by Rick Lowe (http://www.weblogbahamas.com)
The Obama administration and the OECD threatening to shut tax havens down is like the pot calling the kettle black. Of course Dr. Dan Mitchell of the Cato Institute has been beating that drum for a long time, but now Brian Wingfield has an article in Forbes Magazine about it as well.
Need a Tax Haven? Try America.
Brian Wingfield, 09.02.09, 06:00 PM EDT
Forbes Magazine dated September 21, 2009
The U.S. Treasury Department rails sanctimoniously against overseas tax havens and recently bullied Switzerland into naming American tax evaders at Swiss bank UBS AG. But who knew that the U.S. itself is a tax haven?
That, at least, is the suggestion leveled by Mexico's government. Much to the delight of American banks, the U.S. allows nonresident foreign nationals to park their money in U.S. bank accounts without having to pay taxes on interest or (in most cases) report it to the Internal Revenue Service. It also doesn't automatically exchange tax information with other countries, with the sole exception of Canada.
Read the full article at Forbes Magazine here...
