These past days and weeks I have gotten lazy and decided other people are writing what I think better than I can...so, here is another repost from former Representative Bob Bauman. More information on our "leader's" ways that I want my friends and family to be aware of...
The U.S. Congress, soon to be in increased control of the Democrats, will waste no time in helping President-elect Barack Obama to fulfill his campaign promise to "shut down the tax havens," Senator Carl Levin (D-MI) predicted last week.Levin, the long-time Senate leader in attacking tax havens, predicted that his legislation, the Stop Tax Haven Abuse Act,. S. 681, first introduced in 2007, will become law next year with the support of the President Obama, who was one of the bill's original co-sponsors.
It is not too much to say that Senator Levin is a fanatic when it comes to his often irrational attacks on tax havens. He has created numerous false myths to support his radical views.
Typical of Senator Levin's wild claims is his statement that "tax havens are engaged in economic warfare against the United States and honest, hardworking American taxpayers". In my opinion that is a patent and absurd lie.
Big spending, high tax politicians such as Carl Levin resent these jurisdictions because globalization has made it much more difficult to impose confiscatory tax rates. Indeed, tax rates have dropped dramatically since 1980, in part because havens have led to greater tax competition among nations.
Daniel J. Mitchell, senior Cato Institute fellow specializing in tax issues, has pointed out that competition from tax havens has reduced taxes worldwide, and that the leading tax havens (for non-citizens) in the world are, in fact, the United States and the United Kingdom.
In most cases, tax havens are free and independent jurisdictions. These countries are freely making their successful way in this world of global economics by offering low or no taxes on foreigners who do business there. Unlike the United States - where Levinism has systematically destroyed financial privacy - tax and asset haven nations such as Switzerland and Panama, guarantee financial privacy by law.
But Senator Levin has a long history of attacks on the financial privacy and individual rights of Americans.
Start with the fact that in the post 9-11, 2001 congressional panic, Levin somehow conned the gullible Bush White House into adopting some of the worst parts of the PATRIOT Act. These Levin provisions helped destroy Americans' financial privacy and gave government police virtually unchecked power over domestic U.S. financial and banking activity.
A companion Levin-Obama bill even goes so far as to curtail centuries-old legal rights to create and operate freely offshore trusts, corporations, and other entities traditionally used to protect assets. Ignoring the U.S. Constitution and the presumption of innocence, the senator's legislation would force any American with offshore financial activities to prove their actions do not involve illegal tax evasion.
So having been warned, I remind you that there is still a window of opportunity before Big Brother's anti-offshore law comes into effect. Consider exercising your rights while they still exist...
It is legal to have and use an offshore bank or other financial account. It is legal to create and donate assets to an offshore asset protection trust or family foundation. It is legal to form and operate an international business corporation (IBC). It is legal to acquire dual citizenship and a second passport. It is legal to voluntarily end U.S. citizenship and thereby remove yourself from the U.S. tax system. It is legal to purchase offshore life insurance and annuities that allow deferred taxes. It is legal to invest in offshore mutual and hedge funds, precious metals and real estate.
BOB BAUMAN, Legal Counsel
A few brief footnotes of my own...
Does anyone else see the irony of these government leaders who have overseen the economic debacle our system has become are now trying to legislate that what little remaining capital we Americans have in the USA needs to stay in the USA BY LAW? This is like the wolves forcing the chickens to continue laying their eggs in the henhouse...for which the wolves hold the keys!
I predict that if Obama goes the way of Levin and other ultra liberals in the USA congress...you will see billions of dollars leaving the USA system long before they can "lock up the chicken coop". This will only escalate and speed up the process of America's economic collapse. I hope Ron Paul and the few other realists and constitution supporters in Congress can offset this radical mentality of these feeble, liberal government "aristocrats". I hate to say it, because Levin is from my home state...but it is these life long politicians who are largely responsible for putting my country and home-state in the financial condition it is in. These people should ALL be bounced. I know some X-Gens who could manage better than these bafoons...yet we continue to get the government we "deserve" (vote for).
The best thing that could happen for America to quickly recover economically is position ourselves as a competitive tax country for ALL world citizens...including ourselves! If the government wants MORE tax revenues, they had better find ways to make business profitable and productive within its borders and creating more jobs...otherwise they will be "beating on rocks to find water" economically speaking in a very short time.
Next time you hear a Carl Levin or such person talk about "shutting down tax havens", remember that the USA and United Kingdom are the two largest havens in the world. To do away with tax competition globally will be another form of self-immolation on the part of our own government and financial system. If you want to continue losing your independence and sovereignty over your livelihood, just keep nodding yes to these hegemonists...
I want no part in THEIR version of "freedom by compliance". Just look where it has gotten us...