America __ $old Off to the Highest Bidder

Asylum Watch

America’s politicians have been selling their influence for votes and money since 1789, if not earlier.  Those elected by “The People” who have gone to Washington to manage America’s affairs in the interest of their electorate have been the exception and not the rule. Most enter politics for self interest rather than out of any noble sense of duty. So, we know who the influence peddlers are: the 536 people we so carelessly elect every few years to “represent” our interests, as well as, countless agenda driven bureaucrats.

It’s common knowledge who the buyers of the influence being peddled by the politicians are: the rich and powerful  _ be they individuals or large corporations or front organizations used to do their bidding; such as, well funded think tanks and foundations.

As a result, a large fraction of the laws and regulations on the books are there to aid the few…

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#afn2014

‘ Expat’s Renting Their Homes in UK May be Stripped of Their Personal Allowance Under Tax Raid ‘

#AceFinanceNews – BRITAIN – September 22 – Expats who rent out their homes in Britain will be stripped of the right to use the personal allowance, under a tax raid prepared by George Osborne Telegraph finance reported back in August.

Where-Do-British-Expats-Live-Infographic 

Britons could be forced to return from retirements overseas if the Chancellor presses ahead with plans to force non-residents to pay tax on all their UK income, accountants warned.

Retired people drawing a Government pension are also likely to be hit by the proposals, which could cut a couple’s income by up to £4,000 a year.

At present, EU nationals and British expats are entitled to offset income earned in the UK against the £10,000 personal allowance.

Mr Osborne first indicated his desire to curtail the allowance in the March budget.

Under Treasury proposals released for consultation, the allowance would be restricted to people with a “strong economic connection” to Britain, bringing the tax regime into line with the US, Canada and much of the EU.

The move could affect up to 400,000 people and raise the exchequer an extra £400 million a year.It would include 175,000 people who live abroad and earn an income from property in Britain.

Many of the 1.2 million British retired people living overseas will not pay extra tax on their pension because they are either UK residents for tax purposes, as they spend half the year in Britain, or because most state or private pensioners are only taxable in the country of residence.

However, UK government pensions are only taxable in Britain, meaning that unless the Treasury introduces exceptions, former civil servants, NHS workers and council officials living overseas will pay more tax.

British diplomats and missionaries who are currently entitled to the personal allowance may also be hit by the tax changes, the Treasury consultation says.

While some expats will be able to claim tax relief from their country of residence, those living in low-tax jurisdictions – such as Hong Kong and Dubai – will pay more tax overall.

Jackie Hall, a tax partner at accountants Baker Tilly, said expatriates should consider selling their UK rental properties and reinvesting the money in shares or property abroad.

Some Britons may be forced to abandon a carefully-planned retirement overseas and return to Britain if the tax changes mean they no longer have enough to live on, she warned.

Our pensioners who have gone abroad are going to suffer the biggest impact,” she said.

If you have already jumped ship and are reasonably comfortable, this could turn the tide against you.

Those people may begin to struggle because they haven’t got the income in retirement that they thought they had.”

The Treasury said no decision has yet been made.

#AFN2014

#abroad, #britain, #expats, #taxation, #treasury

‘ Minimising Cost of Future Liquidity and Preventing Financial Crisis ‘

#AceFinanceNews – BRUSSELS – September 22 – Implementing the EU response to minimising the public cost of future financial crises and getting banks to offer up loans top the agenda this WEEK it was reproted by EUobserver.  

European Central Bank (ECB) chief Mario Draghi on Monday (22 September) is set to debate the so-called targeted longer-term refinancing operations (TLTROs) with MEPs in the committee on economic affairs.

The idea is to improve bank lending to the eurozone by offering banks extra liquidity at a fixed rate for up to four years.

But the scheme attracted just €82.6bn (out of the €400bn on offer) of interest from banks this month.

Draghi had earlier this month surprised analysts by slashing interest rates to a historic low in an effort to stimulate lending.

The ECB cut is part of a larger attempt by EU policy makers to kick start member states’ overall sluggish economies and put millions of unemployed back to work.

But with the prospect of possibly having to fend off another financial crisis, lawmakers also tasked the ECB to oversee the financial health of around 130 banks with the power to shut them down.

Also known as the single supervisory mechanism, the newly endowed ECB oversight of banks is part of the single resolution mechanism (SRM), which aims to minimize bank bailout costs to taxpayers.

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#AFN2014

#banks, #brussels, #ecb, #european-central-bank, #eurozone, #financial-crisis, #liquidity, #mario-draghi