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SMITH/BERLAU: Obama's financial unilateralism - Washington Times

In fact, by some criteria, the United States could be considered a "tax haven." It does not tax interest from foreign-held American bank accounts, as it does interest earned by its own citizens. Nor does it routinely report such interest payments to the financial authorities of foreign bank customers' home countries.

And individuals from all over the world can incorporate in Vice President Joseph R. Biden Jr.'s home state of Delaware, under the names of registered agents.

Like all countries, the United States shares information with other countries via tax treaties and other arrangements, but such agreements are usually crafted to reduce criminal activity, not hinder tax competition. Moreover, such bilateral treaties are generally between nations that share common values, in particular democratic safeguards to protect the rights of their citizenry.

by Fran on Sun May 10th, 2009 at 03:01:20 PM EST
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