Jack M. Mintz: Why identifying taxation with economic patriotism is a ‘Lewnie’ notion

Interesting article. Neglects to mention that the Obama administration wants to make the changes retroactively. This article should be read along with the following Robert Wood article.
http://www.forbes.com/sites/robertwood/2014/07/27/obama-calls-offshore-deals-unpatriotic-yet-funds-investors-boards-jump-aboard/
The health of a country is a function (in part) of the health of it’s tax system. The U.S. tax system is unbelievably out of touch with the reality of the modern world. It has reached the point where the rest of the world should take note and encourage U.S. tax reform.
As this article points out:

The U.S. is one sick puppy.

Financial Post | Business

If anyone is responsible for tax avoidance, it is an interventionist government that is micro-managing an economy

You know a government must be starving for funds when it starts identifying taxation as a form of “economic patriotism.” That is what U.S. Treasury Jacob Lew said when he urged Congress to pass legislation to curb U.S. corporations moving their residence abroad to avoid paying federal corporate taxes.

I remember attending a conference a decade ago when economists had trouble understanding why corporate taxes as a share of GDP were much greater in Japan than most countries – by as much as 6% in 1991. It was a puzzle since Japan had the world’s highest general corporate income tax rate, which should have incented Japanese companies to shift profits to low-tax jurisdictions, shrinking both corporate income and taxes as a share of GDP, something akin to the U.S. today. The explanation at the…

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2 thoughts on “Jack M. Mintz: Why identifying taxation with economic patriotism is a ‘Lewnie’ notion

  1. Rita Apgar

    I really and truly savor every word of your posts. I am so occupied with rowing through the sea of sewage of trying to get my situation with the IRS straightened out that I haven’t time to comment more. I am one small fish-70 years old, live in a tiny ancient village which we must walk into for the narrowness of the streets. The best things in life are free-my life among the olive groves and vicinity to the Mediterranean. I do my washing after 11 pm to save on electricity. I’ve always filed taxes here in Italy and in the USA. The best things in life are free joie de vivre got clouted with a toxic lead balloon-FACTA. I’ve been on the verge of a nervous breakdown and on medication for high blood pressure for the first time in my life, subject to crying jags. All started when Morgan Stanley breezily emailed me to say that after 25 years, I was no longer wanted as a client. Then I started rolling out the poison carpet of FACTA. My monetary worth would be peanuts to some but makes a difference to me so that I resent viciously what I am being put through. My citizenship will go to avoid the costs of professional filing and the effort on my ever more taxed brain. It will go as well because I am ashamed. I was once an ambassador for the United States as a teacher and professor, lovingly relating of what American life was like. Now I hang my head in sorrow.

    Reply
    1. renounceuscitizenship Post author

      Thank you so much for your comment – really it speaks volumes.

      Your job at this stage in your life is to quickly eradicate the cancerous tumor of U.S. citizenship from your very being. I once heard it said (don’t remember where I read this):

      1. Don’t look backward in anger.

      2. Don’t look forward in fear.

      3. Look around you in awareness.

      You are clearly aware. Purge yourself, move forward and don’t look back.

      You are one of many “Unofficial U.S. Ambassadors” to the world that the U.S. has taken for granted and abused over the years. As a result of:

      – FATCA
      – The FBAR Fundraiser
      – the enforcement of the immoral practice of “place of birth taxation” the U.S. no longer enjoys the undeserved support of Americans broad – which are by and large – the most Patriotic Americans.

      Do NOT lose even one more night of sleep and don’t spend even one more moment of anxiety on this issue. Just move forward and be done.

      Thanks again for sharing your comment, and:

      Seize the day!

      Reply

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