Tax Competition News
The Dangers of Automatic Information Exchange
CF&P President Andrew Quinlan and Director of Government Affairs Brian Garst wrote in Panama’s La Estrella about the threats posed by the OECD’s quest for de facto tax harmonization. They conclude that it’s time for besieged jurisdictions to take a page out of the playbook of their tormentors. http://freedomandprosperity.org/2014/featured/oecd-agenda-threatens-panamanian-prosperity/
Americans Want to Flee States That Suck When It Comes to Freedom and Taxes
Reason reports on a Gallup poll that demonstrates tax competition at work: Americans living in states with the worst tax policies are the most likely to want to move. http://reason.com/blog/2014/05/02/states-americans-want-to-flee-kind-of-su
Bad Tax Policy Keeps Corporate Earnings Overseas
The punitive U.S. corporate tax code encourages American companies to make every effort to keep their profits from coming back to the U.S. https://au.news.yahoo.com/thewest/business/world/a/23087155/behind-big-us-deals-in-europe-avoiding-taxes/
Toyota Flees High-Tax California for Tax-Friendly Texas
And they’re taking 3,000 jobs with them. California papers and big government apologists are quick to point out that Toyota cites reasons other than taxes for the move. But given the manner in which politicians treat both individuals and corporations which seek to avoid confiscatory taxes, that’s to be expected. The last thing Toyota wants is to be dragged before one of Sen. Levin’s McCarthy-style, tax witchhunt hearings. http://www.dallasnews.com/news/local-news/20140427-toyota-preparing-to-move-u.s.-sales-headquarters-to-west-plano-sources-say.ece
FATCA Coverage
MAJOR DEVELOPMENT: Lawyer Jim Bopp to Challenge FATCA Constitutionality
Jim Bopp brought McCain-Feingold to the Supreme Court, where its excesses were struck down. Now he wants to the same with FATCA, saying it violates the Fourth and Eighth Amendments, while circumventing Senate treaty powers. http://www.washingtontimes.com/news/2014/may/5/superlawyer-jim-bopp-takes-on-mccain-backed-tax-ac/
Meanwhile… Record Numbers Dropping U.S. Citizenship, Including Many Not Counted
Robert W. Wood has more on the human cost of FATCA’s tax collection uber alles approach. http://www.forbes.com/sites/robertwood/2014/05/03/americans-are-renouncing-citizenship-at-record-pace-and-many-arent-even-counted/
America Unique in Fleecing Expats
Finally, the Wall Street Journal demonstrates what makes U.S. tax policy uniquely awful. http://online.wsj.com/news/article_email/SB10001424052702304163604579532122415257730-lMyQjAxMTA0MDAwNDEwNDQyWj
From the Market Center Blog…
The Growing Threat of a Wealth Tax
Dan Mitchell exposes the international organizations and tax bureaucrats salivating at the opportunity to prop up failing welfare states through confiscation of private wealth. http://freedomandprosperity.org/2014/blog/the-growing-threat-of-a-wealth-tax/
CF&P Joins Call to Let Crony Export-Import Bank Expire
Along with 30 free market organizations, CF&P believes that the Ex-Im bank interferes with the free market and unfairly punishes domestic industry. http://freedomandprosperity.org/2014/blog/big-government/cfp-joins-call-to-let-crony-export-import-bank-expire/
Greedy Politicians Get Their Comeuppance as Taxpayers Escape
Numerous stories of tax competition at work have been in the news. Dan Mitchell highlights the meaning behind decisions by Pfizer and others to seek nations with tax rates more conducive to growth. http://freedomandprosperity.org/2014/blog/greedy-politicians-get-their-comeuppance-as-taxpayers-escape/
