Friday, November 1, 2013

Joe B Garza Explains Iran Financial Sanctions

Iran currently faces not only sanctions imposed by the United Nations, but also separate sanctions by a host of countries, including the United States and the nations of the European Union. Many of these sanctions are designed to thwart any trade in nuclear weapons on the part of Iran, but the U.S. and EU sanctions reach into a variety of other affairs, including the Iranian regime’s ability to conduct financial transactions. The Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a global messaging hub that facilitates thousands of international financial transactions a day.

As of June 2013, roughly half of Iran’s 30 banks are on the EU sanctions list. SWIFT accordingly does not allow those banks to participate in its network. However, several Iranian banks have successfully challenged the sanctions in EU and British courts, arguing in part that the sanctions are based on vague allegations of support for Iran’s money-laundering and nuclear weapons programs. At least two of these banks, Mellat Bank and Bank Saderat, may press for compensation for the economic damages they suffered as a result of the sanctions.

To complicate matters, SWIFT (based in Belgium) has to tread carefully due to the nature of its mission. Neutrality is an essential trait for a system dealing with financial transactions; if one country believes it is being treated unfairly by another, that invites retaliation. The trust necessary to conduct financial transactions cannot function in an atmosphere of aggrieved parties retaliating against what they consider to be political attacks. Given the recent court rulings in favor of Iran, SWIFT is unlikely to blacklist the “good” banks until further legal developments, even though the U.S. supports such blacklisting.

Read More: (A) More by Joe Garza (B) More Political News

Monday, October 7, 2013

Are American-Based Multinationals Really American?

The eminent economist Robert J. Samuelson recently made an interesting point in the debate over large, profitable American corporations paying taxes at rates lower than those for many middle-class workers. Apple, in particular, has drawn attention for paying only a few percent in tax on $74 billion in profits earned between 2009 and 2012. Samuelson notes that such (legal) tax avoidance is a difficult sell to Americans, especially when they pay higher tax rates than huge corporations. At the same time, however, be believes that many Americans take pride in the success of American companies like Apple that dominate a sector of the global economy. This success would obviously be lessened if Apple had to pay out billions more to the U.S. Treasury.

But Samuelson notes that American companies increasingly rely on foreign revenues for their success. They build manufacturing, distribution, and sales markets overseas and experience greater growth in those markets. Viewed in this light, is Apple truly an American company in a profound sense, or is it simply a global giant that happens to have its headquarters in the U.S.? This question is especially fitting given that multinational corporations are increasingly the object of what is essentially a bidding war between countries; countries try to lure businesses by offering lower taxes and more lenient regulation. If multinationals focus on the bottom line when choosing a country, one would expect that Americans will eventually stop viewing them through a patriotic lens.

Samuelson notes that the U.S. tax code drives multinationals’ behavior. The U.S. nominal corporate tax rate of 35 percent is the highest among developed countries (although the effective rate is lower after deductions and credits are taken into account). But U.S.-based multinationals take advantage of the fact that their foreign profits are not taxed by the U.S. until they are repatriated. Unsurprisingly, U.S. corporations have accumulated almost $2 trillion in foreign earnings that have not been repatriated and thus have not yet been taxed by the U.S. Samuelson proposes a compromise: raise taxes on the foreign earnings of U.S. corporations, and use that revenue to slash the 35 percent corporate tax rate.

Learn more about Asset Protection Lawyer Joe B. Garza through this piece on Tax Reform

Monday, August 26, 2013

China's Shadow Banking System a Growing Concern

Recently, several media outlets, including the Wall Street Journal, Reuters, and Bloomberg, have drawn attention to the problem of China’s “shadow” banking system. China’s official deposit rate is the interest rate Chinese banks pay on deposits. Because Chinese inflation tends to run well above American rates, Chinese savers worry that the official deposit rate will fail to keep pace with inflation, in which case their savings would effectively be eroded. China’s shadow banking system is essentially a system in which businesses (often small and lacking political connections) and individuals obtain loans from banks, trusts, and securities brokerages at high rates of interest. The interest rates on these loans greatly exceed the official deposit ate because they are purportedly not deposits. For instance, a person might deposit their money with a brokerage company with the expectation that the brokerage company will pay a high interest rate on it. The brokerage company might justify exceeding the official deposit rate on the ground that the person’s deposit is actually a private wealth management investmen

The shadow banking system is especially popular at the local level, because the regulated banking system often favors large, centralized enterprises or politically-connected individuals. However, China’s Politburo, the group that oversees the Communist Party of China, is unhappy with shadow banking because it believes the system fuels a misallocation of resources and “bubbles,” especially in real estate. Many Chinese savers, wary of the value of currency against inflation, purchase real estate, not so much as an investment as a store of value.

To combat the shadow banking system, China’s central bank withheld funds from the country’s banking system in June. The ensuing liquidity mini-crisis drove overnight lending rates between banks up to more than 13 percent, a jump of more than 10 percent from the previous month. However, the Politburo evidently meant only to issue a stern warning rather than a permanent policy change, as that rate fell to 3.4 percent in early July as the central bank resumed lending.

More News: Dallas Tax Attorney Joe B. Garza

Monday, August 12, 2013

Exodus of Wealthy as U.S. Tax Protesters Relocate Abroad

Given the recent IRS scandals that have been prevailing, the world’s largest collection agency went from being loathed in the eyes of Americans to being detested. So much so, in fact, that an unprecedented exodus of the nation’s wealthiest citizens has fomented as a result, seeing tax protesters unhappy with the currently overly complex tax code instead relocating to countries that have more lucrative income tax options, or in some cases, none at all.

Such a decision is not one that should be taken lightly. After renouncing your citizenship, provided that you find a country of refuge that will grant you permanent citizenship, you must also turn over your passport. Forever after, you will be required to be approved for a visa when visiting the U.S. and you will no longer enjoy the freedoms or protection of this great nation. Yet for some that’s worth it when it equates to reducing their annual tax liability.

The most recent of the wealthiest to depart our nation is Facebook cofounder Eduardo Saverin, who did so much to the dissent of fellow Americans. Some other well known persons have recently followed suit, including celebrity Tina Turner. The primary reasons are a lower tax rate and a less complex system. For example, Russian actor GĂ©rard Depardieu will likely remain in his home country because he only pays a 13% effective income tax rate; he’d pay 75% in France; 55% in the UK; and 45% in the U.S.

There is tax costs associated with leaving the U.S. for such reasons. Firstly, citizens must demonstrate that they have been compliant in their taxes for at least five years. Furthermore, and most importantly, if you earned more than $155,000 per year over the past five years, and or, have a net worth greater than $2,000,000, you will pay an Exit Tax.

Texas Lawyer Joe Garza (B) is a prominent and respected attorney that provides asset protection, estate planning and complex business tax litigation services nationally. He enjoys writing about recent events that relate to taxes as well as providing a variety of essays on topics relative to all issues of taxation.

Thursday, July 4, 2013

Attorney Joseph B Garza Advises Law Students Why Texas Lawyers Need To Be Approved By The Texas State Bar Association

All legal representatives in Texas must be approved by the Texas state bar association. The Texas Supreme Court takes the responsibility for licensing everyone who would wish to practice law. It ensures that one is a registered member of this association. This implies that state bar is an incorporated or fused bar. It is a special firm designed for the public and it also acts as an agency of quasi-state. The state judicially organization holds an agency for administration in this corporation. It is important to note that this firm is an official specialized institute which holds all legal representatives in Texas together.

This special association plays a crucial role in enhancing legal operations at the Supreme Court. It equips the court with all legal systems required. Besides these, it fills the gap between the public and the judicial department. In doing so, the public benefits. This is because it is in a good position to file legal cases comfortably. This state bar rules to ensure that all legal services are offered to the society accordingly. It ensures that human rights are not violated at all. It follows cases represented to ensure that the right legal procedures are followed to the letter.

There are several reasons why lawyers should be approved by the Texas State Bar Association. This is aimed to ensure that the public gets the most suitable and convenient legal channels. It is made effective especially to the class with limited legal knowledge. In doing so, it ensures that justice administration is considered when attending the public. Lawyers approved by this association are given responsibility for quality legal services to the public. It makes a follow up to ensure that the integrity of the involved parties is maintained.

The association has education forums for training lawyers in their profession. This equips them with credible skills on how to file and represent cases before the court. Approved lawyers conduct themselves in the right way. This gives the public an easier time when choosing the most suitable legal representative to contact. Competence is another issue assigned to all attorneys by this association. They ensure this competence when serving the society. These are just few of the reasons why the bar association approval to public prosecutors is ideal as far as public legal services are concerned. All these are meant to create a self-governance atmosphere between lawyers and the public.

However, you must understand that there are some grievances which cannot be acted upon by the state bar association. Just to mention a few, it cannot reward damages, force a legal representative to push on with the case, settle any financial dispute, refer any lawyer or legal adviser to you or change any decision made either civil or criminal among others. With all this in mind, you can now understand why Texas lawyers like Dallas Attorney Joseph B Garza need to be approved by the Texas State Bar Association. Can you imagine how legal services in Texas would be without such a corporation? Most of the human rights would be violated by the lawyers who could also offer poor services to the public otherwise.

Friday, June 14, 2013

Lawyer Joe B Garza Offers a Step by step guide on how to become certified by the Texas State Bar Association

Lawyer Joe B Garza Offers a Step by step guide on how to become certified by the Texas State Bar Association

Becoming certified by the Texas State Bar Association can be a daunting process. Fortunately, if you follow this step by step guide, you should learn how to become certified by the Texas State Bar Association. 

The Lawyer Joe B Garza Guide to Getting your Texas State Bar Association Certification
The first step is applying to college and earning a bachelor's degree. The major of your choice does not matter as law schools accept almost every different type of major and there is no advantage to one major over another. If your school has a pre-law program, it is advisable to study pre-law and complete the necessary requirements of the program.

After you have successfully enrolled in a college, during your undergraduate or even after, it is necessary to take the LSAT examination and score well. There are various different avenues to study and prepare for it. Ask an adviser for advice about the LSAT. Next, apply to and get accepted to a law program by completing an online application and once you are accepted, you need to attend law school. Law school is three years of very difficult material so make sure this is the career that you are very interested in. There are many different types of law classes such as Contracts and Torts.

During law school it is important to take very good notes because all of the information will be on the Bar Exam that you must pass to become a certified lawyer in Texas. While you are in law school, you should register for the first Bar Exam after your graduation. The Bar exam is typically given only once per year during the summer and the wait list can be very long, so it is important to sign up early. The Bar Exam can cost a few thousand dollars itself so it is important to save up and prepare for the cost of the Bar Exam during law school.

During the final months before graduation start to review all of the material you learned in law school. The Bar Exam is very comprehensive and covers all of the material from all three years of law school. After graduation, most students enroll in a Bar Exam review class to prepare them to take the bar. These classes can also be very expensive so look at different options for review and pick one that fits your budget. During these last few months, it is important to spend most of your time preparing for the Bar Exam and ridding yourself of all other distractions.

Approximately 60 to 70 percent of prospective lawyers pass the bar exam. To pass the bar, a prospective attorney must be in the certain top percentile, which varies by state. Once you pass the bar exam, you have completed all of the steps that are required by the Texas State Bar Association to practice law in the state of Texas. Your certification is only good in the state in which it was taken. If you have followed these steps, then you know how to become certified by the Texas State Bar Association.

Joe Garza Attorney

Thursday, May 30, 2013

How to Gain Your Texas State Bar Association – An Outline by Lawyer Joe B. Garza

The Texas State Bar Association is the second largest mandatory bar association in USA. It is required that you be a member of it, if you wish to practice law in Texas.

Over 93,000 lawyers avail the services of this body in this state alone. It has been rendering assistance to law students, lawyers and judges since its emergence in 1939. If you fall into any of the three aforementioned categories, there are memberships available so that you too can get benefitted by the State bar. Also,the Texas Lawyer Assistance Program (TLAP) confidentially offers help to the law students, lawyers and judges that are troubled by mental illness or substance abuse; here, we will help you with the process of becoming a member of it.

Registering for the membership is pretty simple. Just give your name, other personal details and the updated lawyer profile information (license date, law school record and practising region), and the nominal fee for becoming as a member.

For more information on getting certified by the Texas State Bar Association, check out more articles here:

Tuesday, May 21, 2013

Texas Bar Association Attorney Joe B Garza Offers Hints on: Finding the right TBA attorney for you

The number of attorneys practicing today keeps on increasing. People get interested in this field due to its diversified field and wealth of practice areas. When you are an attorney, you could specialize in different areas like bankruptcy, personal injury, medical malpractice and a lot more. Wherever you are, there will always be a need for an attorney. For this reason, finding the right attorney for your case had also become challenging. Good thing there is a TBA attorney who is willing to help you in the most effective way. Use this article by Texas Bar Association Attorney Joe B Garza to more easily find an experience lawyer for your legal needs.

In searching for an attorney, make sure you do your research well. You could perform a thorough research online to know the attorney prior to hiring him for the job. Also, it is a perfect idea to consider asking some of your close friends, relatives or family if they could recommend a good attorney in your place. With this, you will not anymore spend so much time in looking for an attorney who could perform his work well. After doing your research, go for a consultation. Most of the consultation these days is free, so you do not have to worry about any expense. This will help you gauge if the attorney could help you with your case or not. Be sure to ask questions related to the legal issue you are facing right now.

After the consultation, it is now easy to determine if the attorney is good or not. Do not only consider the knowledge of the attorney, but also his capacity to make you feel comfortable. It is best to work with a lawyer that also knows how to build a good working relationship with his clients.

If you need the service of a lawyer, be sure to perform thorough research. Do not be on the rush on your selection for you not to have any regrets in the end. The right lawyer for the job could help you win your case without much pressure on your part.