THE BRITISH ONCE tried to separate Americans from their money by taxing tea. It didn’t work. Now, they’re trying again, this time using obscure treaties to raid the U.S. Treasury to the tune of what might be hundreds of millions of dollars–and I am told by sources here in London that our representatives are preparing to sit still for the pilferage.
This is really against my own interest, since the raid would benefit me personally. Here is how it will work. We have a treaty with Britain that allows Americans resident in the U.K. to credit any taxes they pay in Britain against the taxes due in the United States. So far, so fair–the idea is to avoid taxing us twice on any income we earn in Britain.
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