Contact Information:

Center for
Freedom and Prosperity
 P.O. Box 10882
Alexandria, Virginia
22310-9998
 

CF&P E-Mail Update, October 9, 2002

Center for Freedom and Prosperity E-mail Update

1) Washington Update

2) White House Again Opposes EU Information-Sharing Proposals

3) Bolkestein Accuses Some EU members of Deliberately Trying to Kill EU STD

4) Ways and Means Vice Chairman Urges Withdrawal of Misguided IRS Regulation

5) Mark Foley: Key Lawmaker Condemns IRS Regulation: Florida Banks are Ultimate Target

6) Cato's de Rugy Explains that Treasury Secretary O'Neill Needs to Rein In IRS, Withdraw IRS Regulation

7) Will Florida Banks be Fooled by the IRS's Bait-and-Switch

8) CF&P Strategic Memo: The Battle against Fiscal Protectionism

9) World's Leading Intellectuals Discuss Tax Harmonization

10) Mitchell: Ending the Tax Harmonization Threat

11) The ITIO and STEP Publishes Report Warning That OECD's Corporate Crime Clampdown Is Flawed

12) The U.S. Tax System is Unnecessarily Inefficient and ComplicatedAs IRET notes, even the pro-tax OECD sometimes comes to the right conclusion.

13) Salsman: The Trend Toward Totalitarian Government

14) IRS Begs for more money

15) CF&P Clips

1) Washington Update

The U.S. reaffirms its opposition to the European Savings Tax Directive…In a growing sign of desperation, EU threatens Switzerland with economic sanctions…Increasing congressional opposition to the IRS bank deposit interest reporting regulation…The ongoing battle to protect corporate relocation.

Over the next few months, CF&P will be working non-stop. The EU Directive is dead, but it will come back to life like the vampires in old horror movies if we are not vigilant. In addition, the Center is fighting harder than ever to derail the IRS's improper scheme to undermine the rule of law with its information-reporting regulation. In short, we will continue our fight for good tax policy and we will defend the rights of taxpayers here in America and all over the world. For more information on the current fight and/or to help support our efforts, please drop by our web page at www.freedomandprosperity.org

Regards, AQ

P.S. Please NOTE two things: 1) I will be in Panama the week of October 21. Please contact me if you would like to set up a meeting. And, 2) We have just uploaded a new web page. We will be fine tuning it over the next few weeks. Any and all comments and/or suggestions would be greatly appreciated. Thank you.

2) White House Again Opposes EU Information-Sharing Proposals…Important Story in London's Financial Times

"The US will refuse to co-operate with the European Union's savings directive - a decision that could derail the EU's four-year attempt to agree on rules governing the taxation of non-residents' savings.

"Glenn Hubbard, chairman of the White House Council of Economic Advisers, told a meeting of conservative political groups this week that the US would not agree to European requests for broad sharing of information on savings accounts held in the US by foreigners. 'We are not for the European savings initiative,' Mr. Hubbard said at the meeting. The comments reflected a position hammered out last month by senior US officials from all the leading US economic agencies.

"US agreement to participate before the end of the year is seen by the European Commission as vital to the success of the proposal, which is a key part of the EU's plans to create a single financial market. Failure to strike a deal on savings' taxation would be a huge blow for the EU, which says the measure would enable governments to fight tax evasion and money laundering." [Link to full Financial Times Article below:]

September 26, 2002, The Financial Times, By Edward Alden, US Opposes Sharing Information on Savings Taxation: White House Advisers Come out Against European Request For Data On Foreign-Held Accounts: http://www.freedomandprosperity.org/Articles/ft09-26-02/ft09-26-02.shtml

More EU STD News Clips

September 26, 2002, Tax-News.com, by Mike Godfrey, White House Again Opposes EU Information-Sharing Proposals
http://www.tax-news.com/asp/story/story.asp?storyname=9507

September 26, 2002, The Financial Times, By Edward Alden and Francesco Guerrera, US endangers Brown savings tax plan
http://www.freedomandprosperity.org/Articles/ft09-26-02b/ft09-26-02b.shtml

September 26, 2002, AccountancyMagazine.com, by Bob Reynolds, US scuppers EU savings directive: Americans decline to support European information exchange initiative
http://www.accountancymag.co.uk/DisplayFullNewsItem.asp?ItemKey=4772&Section Key=

September 28, 2002, Reuters, By Ashley Seager , Savings tax proposal runs into trouble
http://www.reuters.co.uk/newsArticle.jhtml;jsessionid=N2IECQT0GPWBSCRBAELCFF A?type=businessNews&storyID=1508736

September 28, 2002, Reuters, Swiss banks welcome U.S. opposition to EU tax plan
http://money.iwon.com/jsp/nw/nwdt_rt.jsp?section=news&news_id=reu-l26256664&fe ed=reu&date=20020926&cat=INDUSTRY

October 6, 2002, This is LONDON, by Dan Atkinson, Brown steps up fight on tax-dodgers
http://www.thisislondon.com/news/business/articles/timid53982

October 3, 2002, The Economist Intelligence Unit , Stand-off with EU
http://www.viewswire.com/index.asp?layout=display_article&doc_id=212384

September 17, 2002, Tax-News.com, by Amanda Banks, Cayman Leader Promises To Fight EU Tax Initiative
http://www.tax-news.com/asp/story/story.asp?storyname=9406

September 12, 2002, Tax-News.com, by Ulrika Lomas, Luxembourg Opposed To EU's Sanction Plans For Switzerland
http://www.tax-news.com/asp/story/story.asp?storyname=9360

CF&P Dedicated EU Savings Tax Directive web page:
http://www.freedomandprosperity.org/eu/eu.shtml

3) Bolkestein Accuses Some EU members of Deliberately Trying to Kill EU STD

[Excerpt from Financial Times]
The man leading the European Union's fraught talks with Switzerland over new rules on the taxation of savings on Monday accuses some EU members of deliberately trying to scupper a deal.

Frits Bolkestein, the EU's internal market commissioner, claims some member states would love to see talks on savings taxation fail because it would allow them to carry on taking the business of tax evaders.

Although he does not name the countries, EU diplomats say he is pointing the finger at Britain, Austria, Luxembourg and Belgium - whose banks have lucrative foreign business. [Links to the FT article and Bolkestein's commentary below:]

October 6, 2002, The Financial Times, By George Parker and Francesco Guerrera and Ed Crooks, Some EU states 'trying to prevent tax deal'
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=St oryFT&cid=1033848735522

October 7, 2002, The Financial Times, By Frits Bolkestein, COMMENT & ANALYSIS: I cannot stand Switzerland cheating on tax
http://www.freedomandprosperity.org/Articles/ft10-07-02/ft10-07-02.shtml

4) Ways and Means Vice Chairman Urges Withdrawal of Misguided IRS Regulation; Rep. Phil Crane: "It is not needed to enforce US tax law and it will drive capital from our economy."

Representative Phil Crane, Vice Chairman of the House's Ways and Means Committee, today asked the Internal Revenue Service (IRS) to withdraw a proposed regulation that would require the reporting of bank deposit interest paid to nonresident aliens (REG-133254-02). Rep. Crane said that the regulation could "drive hundreds of billions of dollars of capital out of the American economy – with no increase in revenue to the U.S. Treasury -- putting further downward pressure on financial markets."

Congressman Crane first contacted the IRS on April 5, 2002 objecting to the previous version of the regulation. Ways and Means Chairman Bill Thomas also has weighed in on the issue, writing on July 22, 2002, that he is considering "possible hearings in the Ways and Means Committee to further explore this issue." . [Link to full news release and letter below:]

CF&P Press Release:
http://www.freedomandprosperity.org/press/p10-01-02/p10-01-02.shtml

Link to Rep. Crane's letter:
http://www.freedomandprosperity.org/ltr/crane-irs/crane-irs.shtml

October 2, 2002, Tax-News.com, US Congressman Writes To IRS On Tax Reporting Measure
http://www.tax-news.com/asp/story/story.asp?storyname=9562

5) Mark Foley: Key Lawmaker Condemns IRS Regulation: Florida Banks are Ultimate Target

Representative Mark Foley of Florida, member of the House of Representatives' powerful tax-writing committee, is "greatly troubled" by the Internal Revenue Service's recent proposal to require the reporting of interest paid to nonresident aliens (REG-133254-02). Congressman Foley stated in a letter sent to the IRS that, "Deposits from overseas are a critical source of funds for United States financial institutions and these monies benefit the American economy."

Mark Foley's opposition to the proposed regulation is critical since the IRS and Treasury were hoping to neutralize opposition from Florida by temporarily exempting deposits from Latin America. [Link to full news release and letter below:]

CF&P Press Release:
http://www.freedomandprosperity.org/press/p10-03-02/p10-03-02.shtml

Link to the full text of Rep. Foley's letter:
http://www.freedomandprosperity.org/ltr/foley-irs/foley-irs.shtml

New Clips:

October 4, 2002, Tax-News.com, More Congressional Opposition To IRS Tax Information Proposal
http://www.tax-news.com/asp/story/story.asp?storyname=9590

[EXCERPT FROM BNA STORY ON REP. MARK FOLEY'S LETTER:]

Likely Expansion Asserted

Foley legislative director Liz Nicolson told BNA Oct. 3 that, while the administration has not indicated it wants to expand the list, Foley views such an expansion as inevitable. "It's delusional to assume the Treasury Department will be happy ever after with a partial agreement," Nicolson said. Foley is unhappy even with the existing regulation because "our concern is that, in the broader picture, banks are not supposed to be tax collectors," she added.

In addition, she said, Florida businesses and taxpayers also have a significant investment relationship with European countries covered under the rules…

Nicolson told BNA that, since the Bush administration is "hotly pursuing" Latin American countries for trade agreements, there is little reason to believe they will continue to be exempted from the reporting requirements in the big picture…

The Center for Freedom and Prosperity, a private-sector entity adamantly opposed to the nonresident alien reporting rules, said it views Foley's opposition as "critical" in defusing the idea that Florida is uniformly supportive of the reproposed rule.

CF&P President Andrew Quinlan said he believes the new regulation is "based on the same bad tax policy as the previous Clinton-era version of the regulation."

[October 4, 2002, Bureau of National Affairs, By Alison Bennett, Foley Becomes First Florida Lawmaker To Oppose Rules on Alien Interest Reporting; See www.BNA.com for more information on receiving the full article}

6) Cato's de Rugy Explains that Treasury Secretary O'Neill Needs to Rein In IRS, Withdraw IRS Regulation

In a hard-hitting editorial, Veronique de Rugy of the Cato Institute urges the Treasury Secretary to exercise some much-needed adult supervision of the ideologically-motivated bureaucrats at the IRS. Withdrawing the IRS regulation would be a good start.

[Excerpt:]
This misguided initiative, which would require U.S. financial institutions to automatically report the interest paid to foreign investors, is contrary to U.S. economic interests. It also conflicts with the treasury secretary's public statements: Paul O'Neill is on record saying that private financial information should only be shared with other governments in response to specific requests with proper safeguards.

The regulation in question would impose significant costs on the U.S. economy, and it won't help Europeans. In fact, it is an affront to Europeans, as it removes existing legal privacy protections now enjoyed by European citizens who hold deposits in American banks. The reversal will mean that Europeans simply will move their money from U.S. banks to other low-tax havens that guarantee financial privacy. This will mean less loan money available for the U.S. economy--and not more revenue for European states. Since the information the IRS wants to collect is not needed to enforce U.S. tax law, it seems fair to ask whose interests the IRS and Treasury bureaucrats are serving. [Link to full article below:]

October 1, 2002, FoxNews.com, By Veronique de Rugy, IRS Rule Will Hurt Investors, Economy
http://www.foxnews.com/story/0,2933,64579,00.html

7) Will Florida Banks be Fooled by the IRS's Bait-and-Switch

Some of the previous opponents of the IRS's proposed interest reporting regulation have been sitting on their hands since Treasury decided to temporarly exempt several countries, including those from Latin America. We believe this is short sighted since most experts expect the IRS to add the rest of the countries in the near future (i.e. see Rep. Mark Foley's letter above). The excerpt from the BNA article below highlights this development.

[Excerpt from BNA]
While some stakeholders, such as the Florida Bankers Association, said they were pleased when the rules were reproposed in July, others said they feel IRS should not ask for nonresident alien interest information from any countries at all (154 DTR G-1, TaxCore, 8/9/02). Andrew Quinlan, president of the Center for Freedom and Prosperity, told BNA Oct. 1 his group will continue to fight the regulation, saying that Crane "hit the nail on the head" with warnings about losses to the U.S. economy.

"The proposed IRS regulation does not raise one penny for the U.S. government, and could drive hundreds of billions of dollars of capital out of the American economy," Quinlan said, vowing an intense lobbying effort against the rules.

Daniel Mitchell, a senior fellow at the Heritage Foundation, said Oct. 1 he, too, is opposed to the reporting rules, accusing IRS and the Treasury Department of "trying to undermine President Bush's market-based, pro-competition tax policy."

Florida stakeholders are likely to remain pleased with the proposed rules, however, because Latin American countries--many of whose citizens have Florida bank accounts--now are exempt from the reporting requirements.

[October 2, 2002, Bureau of National Affairs, By Alison Bennett, Rep. Crane Urges IRS to Withdraw Rules On Nonresident Alien Interest Reporting; See www.BNA.com for more information on receiving the full article}

8) CF&P Strategic Memo: The Battle against Fiscal Protectionism

Goaded by an anti-competitive U.S. tax system, several American-based companies have chosen to re-incorporate in jurisdictions with better tax laws (a process often known as "inversion" or "expatriation"). This has generated a political backlash, and the House and Senate recently approved amendments to the Homeland Security bills that would punish companies that are incorporated in so-called "tax haven" countries. Offered by Rep. Rosa DeLauro and Senator Paul Wellstone, these amendments prohibit companies from competing for contracts with the new Department of Homeland Security.[1] Several Members of Congress may offer similar amendments to other pending Appropriation bills.

These proposals are bad public policy. Anti-competitive tax law is the cause of the problem, and anti-expatriation provisions simply create an additional disadvantage for U.S.-based companies that do business in international markets. American workers and shareholders are the ones who ultimately bear the costs of these misguided policies. Instead of resorting to fiscal protectionism, lawmakers should fix the portions of the tax code that hinder U.S. competitiveness.

Most other nations use a "territorial" system to tax resident corporations, which means the foreign-based firms pay tax to each country where they earn income – but they do not have to pay a second layer of tax to the nation where they are chartered. By freeing a company from having to pay U.S. tax on income earned in other nations, "inversion" enables a company to maintain factories and headquarters in the U.S. and yet still compete on a level playing field in world markets.

This explains why corporate "expatriation" is a process that benefits the American people. It is American workers who benefit when a company is a stronger competitor in world markets. It is American shareholders who benefit when a company is on a level playing field with foreign competitors. And it is American consumers who benefit when a company can charge lower prices because of better tax treatment. [Link to full memo below:]

September 13, 2002, CF&P Strategic Memorandum, The Battle Against Fiscal Protectionism
http://www.freedomandprosperity.org/memos/m09-13-02/m09-13-02.shtml

Inversion News Clips:

September 16, 2002, Tax-News.com, CFP Says Congress's 'Inversion' Amendments Are Political
http://www.tax-news.com/asp/story/story.asp?storyname=9394

October 3, 2002, Dow Jones Newswires, By Rob Wells, Report: Four US Contractors Call Tax Havens Home
http://smartmoney.com/bn/ON/index.cfm?story=ON-20021003-000251-0815

October 2, 2002, Reuters, GAO: Tax-haven ban would hit only a few big firms
http://www.forbes.com/markets/newswire/2002/10/02/rtr739406.html

September 14, 2002, TRN Online.com, by Scott Davison, Playing dodge ball 'Punishing' corporations that remain here force the cost onto American consumer
http://www.trnonline.com/archives/2002archives/09142002/editorial_page_columnists/3 3988.shtml

9) World's Leading Intellectuals Discuss Tax Harmonization

Founded after World War II to fight the rising tide of totalitarianism, the Mount Pelerin Society has produced several Nobel Prize winners in its distinguished history. At their biennial general meeting in London (www.mps2002.org), members, guests, and fellows of the Society held an "After Hours Group" session on tax competition. Presentations by Dan Mitchell of the Heritage Foundation, Veronique de Rugy of the Cato Institute, and Richard Rahn of the Discovery Institute triggered a broad and fruitful discussion of the liberalizing impact of fiscal competition between jurisdictions.

10) Mitchell: Ending the Tax Harmonization Threat

Simply stated, governments that over-tax and over-spend cause "capital flight." Investors and entrepreneurs do not like to keep their money in places like France where the tax burden is confiscatory. Instead, they shift their money to places like Switzerland, Hong Kong, Bermuda, and the United States. This mobility of capital—the ability of money to cross national borders—is a constraint on big government. When oppressed taxpayers have the ability to shift resources from high-tax nations to low-tax jurisdictions, politicians begin to realize that it is not smart to abuse the geese that lay the golden eggs.

This process is known as tax competition. But many politicians—especially in Europe— despise tax competition. These Socialist lawmakers rely on class warfare and the politics of envy to win elections. They promise to pillage a tiny minority of "the rich" so that they ostensibly can redistribute the money to the "masses." But the folly of this destructive approach quickly becomes apparent when money flees to safe havens.

This is why politicians from high-tax nations want to end tax competition. They want to stop taxpayers from shifting their funds to places with better tax systems. And if they cannot stop the flow of funds, they want to track the money so they can continue to tax it—even when it is invested in another nation and subject to the tax laws of that other nation. This tax harmonization policy is known as "information exchange," and it would create a tax cartel—an OPEC for politicians. Tax harmonization is bad tax policy. This is basic economics. As every Economics 101 student understands, competition is good. Imagine, for example, that a town has only one gas station. The owner of the gas station can charge high prices and offer poor service. But what happens if a couple of new gas stations open up? All of a sudden, the consumer is in charge. The gas stations must compete to attract business. Prices fall and service improves.

The same thing happens with governments. If politicians know that taxpayers have no escape, they are much more likely to impose excessive tax burdens. Indeed, this happened in many nations after World War II. Marginal tax rates often reached 70 percent and higher, and other taxes—such as levies on corporate income, capital gains, and death — reached similarly confiscatory levels.

These oppressive tax laws—and the concomitant economic damage they caused— led to tax revolts. In some nations, the tax revolt took place underground as taxpayers shifted their money to Switzerland, Hong Kong, and the Caribbean. In other countries, such as the United States and United Kingdom, the tax revolt became an expression of popular will as voters elected leaders who promised to slash tax rates. {Link to full article below:]

September 2002, The Heritage Foundation: The Insider, by Daniel J. Mitchell, Ending the Tax Harmonization Threat
http://www.heritage.org/about/community/insider/2002/sept02/tax_harmonization.pdf

11) The ITIO and STEP Publishes Report Warning That OECD's Corporate Crime Clampdown Is Flawed

From the ITIO's web site, www.ITIO.org]

OECD CORPORATE CRIME CLAMPDOWN FLAWED

Attack on small countries ignores problems at home, new study warns

A major new study warns that, by focusing on small states and overlooking their own membership, the 30 countries which make up the Organisation for Economic Cooperation and Development (OECD) may fail in their latest bid to stop corporate crime. Instead, some dominant OECD countries may simply get a further commercial advantage over small and developing economies and even over their OECD partners.

The study, Towards a Level Playing Field, undertaken by law firm Stikeman Elliott for the International Tax and Investment Organisation (ITIO) and the Society of Trust and Estate Practitioners (STEP), reveals that, while arguing for tighter regulation of "corporate vehicles" in small countries, the OECD is excusing large OECD corporate domiciles such as Delaware and Nevada in the USA from compliance with new rules to regulate service providers and track beneficial ownership.

Launching the report, Rt Hon. Owen Arthur, Prime Minister of Barbados, an ITIO member country, said, "This report is a constructive contribution to the debate on how states should interact on international economic matters. OECD members should recognise that the problem of international corporate crime needs to be addressed in all countries, including themselves.

"As this report shows, times have changed and many small and developing countries are very well regulated. To avoid seeming protectionist in a world where free trade agreements are proliferating, the OECD must insist that all finance centres improve regulation to the same degree and at the same time."

Colin Sharp, STEP Worldwide Chairman, added, "International crime is a global problem which requires global solutions. Our members worldwide find it incomprehensible that they have to bear more onerous obligations than competitors in some US states. Unless corrected this partial approach will only achieve partial results and business will flow from well regulated centres to less stringent ones."

Richard Hay, who headed Stikeman Elliott's report team, said, "The OECD has made important contributions to improving the regulation of companies. However, service providers in the US still sell corporate shells around the world with no questions asked about beneficial ownership and no requirements to track financials. The study shows that OECD countries must focus on implementing their ideas at home to catch up with developments in non-member states."

Towards a Level Playing Field provides a first-ever, comprehensive review of the regulation of corporations, trusts and limited partnerships in 15 OECD and non-OECD countries.

News Reports:

September 24, 2002, BBC News, Tax havens fight back against OECD
http://news.bbc.co.uk/2/hi/business/2279263.stm

September 24, 2002, Tax-News.com, STEP And ITIO Issue Report Critical Of OECD
http://www.tax-news.com/asp/story/story.asp?storyname=9478

October 2, 2002, AccountancyMagazine.com, by Bob Reynolds, Body condemns OECD report: STEP challenges findings on tax havens
http://www.accountancymag.co.uk/DisplayFullNewsItem.asp?ItemKey=4804&Section Key=

October 4, 2002, Island Sun (BVI), CM supports major plan to eradicate Corporate Crime
http://www.islandsun.com/2002-October/04102002/local2-v9i07.html

12) The U.S. Tax System is Unnecessarily Inefficient and Complicated…As IRET notes, even the pro-tax OECD sometimes comes to the right conclusion.

[Excerpt from the IRET study:]

A recent study from the Organization for Economic Co-operation and Development (OECD) concludes that the U.S. tax system is unnecessarily inefficient and complicated. The study recommends that the United States reduce its heavy tax burden on capital income, praises major elements of the 2001 tax act for cutting high marginal tax rates, and deplores the alternative minimum tax and many income-based phase-outs. Given the OECD's generally pro-tax attitude, these findings are especially noteworthy and credible.

May 3, 2002, IRET Congressional Advisory, Advisory No. 128, by Michael Schuyler, Even the OECD Criticizes the U.S. Tax System's Ineffiency
ftp://ftp.iret.org/pub/ADVS-128.PDF

13) Salsman: The Trend Toward Totalitarian Government

[Excerpt:]
A truly civilized, wealth-respecting world would observe capital flight and brain drains, recoil in horror and stop penalizing success. It would cut tax rates and regulation and cease calling wealth-makers as criminals who deserve a noose – or deportation.

But this is not the response we're seeing today. Instead there are calls for ever-greater tax burdens, ever-more regulation and ever-less financial privacy. Indeed, as we noted at the outset of our report, there also have been calls for an "International Tax Organization" (ITO) that would impose taxes globally. The ITO would be modeled on the World Trade Organization (WTO) which, in its brief history, already has run roughshod over the sovereignty of nations.

ITO taxes – to be collected by the U.N. from taxpayers in industrialized (and tax haven) nations – would be redistributed to poor nations in the form of foreign "aid." In short, the burden of today's national welfare states would be heightened by adding an international welfare state. Instead of scaling back individual welfare states – which are the ultimate cause of high tax burdens and indirectly, of capital flight to tax havens – this proposal would impose the burden of welfare statism uniformly on the entire planet. [Link to full article below:]

September 25, 2002, Capitalism Magazine, By Richard M. Salsman, The Trend Toward Totalitarian Government
http://www.capitalismmagazine.com/2002/september/rs_th11.htm

14) IRS Begs for more money

September 25, 2002, Associated Press, By Curt Anderson, IRS' top boss predicts epidemic of tax cheating: Reduced work force can't keep up with complex schemes
http://www.rockymountainnews.com/drmn/business/article/0,1299,DRMN_4_1438257,0 0.html

September 17, 2002, Tax-News.com, by Leroy James, Struggling IRS At The Mercy Of Politicians
http://www.tax-news.com/asp/story/story.asp?storyname=9408

September 26, 2002, Tax-News.com, by Mike Godfrey, Rossotti Warns Over Sophisticated Tax Cheats
http://www.tax-news.com/asp/story/story.asp?storyname=9499

September 29, 2002, Washington Post, By Albert B. Crenshaw, IRS Watching Cheaters Beat the System
http://www.washingtonpost.com/wp-dyn/articles/A14606-2002Sep28.html

15) CF&P Clips

October 8, 2002, Tax-News.com, by Jason Gorringe, Adam Smith Institute Warns Gordon Brown Over Tax Hikes
http://www.tax-news.com/asp/story/story.asp?storyname=9608

October 4, 2002, Business Insurance, By Douglas McLeod, OECD members to share information on reinsurers
http://www.businessinsurance.com/cgi-bin/news.pl?newsId=1445

October 4, 2002, Orlando Business Journal, by Jim Freer, Customer screening rules may extend beyond banks: Auto dealers, pawn shop owners may also be facing new security-driven rules
http://www.bizjournals.com/orlando/stories/2002/10/07/story7.html

October 2, 2002, The Economist, No conviction
http://www.economist.com/agenda/displayStory.cfm?story_id=1364860

October 2, 2002, The New York Times, By Matt Richtel, House Passes Bill to Combat Internet Gambling in the U.S.
http://www.nytimes.com/2002/10/02/business/02GAMB.html

October 2, 2002, Tax-News.com, by Ulrika Lomas, EU Warns Switzerland That Bilateral Negotiations May Stall Over Savings Tax Issue
http://www.tax-news.com/asp/story/story.asp?storyname=9553

October 1, 2002, Capitalism Magazine, by Thomas Sowell, Latest Version of Old Ploy
http://www.capitalismmagazine.com/2002/october/ts_ploy.htm

October 1, 2002, Tax-News.com, by Jason Gorringe, McCreevy Hits Back As Economists Warn On Effects Of Irish Tax Cuts
http://www.tax-news.com/asp/story/story.asp?storyname=9541

October 1, 2002, The New York Times, By Paul Meller, Europeans to Exempt U.S. From War Court
http://www.nytimes.com/2002/10/01/international/europe/01EURO.html

October 1, 2002, Tax-News.com, Bahamas Supreme Court Strengthens Banking Secrecy
http://www.tax-news.com/asp/story/story.asp?storyname=9549

October 1, 2002, Tax-News.com, by Robert Lee, 'Tax Havens' Are Here To Stay In UK, Report Suggests
http://www.tax-news.com/asp/story/story.asp?storyname=9546

September 30, 2002, Hoover Institution: Weekly Essays, by Arnold Beichman, United States-European Union Split
http://www-hoover.stanford.edu/pubaffairs/we/2002/beichman_0902.html

September 30, 2002, Miami Herald, By Gregg Fields, A new economic era for the Bahamas
http://www.miami.com/mld/miamiherald/business/special_packages/business_monday/ 4167153.htm

September 30, 2002, Associated Press, EU warns Swiss to reach deal on bank secrecy rules
http://story.news.yahoo.com/news?tmpl=story&u=/ap/20020930/ap_wo_en_po/eu_sw i tzerland_1

September 29, 2002, Washington Post, By George F. Will, Tort Reform Now
http://www.washingtonpost.com/wp-dyn/articles/A13848-2002Sep27.html

September 26, 2002, The Washington Times, by Richard W. Rahn, Close the Mint?
http://www.washtimes.com/commentary/20020926-21053441.htm

September 25, 2002, Tax-News.com, by Jason Gorringe, Jersey May Have To Reduce Corporate Income Tax To Zero
http://www.tax-news.com/asp/story/story.asp?storyname=9485

September 25, 2002, Tax-News.com, by Amanda Banks, Barbados Government Reviewing US Tax Treaty Proposals
http://www.tax-news.com/asp/story/story.asp?storyname=9488

September 24, 2002, Washington Post, By Jonathan Weisman, Tax-Haven Firms Lobbying Against Curbs
http://www.washingtonpost.com/wp-dyn/articles/A57407-2002Sep23.html

September 23, 2002, Tax-News.com, by Ulrika Lomas, Swiss Bankers Attack Britain Over EU Savings Tax Row
http://www.tax-news.com/asp/story/story.asp?storyname=9457

September 22, 2002, The Observer, by Conal Walsh and Faisal Islam, Hypocrites head for the havens: Despite cracking down on offshore tax boltholes, the Government itself is increasingly taking advantage of them
http://www.observer.co.uk/business/story/0,6903,796367,00.html

September 21, 2002, The Guardian, by Charlotte Denny, The rich can afford a degree of privacy that costs us money
http://www.guardian.co.uk/bigbrother/privacy/blackmarket/story/0,12380,794286,00.htm l

September 20, 2002, Investors Offshore.com, by Carla Johnson, US Treasury Extends Anti-Laundering Laws
http://www.tax-news.com/asp/story/story.asp?storyname=9446

September 20, 2002, ITV.com, Boris Becker to stand trial
http://www.itv.com/news/World925638.html

September 20, 2002, The New York Times, By Edmund L. Andrews, A Civil War Within a Trade Dispute
http://www.nytimes.com/2002/09/20/business/20TRAD.html

September 19, 2002, Swiss Info , Banks lash out at British interference
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=1346723

September 18, 2002, The Guardian, Obscure Tax to Affect 36 Million
http://www.guardian.co.uk/uslatest/story/0,1282,-2025541,00.html

September 17, 2002, Tax-News.com, by Jason Gorringe, Ireland Welcomes Brussels Think Tank's Report
http://www.tax-news.com/asp/story/story.asp?storyname=9398

September 16, 2002, Offshoreon.com, Central Bank: Regulatory Uncertainty Caused Fall in Registrations
http://www.offshoreon.com/articles/3498.asp?docid=3498

September 16, 2002, Investors Offshore.com, by Philip Morton, IRS To Target Tax Shelter Investors, High Income Taxpayers
http://www.tax-news.com/asp/story/story.asp?storyname=9389

September 12, 2002, Centre for European Policy Studies, The Prospects for Offshore Financial Centres in Europe
http://www.ceps.be/2002/PressRelease020912.doc

September 13, 2002, The Future of Freedom Foundation, by Sheldon Richman, Repeal the Corporate Tax
http://www.fff.org/comment/com0209a.asp

September 13, 2002, The Wall Street Journal, By Michael M. Phillips and Russell Gold, Trade Gap Widens to Record, Menacing Economic Recovery
http://online.wsj.com/article_email/0,,SB1031833263191793875,00.html

Best regards,

Andrew Quinlan
Center for Freedom and Prosperity
President
202-285-0244
208-728-9639 (efax)
quinlan@freedomandprosperity.org
www.freedomandprosperity.org

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