Roberto Abraham Scaruffi

Saturday 9 May 2015

The European Union Times


Posted: 08 May 2015 03:53 PM PDT


A record number of Americans gave up their US citizenship in the first quarter of 2015, according to IRS data. This is blamed on the taxation of income earned outside the US, along with laws expanding offshore bank account and asset reporting.
A total of 1,335 people renounced US citizenship during the first three months of the year, topping the previous record by 18 percent, according to data compiled by Bloomberg.
The new figure puts 2015 on track to exceed last year’s 3,415 renunciations, which is an all-time record.
The data released by the Internal Revenue Service (IRS) includes the names of those who renounced their citizenship, but not their reasons for doing so. However, it comes as the US government is becoming more aggressive when it comes to the assets of the estimated 6 million Americans who live abroad.
The United States is the only country within the Organization for Economic Cooperation and Development that taxes citizens wherever they reside.
American citizens who live abroad can exclude as much as $100,800 in earned income and can receive tax credits for payments to foreign governments. However, US tax liabilities can apply to children born to Americans abroad. In many cases, there are only partial offsets available for double taxation.
The paperwork involved for US citizens living abroad can be so complex that it requires professional help from accountants and lawyers – resulting in incredibly high fees for a relatively simple tax return.
Although these laws were rarely enforced in the past, scrutiny of US citizens abroad has intensified due to the Foreign Account Tax Compliance Act (FATCA), passed by Congress in 2010.
The law, which took effect in July, requires US citizens with foreign assets in excess of $50,000 to report those assets every year. It also requires foreign financial institutions to report the incomes of their US customers to the IRS.
FATCA also requires US financial institutions to impose a 30 percent withholding tax on payments made to foreign banks which don’t agree to identify and provide information on US account holders.
More than 140,000 banks and other firms have signed up to comply with FATCA. However, the law has prompted some banks to decline doing business with people who have ties to the US. If a bank mistakenly fails to report accounts held by US citizens, they can face steep penalties.
The Obama administration has praised the law as the “global standard” in battling tax evasion, though it has come under fierce criticism from many, particularly from Americans living abroad.
Washington’s tax policies for those living abroad have also put two high-profile personalities in the spotlight.
Eduardo Saverin, a Brazilian-born co-founder of Facebook, gave up his US citizenship in 2012. The billionaire moved to Singapore, where top earners are taxed only 20 percent on their earnings, and where capital gains taxes are not be imposed.
At the time, it was estimated that Saverin’s move would save him $67 million in US federal taxes. However, it was never officially confirmed that his citizenship renunciation was for tax purposes.
Meanwhile, London Mayor Boris Johnson – who was born in New York – said earlier this year that he would give up his US citizenship. The statement followed his settlement of a US tax bill which he described as “absolutely outrageous.” However, his name was not on the list released Friday.
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Posted: 08 May 2015 03:32 PM PDT



Including libertarians, constitutionalists & patriots.
What does “Master the Human Domain” on the Jade Helm 15 logo mean?
“Human Domain,” like “unconventional warfare” are terms of art for military and law enforcement. Painting Texas & Utah red and labeling them “hostile” is just the tip of the intel iceberg that seeks to overlay a human geological map onto a physical geological map to track individuals.
Rob Dew and David Knight take a look at this obscure part of the military/police industrial complex and how it relates to Jade Helm.
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Posted: 08 May 2015 05:45 AM PDT


The number of obese people in European countries has been growing steadily, a study conducted by the WHO said. A half of adults in many countries of Europe will suffer from excessive weight by 2030.
Ireland will be the most obese country in Europe, the study said. As many as 90 percent of Irish men and 57 percent of women will become overweight during the next 15 years, Pravda.Ru reports.
Greece, the UK, Spain, Austria and the Czech Republic are also among the countries where obesity rates are expected to rise sharply.
The alarming predictions have even been made about countries which usually have a low prevalence of obesity. Sweden, for example, is expected to see an estimated 26 percent of its male citizens become overweight by 2030 compared with 14 percent in 2010. Obesity rates will also rise from 12 percent to 22 percent among Swedish women.
Obesity causes a variety of diseases and health disorders. More than 2.1 billion people around the world are now overweight or obese, a study conducted by the McKinsey Global Institute said. Obesity also causes five percent of all deaths worldwide.
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Posted: 08 May 2015 05:28 AM PDT


Witnesses and security officials say at least 12 people have been critically injured when a gunman opened fire outside a school in Nigeria’s violence-plagued northeastern state of Yobe.
Multiple students at the College of Administrative and Business Studies (CABS) in the city of Potiskum, situated about 575 kilometers (350 miles) northeast of the capital, Abuja, said the gunman arrived at around 8 a.m. local time (0700 GMT) on Friday, and opened fire at the school gate.
They added that the assailant with explosives strapped to his body, detonated the explosives when he ran out of munitions. However, the explosion resulted in no other casualties.
“We had just started a class when we heard gunshots coming from the direction of the gates and we instantly realized we were under attack which made us rush out of the class,” student Tijjani Musa said.
Mustapha Umar, another student, said the attacker managed to pass through the gates amid the bedlam that broke out after the shootout.
He added the gunman “was chased by a group of students who were frantically trying to subdue him.”
“When he ran out of ammunition he detonated the explosives under his robe, killing himself but no one from the crowd,” Umar noted.
“We have evacuated 12 people with serious gunshot wounds to hospital from the scene of the shooting attack,” said a police officer, who requested anonymity.
There was no immediate claim of responsibility for the act of violence, but Potiskum has on numerous occasions borne the brunt of similar militant attacks carried out by Boko Haram Takfiri terrorists.
Last November, at least 58 people were killed and another 117 injured when a bomber passed unnoticed at the Government Technical Science College in the city to detonate the explosives as students had gathered for an assembly.
Boko Haram says its goal is to overthrow the Nigerian government. It has claimed responsibility for a number of deadly shooting attacks and bombings in various parts of the country since the beginning of its militancy in 2009, which has so far left about 15,000 people dead and displaced about 1.5 million.
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Posted: 08 May 2015 03:36 AM PDT


UKIP leader Nigel Farage has failed to win the South Thanet constituency in the UK General Election. He has confirmed he will resign as leader of the party.
Addressing the electorate on Sky News this morning, Farage confirmed he plans to resign as leader of UKIP. Reflecting on his decision, he said
In an earlier speech minutes after his loss transpired, Farage said he has “never felt happier” and that a “huge weight has been lifted” from his shoulders.
“I do congratulate the Prime Minister,” he said. “He did secure a Tory majority, something that no one thought would be possible.”
“On a personal level I feel an enormous weight lifted off my shoulders.”
Farage added UKIP would be the party that will lead “a real, general, political reform” in the UK.
Conservative Craig Mackinlay won the Thanet South seat with 18,848 votes, while Farage polled at 16,026.
UKIP became Britain’s third party because it got as many votes as both the SNP and Liberal Democrats combined. Nevertheless, it secured only one parliamentary seat.
UKIP came second in votes with almost 120 seats, demonstrating the party’s growing reach and influence.
Other party leaders expected to stand down include Ed Miliband of Labour and Nick Clegg of the Liberal Democrats.
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Posted by Roberto Abraham Scaruffi at 08:21