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Congress, BNP Paribas, and IRS Give Us New Standards for Outrageousness

By , Chief Investment Strategist, Money Morning • @ShahGilani_TW -

BNP Paribas

Last Thursday, you were all shocked (not) to consider the possibility that members of Congress might be making money by dishing out dirt on legislation they're brewing up, this time to traders who profited from leaky pipes in the Senate or House.

I'm going to tell you what the feds and the courts are trying to do here. I expect a full-on, separation-of-powers battle royale.

Read all the ugly details, in addition to scandals with the IRS and BNP Paribas, here…

The Hidden Tax the IRS Levies on Free Speech

By , Money Morning -

Ordinary Americans have been thrust into a nightmarish Orwellian daze. 

I see tinfoil hat-wearing conspiracy theorists waiving their hands about in joyful affirmation, and it feels plain unnatural. 

Yet, people are starting to ask strange questions which only the tinfoil hat-wearers were willing to entertain before. 

And it turns out the answers to those questions are frightening. 

Citizens are being spied on, bullied, and punished because their opinions differ from reigning political agendas. 

In fact, a litany of cases  recently uncovered shows that the IRS has targeted the free speech of vocal Obama opponents, including conservative non-profits, tea party activists and other individuals and businesses.

If you speak out against the president's agenda, there's a good chance the IRS will audit you. Or if you organize a grass-roots tea party group...the IRS will refuse to grant it tax-exempt status. But if you're left-wing, not only will the IRS rubber stamp your tax status, it'll leak to you the donor list of conservative groups for you to attack.

Keep quiet or else...

To continue reading, please click here...

Investment News Briefs

By , Money Morning -

Alcoa Narrows Loss, Misses Estimates; Financial Services Fee Part of Obama's Budget Plan; China's Exports Grow For 1st Time in 13 Months; Google Slammed With Complaints on Nexus One Phone; Femsa Sells Beer Franchise To Heineken; IRS Set to Audit Harvard's Investments

Read More…

Tax Break Negates U.S. Profit from Citi's TARP Repayment

By , Associate Editor, Money Morning -

The U.S. government is forfeiting billions of dollars in tax revenue collections from Citigroup Inc. (NYSE: C) that could be worth more than the profit reaped from the bank's repayment of bailout funds.

The U.S. Treasury's Internal Revenue Service (IRS) on Friday made an exception to longtime tax rules that will enable Citi to avoid taxes on its next $38 billion in profits - the value of the bank's past losses at the end of the third quarter, The Washington Post reported.

"The government is consciously forfeiting future tax revenues. It's another form of assistance, maybe not as obvious as direct assistance but certainly another form," Robert Willens, an expert on tax accounting who runs a firm of the same name told The Post .   "I've been doing taxes for almost 40 years, and I've never seen anything like this, where the IRS and Treasury acted unilaterally on so many fronts."

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U.S. Turns Up Pressure Worldwide on Banks Hiding Tax Dodgers

By , Contributing Writer, Money Morning -

A $780 million settlement between UBS AG (NYSE: UBS) and U.S. authorities that established a Sept. 23 deadline for tax cheats to declare they own Swiss accounts has tax dodgers on the run. U.S. citizens with offshore accounts are scrambling to avoid prosecution as the "drop dead" date for an Internal Revenue Service (IRS) amnesty […]

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