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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Wednesday Sep 08, 2004 - Vol. 6 No. 171
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In This Issue:
* COMMENT: International vs. Domestic Tax Law.
* OFFSHORE: Tax Havens Cleared. Spanish/U.K. Gibraltar Deal?
Austian-Leichtenstein Ties. Warm Belize Welcome. Bahamas Ratings.
* WEALTH: Euro Stalemate. U.S. Record Deficit. Germany Implodes.
Russia Destroying Yukos.
* PRIVACY & RIGHTS: Bush & Kerry Love PATRIOT Act. ID Card Threat.
Stupid Airport Security Tricks. People Reject RFIDs.
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Today's guest comment is by author Vernon JACOBS CPA, CLU,
Sovereign Society Tax Advisor & a member of our Council of Experts.
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COMMENT: International vs. Domestic Tax Law.
Dear A-Letter Reader:
A subscriber to my newsletter sent me an email saying that she was
confused by my occasional discussions about domestic tax law because
she expected that I would only deal with international tax and asset
protection topics.
Although 'international tax law' generally deals with cross-border tax
issues, always keep in mind that the US government taxes all US persons
(citizens or resident aliens [green card holders]) on their world-wide
income, no matter where that 'US person' lives, where they work or where
their assets are located.
This means that US domestic tax rules apply to international employment,
investments and business income unless, there is a specific exception in
the tax code. The entire body of international tax law basically is a
set of exceptions to the general US tax rules that apply to domestic US
transactions.
For example, US persons are subject to income tax on earned income,
regardless of where on earth the income actually is earned. There is an
exception to this general rule, called the foreign income exclusion, for
a US person who earns income from living and working in a foreign
country for more than a year. Up to $80,000 can be earned free of US
income tax. However, there are many conditions that must be met in order
to qualify for this major exception to the general income tax rules.
In my opinion it would be somewhere between difficult and impossible
to be competent in the subject of international tax law without a solid
foundation in domestic US tax law. But there are far too many 'tax
experts,' as they call themselves, who don't know tax law, foreign or
domestic. If you rely on them, then you could become liable.
For those of you who are interested in maximum legal tax avoidance, all
but a very few of the methods that are permitted under US tax laws are
in reality, domestic US tax breaks. See the LINKS below for more
information.
Vernon K. Jacobs CPA
E-mail: [EMAIL PROTECTED]
Web site: http://www.youreletters.com/t/56527/3790594/646324/0/
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COMMENT LINKS:
* The $80,000 Foreign Earnings Exclusion.
LINK: http://www.youreletters.com/t/56527/3790594/646325/0/)
* How to Pay Zero US Income Taxes.
LINK: http://www.youreletters.com/t/56527/3790594/646326/0/
* The Jacobs Report, a free e-mail tax newsletter.
LINK: http://www.youreletters.com/t/56527/3790594/646327/0/
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* OFFSHORE *
TAX HAVENS CLEARED OF TERRORIST CASH USE
US FinCEN report finds no pattern of tax haven terror cash usage.
LINK: http://www.youreletters.com/t/56527/3790594/646328/0/
* FinCEN director traces terror cash trail. LINK:
http://www.youreletters.com/t/56527/3790594/646329/0/
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SPAIN CLAIMS POSSIBLE U.K. SELL OUT OF GIBRALTAR
Spanish foreign minister claims Brit OK on joint sovereignty.
LINK: http://www.youreletters.com/t/56527/3790594/646330/0/
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LIECHTENSTEIN & AUSTRIA REAFFIRM TIES
VADUZ: Austrian president visits principality.
LINK: http://www.youreletters.com/t/56527/3790594/645221/0/
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BELIZE WELCOMES TAIWAN LEADER
BELMOPAN: Taiwan's president gets a warm welcome.
LINK: http://www.youreletters.com/t/56527/3790594/646331/0/
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THE BAHAMAS GETS HIGH CREDIT RATINGS
NASSAU: All numbers look good for islands' credit. LINK:
http://www.youreletters.com/t/56527/3790594/646332/0/
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HONG KONG DEMOCRATS UNDER FIRE
Possible Beijing-backed smear campaign. LINK:
http://www.youreletters.com/t/56527/3790594/646333/0/
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* WEALTH *
EURO NO CLOSER AS EU COMMON CASH
EU budget rules change does not solve anti-euro holdouts.
LINK: http://www.youreletters.com/t/56527/3790594/646335/0/
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AMERICA IS GOING BROKE
US Congress sets federal deficit estimate at $442 billion. LINK:
http://www.youreletters.com/t/56527/3790594/646336/0/
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SOCIALIST GERMANY IMPLODES
BERLIN: Reform the welfare state or it will die. LINK:
http://www.youreletters.com/t/56527/3790594/646337/0/
* Economic crisis in Germany and France. LINK:
http://www.youreletters.com/t/56527/3790594/646338/0/
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RUSSIA KEEPS UP PRESSURE ON YUKOS
MOSCOW: Raids on lawyers' offices, homes, bank accounts.
LINKS: http://www.youreletters.com/t/56527/3790594/646339/0/
http://www.youreletters.com/t/56527/3790594/646340/0/
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* PRIVACY & RIGHTS *
BOTH BUSH & KERRY LOVE THE PATRIOT ACT
But Kerry wants to restrict financial actions even more than now. LINK:
http://www.youreletters.com/t/56527/3790594/646341/0/
* Do we really need a federal 'civil liberties' board? LINK:
http://www.youreletters.com/t/56527/3790594/646342/0/
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NATIONAL I.D CARDS THREATEN LIBERTY
US Rep. Ron Paul (R-Tex) explains why.
LINK: http://www.youreletters.com/t/56527/3790594/646343/0/
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STUPIDITY OF U.S. AIRPORT SECURITY
TSA worries more about appearances than about safety. LINK:
http://www.youreletters.com/t/56527/3790594/646344/0/
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PUBLIC REJECTS RFIDs PRIVACY VIOLATION
Radio frequency identification tags for humans are unwelcome.
LINK: http://www.youreletters.com/t/56527/3790594/646345/0/
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte, Jr. Editorial Asst.
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