Republican Party wants to repeal law against offshore tax dodgers

The Republican Party is expected to approve a resolution this week, calling for repeal of an Obama administration law that is designed to crack down on offshore tax dodging…In what would be the party’s first appeal to scrap the law…

True to their dedication to time-wasting, we can expect 47 more attempts to follow another failure to make 19th Century capitalism the state religion.

Approved in 2010 after a tax-avoidance scandal involving a Swiss bank, FATCA requires most foreign banks and investment funds to report to the U.S. Internal Revenue Service information about U.S. customers’ accounts worth $50,000 or more…

Repeal seems unlikely, but more political heat from Republicans could further complicate and delay implementation, said financial industry lobbyists…

Defending the law, Treasury Department spokeswoman Erin Donar said in a statement: “FATCA continues to gain momentum and international support as we work with partners around the world to fight offshore tax evasion.”

In the tradition of rightwing politicians in American history, today’s Republicans want armies stationed around the world, highway and rail systems to move industrial products to market, a certain level of education [albeit minimal] and obedient Bob Cratchit-level bureaucrats to run the infrastructure – paid for exclusively by taxes on workingclass families, our ever-diminishing middle class. No taxes on wealthy individuals or corporations.

Perish the thought Republican family values include honesty, responsibility, paying your own way.

What does growing pot in New Mexico have to do with the NSA?

pot chopper

Fourteen marijuana plants and seven years later, a New Mexico high court has overturned a lower court opinion and ruled that a police helicopter search operation in rural Taos County was illegal and unconstitutional.

The subject of that search, who said he had the 14 plants for personal use to smoke to alleviate physical ailments, was elated when contacted on Friday.

“It has been a lesson in the slow progress of the legal system … I’m happy that justice was served,” said Norman Davis, now 78.

Davis’ home was one of several checked out during a 2006 operation dubbed “Operation Yerba Buena” – a joint State Police, National Guard, and state Game and Fish effort that was targeting marijuana plantations in the sparsely populated Carson area…

Davis had his privacy jarred when, on a summer day as he was sitting on his sofa and feeling a bit out of sorts, he “heard this helicopter overhead.

“It was loud. Very loud,” Davis said at the time. “And I looked out the window and see these guys hovering over me.” The drug raid by the New Mexico State Police, using National Guard helicopters, involved six or seven officers armed with semiautomatic weapons and at least five police vehicles…

Continue reading

85 people own over half the wealth in the world. Yes, that comes with politicians and pundits attached.

The top 85 richest people in the world are wealthier than the bottom half of the world’s population, said Oxfam, the non-profit group based in Switzerland.

In advance of the World Economic Forum’s annual meeting, which begins Wednesday in Davos, Switzerland, Oxfam released a briefing paper entitled “Working for the Few” that highlights the growing concentration of wealth in the world…

“This trend may seem surprising in light of the recent global financial crisis. Yet, while the crisis caused a momentary dip in the share of global wealth held by the rich, they have already gained it back, and more. In the United States, the wealthiest 1 percent captured 95 percent of post-financial crisis growth between 2009 and 2012 while the bottom 90 percent became poorer,” Oxfam said.

In the United States, the top 1 percent own 50.4 percent of the wealth, a disparity unseen since World War l.

The pace of the growing disparity can be seen over the past few decades. If the ratio had remained unchanged since 1980, the report said, everyone in the bottom 99 percent would be worth an additional $6,009 today, the group said.

The trend, further, is not exclusive to the United States. Only two countries, Colombia and the Netherlands, have seen the gap between the rich and the poor shrink in recent years, the report said…

“The latest trends in the 2000s showed a widening gap between rich and poor, not only in some of the already high-inequality countries such as Israel and the United States, but also — for the first time — in traditionally low-inequality countries, such as Germany, Denmark and Sweden [and other Nordic countries], where inequality grew more than anywhere else in the 2000s,” the World Economic Forum said in a release.

The group recommended people demand a living wage, stronger laws to support minimum wages and workers rights. It also recommended “removing the barriers to equal rights and opportunities for women,” among other steps.

What! Oppose the War on Women? They’ll never get any contributions from the clown show that masquerades as American conservatism nowadays.

Next, they’ll want to support silly stuff like democracy, equal access to education, maybe even global universal suffrage.