Links Aug 15
Aug - "What connects: President Barack Obama and Senator Carl Levin and Representative Rahm Emanuel, an aspiring actress in the Seychelles, a fake English lord, an intercepted illegal arms shipment, Wachovia’s $380- billion Mexican drug cartel moneylaundering scandal (yes, billion), 'Russia’s largest tax fraud, an alleged $US230 million heist that led to the untimely deaths of four people and threatens to damage the Russian government', according to the Sydney Morning Herald,…and 369 Queen Street, Auckland, NZ ?"
Swiss-German deal is blow to tax evasion battle Financial Times
Aug 15 - David McNair of Christian Aid writes: "The cosy Swiss-German deal undermines years of work towards a system of automatic, multilateral sharing of financial information between governments. This is the gold standard, as far as countering the devastating effects of global tax dodging are concerned – and it is the only hope for scores of governments that lack the political and economic negotiating power of Germany. " See our most recent blogs on this issue here and here.
Germany has set back the fight against tax evasion Guardian
Aug 12 - David McNair writes: "Those who squirrel away undeclared wealth in Switzerland will be pleased by this deal. What's worse, the UK may follow suit ... Yet again, it is vested interests who are winning out over the real economy and the everyday citizens who are being deprived of essential services, whether in Basel, Berlin or Bamako."
And see Richard Murphy's commentary:
Germany has set back the fight against tax evasion - and we'll be outsourcing our tax system to Switzerland too, soon Tax Research UK
Aug 15 - "This is George Osborne’s [UK Chancellor of the Exchequer] brave new world of tax – helping the tax evaders’ evade. Brilliant, isn’t it? That’s feral leadership for you."
Austerity and Runaway Equality Lead to Violence and Instability Washington's Blog
Aug 13 - "Moody's [credit rating agency] warned that future tax rises and spending cuts could trigger social unrest in a range of countries from the developing to the developed world ... And the sense of outrage at the injustice of the rich getting richer while the poor get poorer is also a growing global trend."
Wyoming bills would crack down on shell companies Reuters
Aug 9 - "Wyoming state legislators will consider three new bills next week aimed at reining in "shell" companies formed under the state's liberal incorporation laws ...The move follows a Reuters investigation in June that showed how Wyoming, Nevada and Delaware have become popular business-secrecy destinations at a time when Washington is demanding other countries improve financial and corporate transparency. We linked to this story here, and see the TJN-USA website on the Bipartisan Bill Introduced to Shed Light on Corporate Secrecy in the U.S.
Four New Policy Briefs on How Taxes Work: A Crash Course on Tax Fairness Basics Citizens for Tax Justice
Aug 12 - The Institute on Taxation and Economic Policy (ITEP) offers a series of Policy Briefs designed to provide a quick introduction to basic tax policy ideas that are important to understanding current debates at the state and federal level. This week, ITEP released four Briefs that provide an overview of basic tax policy ideas that help explain how all state and local taxes work.