Financial Transparency Coalition

The FTC is proud to share this post from FTC Director Matti Kohonen, on taxes and personal income—and why much more transparency is needed.  Last month was Tax Day in America, and this is how much I paid – information that I believe should be made public.

In a fiery speech to the Democratic National Convention on Monday, Mayor of Newark Cory Booker bellowed: “Being asked to pay your fair share isn't class warfare. It's patriotism.” It’s a sentiment that’s been often repeated on the campaign trail in the last few weeks. Vice President Joe Biden made the same suggestion in a campaign speech in New Hampshire. “Wealthy people are just as patriotic as middle-class people, as poor people, and they know they should be doing more,” said Vice President Biden. “We’re not supposed to have a system with one set of rules for the wealthy and...

When I first looked at the subsidy the UK gave to the Isle of Man through its VAT sharing agreement I came to the conclusion that the sum involved exceeded £200 million a year. In 2009 the UK government removed £140 million of that subsidy a year. Yesterday they announced intention to increase the withdrawal if subsidy to a total of £215 million a year – very close to the sum I first calculated.