$100 Million U.S. Tax Dollars Wasted on High Tax Cartel
The Center for Freedom and Prosperity Foundation (CFP) long has been a world and U.S. leader in defending the right to offshore financial, banking and investment freedom. CFP is the coordinator of the “Coalition for Tax Competition” of which the Sovereign Society is a member. On October 25th we signed a joint letter calling upon U.S. lawmakers to end the $100 million annual U.S. subsidies to the Paris-based bureaucracy known as the Organization for Economic Cooperation and Development (OECD).
I have often commented here on why international tax competition is a positive good to be encouraged. One of CFP’s excellent videos entitled “ target=”_blank”>Tax Competition: A Powerful Force to Restrain Big Government,” shows why public tax policy is much better when governments have to compete for jobs and investment by lowering taxes.
A just released study exposes OECD’s international dirty work acting as a propaganda shill for the high tax welfare governments that finance OECD’s tax-exempt activities. It shows how the OECD has gone from an “initial focus on finding solutions to problems that impeded international economic activity” to an organization helping a few high-tax countries to collect and raise taxes at the expense of other, lower tax, countries.
The paper entitled “Cartelizing Taxes: Understanding the OECD’s Campaign Against ‘Harmful Tax Competition” documents the OECD’s role as a tool of pro-tax bureaucrats and leftist politicians pushing a global anti-tax competition agenda. The OECD’s 1998 report on “Harmful Tax Competition,” (which the OECD defines as any country with lower taxes) is analyzed as the start of a coordinated effort on a global scale to smear tax havens with phony blacklists and threatened sanctions.
Unfortunately, this OECD smear campaign has succeeded in curtailing financial freedoms and financial privacy in many parts of the world. An excellent summary of these regrettable restrictions appeared recently in The Telegraph in London.
Andrew Quinlan, CFP president commented: “We have been sounding the alarm for years on the fact that the OECD’s agenda has been effectively hijacked by high-tax nations and their tax loving bureaucrats.” He added, “With this paper, we hope to finally convince enough lawmakers that it’s time to put an end to their US taxpayer subsidy.”
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Were it not for the tireless work over many years of the Center for Freedom and Prosperity Foundation, the world would be ignorant of what these OECD termites are trying to do to us and to freedom lovers everywhere.
You can be certain the Sovereign Society will continue to do our part, working with the Center for Freedom and Prosperity. You can help too, by sending a generous contribution to the CFP that will help them continue their vital work.
For new subscribers to my monthly Offshore Confidential, the October 2011 issue is a special report on living offshore entitled “Five Countries that Offer Quick Residence in Only Months.” We’ll send it to you along with a list of offshore banks and financial managers in more than 20 countries that accept accounts from our U.S. and other members. Click here.