Rand Paul Wants to Loosen Laws on Offshore Tax Evasion

[unhappycamper]

http://www.motherjones.com/mojo/2013/05/rand-paul-fatca-repeal-offshore-tax-evasion



Rand Paul Wants to Loosen Laws on Offshore Tax Evasion
—By Erika Eichelberger
| Thu May. 9, 2013 7:45 AM PDT

Late Tuesday, Sen. Rand Paul (R-Ky.) introduced a bill that would repeal part of a law aimed at fighting offshore tax evasion.

The law, called the Foreign Account Tax Compliance Act, was passed in 2010 and is supposed to go into effect on January 1, 2014. It requires foreign financial institutions to report information about Americans with accounts worth more than $50,000 to the IRS. Firms that don't comply will be fined.

Tax policy watch dogs say the FATCA is essential to rooting out tax cheats. "The increased bilateral exchange of taxpayer information that...(is) crucial to cleaning up the worldwide shadow financial system," Heather Lowe, director of government affairs for the advocacy organization Global Financial Integrity told Accounting Today earlier this month. &quot F)oreign financial institutions should not harbor the illicit assets of U.S. tax evaders."

But Paul's bill to weaken the law was immediately hailed as "heroic" by the biggest independent financial advisory firm in the world. In an email press release from the deVere group, chief executive Nigel Green said, "Senator Paul’s heroic stance against this toxic, economy-damaging tax act is a landmark moment in the mission to have it repealed. He has taken a courageous stand against FATCA, (a law that) will impose unnecessary costs and burdens on foreign financial institutions."

[Thor_MN]

1. Rand Paul expresses desire to abet treason

The headline the liberal media would write, if it existed.

[bemildred]

2. He is probably trying to protect himself and his cronies. nt

[bemildred]

3. Rand Paul for president? Why else is he in Iowa?

He hasn’t announced it as such, but Sen. Rand Paul is taking major steps to launch a 2016 presidential bid.

This weekend he’s in Iowa, to be followed by trips to New Hampshire and South Carolina – early and important states in the Republican race to choose a nominee.

Like his father before him – retired US Rep. Ron Paul (R) of Texas, who ran for the White House three times – Sen. Paul of Kentucky leans libertarian, which raises two important questions about his future:

Can he generate the enthusiastic, loyal following his father did over the years – mostly younger idealists geared to flood the primary/caucus season?

http://www.csmonitor.com/USA/Politics/2013/0511/Rand-Paul-for-president-Why-else-is-he-in-Iowa

[mbperrin]

4. Haven't we had enough of the Pauls already?

And why ONE man should be allowed to hold up two dozen treaties is beyond me.

[bemildred]

5. One man holds up 2 dozen treaties because the vast majority of his fellow Senators

want it that way, they like all that power in their own hands too, and it pays well.

[mbperrin]

6. Yes, all too true. I do think more movies should be made with

Roman senators dying ugly deaths due to their misbehavior in the Senate.

Perhaps some brain cells could be stirred.

Nah. Who am I kidding? Survivor and American Idol are still on, yes?

[bemildred]

7. Funny you mention that, I've been slogging my way through Plutarch lately.

He is such a prig. But yeah, once you allow Occam's Razor to rule (I.e. realize that the USA is not, in fact, a unique political entity, but perhaps an original twist on the same old shit), it all becomes much more transparent what is going on here, and history has much to teach.