July 18th, 2011
"Real patriots pay their fair share of taxes. They don’t run out on the bill," write Scott Klinger and Holly Sklar.
Some of our nation’s biggest corporations are planning a tax holiday and they want you to pick up the tab.
Actually, you already pay for their routine tax avoidance through the use of tax havens in Bermuda, the Cayman Islands and elsewhere. These accounting acrobatics cost the U.S. Treasury $100 billion a year. Now they want Congress to pass a special tax holiday for money they “repatriate” back to the United States.
There’s nothing patriotic about this repatriation being pushed by...
Continue Reading
July 14th, 2011
Richard Murphy of Tax Research UK, a
coordinating committee member of the Task Force, has released a new report on
tax haven abuse on behalf of the Public and Commercial Services Union (PCS), War on Want, and the Tax Justice Network. The report examines the effects of tax havens on tax collection, financial stability, corruption and poverty. In addition, it looks at the consequences of secrecy laws in tax havens on the international financial system. The report expresses concern over the direction tax law is moving in, stating:
PCS wishes to draw attention to the massively worrying...July 8th, 2011
John Christensen, founder of the Tax Justice Network, a Task Force member, was profiled by the Guardian on Thursday. Bibi van der Zee writes about Christensen’s decades-long experience fighting tax evasion, talking about the impacts these illicit flows have not only on the United Kingdom, but on the developing world as well: “ax avoidance is
Continue Reading
July 8th, 2011
Liechtenstein has just announced the latest sums it has collected under the terms of the European Savings Tax Directive. It was a
measly €7.8 million.
Working backwards this is 20% tax on €40 million interest. Assuming 2% interest, this is tax on interest income on € 2 billion capital (which may seriously overstate the case: German bonds paying over 3% p.a.).
Liechtenstein
banks have € 140 billion assets under management.
