001, Tax-News.com, by Jeremy Hetherington-Gore, Nobody Believes In The Tobin Tax, Not Even Prof. Tobin August 29, 2001, The Guardian, by, Jon Henley, France attacks America's high-handed unilateralism, Special report: George Bush's America August 29 2001, The Times, by Mark Tantam, Institutions to bear costs of euro money-laundering August 29, 2001, Tax-News.com, by Amanda Banks, Antigua And Barbuda Forges Ahead In Money Laundering Fight August 29 200, Financial Times, By Robert Graham in Paris, Jospin backs moves for cross-border capital tax August 25, 2001, Financial Times, By CAROLA HOYOS, WEEKEND INVESTOR: An unwelcome wedding guest: When an American marries a foreigner, watch out for Uncle Sam's long arms August 23, 2001, Tax-News.com, by Mandy Robinson, United States Lifts Financial Advisory On Antigua & Barbuda August 22, 2001, Tax-News.com, by Amanda Banks, Gibraltar Government Initiates Legal Action Against European Commission August 21 2001, The Financial Times, By Jo Johnson in Rome, Italy plans an amnesty for cash smuggled overseas August 21, 2001, The Washington Times, by Dan Mitchell, A one-world taxing authority? August 21, 2001, Tax-News.com, by Ulrika Lomas, WTO Panel Confirms FSC Ruling Against US August 17, 2001, WorldNetDaily.com, by Jon Dougherty, Global reach of the IRS
Best regards, Andrew Quinlan
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