America’s Most Effective Weapon Against the Rich

Inheritance is a civil right and not a natural right. Way back in 1898, the Supreme Court ruled that the right to take property by devise or descent is the creature of the law and not a natural right. The government had the absolute right to decide as to the terms upon which a . . . → Read More: America’s Most Effective Weapon Against the Rich

Coming in 2010: New IRS Rules to Fight Tax Evasion

Many wealthy Americans have been using offshore services provided by foreign banks to evade tax. Things may now get a little difficult.

Until now foreign banks could funnel hundreds of billions of dollars overseas on behalf of American clients without disclosing their names to the Internal Revenue Service (IRS) under a program known . . . → Read More: Coming in 2010: New IRS Rules to Fight Tax Evasion

Senate Investigation: Major Financial Institutions Helped Hedge Funds Avoid Taxes

A year long probe by Senate Permanent Subcommittee on Investigations which relied on internal bank documents and emails has found that some of the nation’s biggest investment banks and brokerage firms including Morgan Stanley, Citigroup, Lehman Brothers, and Merrill Lynch & Co marketed allegedly abusive transactions that helped foreign hedge fund investments avoid . . . → Read More: Senate Investigation: Major Financial Institutions Helped Hedge Funds Avoid Taxes

Election Issues II: Tax Breaks for the Middle Class

In an election year, we hear a lot about the rich and the middle class and usually thrown into the discussion is the word “tax” and lots of rather heated rhetoric concerning how heavily the government should lean on people. One of the reasons this has become an issue this election is that Democratic . . . → Read More: Election Issues II: Tax Breaks for the Middle Class

Message to U.S. Expatriates: Pay Up

On June 17, President Bush signed into law a $1.2 billion military tax relief package, which includes an Exit Tax on U.S. citizens and long-term green card holders who expatriate from the United States. The Exit Tax is part of the Heroes Earnings Assistance and Relief Tax Act (HEART) of 2008.

An American citizen . . . → Read More: Message to U.S. Expatriates: Pay Up

IRS Gets Upper Hand in Fight Against Tax Shelters

Many companies have used tax shelters known as Lease In Lease Out (LILO) and Sale In Lease Out (SILO) to claim deductions. A string of recent court decisions are being seen as a major victory for the Internal Revenue Service in its fight to outlaw the use of such tax shelter. The IRS designated . . . → Read More: IRS Gets Upper Hand in Fight Against Tax Shelters

High Corporate Tax Rates Making United States Uncompetitive

A recent study by the Paris-based Organization for Economic Co-operation and Development which examined the national tax burdens and their impact on the growth and incomes in member countries concluded that corporate taxes are most harmful for growth. The study also concluded that investment is adversely affected by corporate taxation and that the most . . . → Read More: High Corporate Tax Rates Making United States Uncompetitive