House Speaker John Boehner (R-Ohio) will call on the deficit-reduction supercommittee to lay the foundation for an overhaul of the tax code in a speech to the Economic Club of Washington on Thursday. In an address timed as a response to President Obama’s jobs plan, Boehner plans to restate his opposition to tax increases either to pay for job-creation measures or to reduce the deficit, according to a preview circulated by his office. Yet the Speaker is expected to voice support for closing loopholes as part of broader tax reform, which could include eliminating tax breaks for oil companies and other industries. [OTM/The Hill]
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How Do You Like VAT?
- Caleb Newquist
- March 31, 2011
[A]s globalization increases demand for a more competitive tax system, the United States must consider shifting from a system that primarily relies on income taxation to one that relies primarily on consumption taxation. Most other major economies around the world depend more heavily on consumption taxation than does the United States. And all indications are reliance on consumption taxes is increasing. [Martin Sullivan]
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DOJ Curious to Know if Credit Suisse Pulled a UBS
- Caleb Newquist
- July 15, 2011
That is, helped American clients stash money offshore.
Credit Suisse said Friday it had been notified that it was the object of an investigation by the United States Department of Justice, citing “a broader industry inquiry.” The Swiss bank said that it had previously received subpoenas and other information requests from the Justice Department and other government agencies regarding cross-border services that its private banking arm provided to American clients.
As you may recall, the situation for UBS didn’t turn out so well and they sorta went back on that whole “secrecy” thing. Unfortch for Credit Suisse, they’ll probably have to snitch too:
On Friday, a court in Lausanne upheld the Swiss government decision to force UBS to hand over client data, citing “virtually uncontrollable economic repercussions for Switzerland” if it had not done so. That decision implies that Credit Suisse, too, may be ordered to surrender information about customers’ accounts to American authorities.
Credit Suisse Discloses U.S. Inquiry Into Private Banking [DealBook]
Earlier: DOJ: You Bet Your A$$ We’re Going After More Offshore Tax Evaders
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You Realize We Will Be Without Wesley Snipes for Three Years, Don’t You?
- Caleb Newquist
- November 20, 2010
Sure, it could be shortened for reasons that can’t currently be foreseen but this is a huge blow to the culture…oh, to hell with it.
Judge Terrell Hodges was fed up with this circus and dude is going to jail.
Wesley Snipes was ordered on Friday to start serving a three-year prison sentence for a felony tax conviction after a Florida judge rejected his bid for a new trial.
“The Defendant Snipes had a fair trial … The time has come for the judgment to be enforced,” U.S. District Judge Terrell Hodges said in his ruling.