Thursday, April 21, 2011

Links Apr 21

Having Their Cake and Eating It Too Canadian Centre for Policy Alternatives (CCPA)
This study examines historical data on business investment and cash flow from 1961 through 2010, and, using econometric techniques, finds no evidence in the historical data that lower taxes have directly stimulated more investment.

Nigeria: Uduaghan’s Involvement In The Looting Of Delta State Treasury By Liberate - Delta People's Movement sahara reporters

Apr 19 - In the corruption probe of James Ibori, former Governor of Delta State in Nigeria (big name), funds laundered via the UK and Mauritius.

India's illicit financial flow is $462 billion Mangalorean

Apr - "From 1948 through 2008, India lost a total of $213 billion in illicit financial flows," says a new book "The Darker Side of Black Money" by B.V. Kumar, a former highly regarded member of the Indian Revenue Service. "The present value of India's total illicit financial flows is at least $462 billion".

India: Supreme Court asks government's view on black money probe team Sify

Apr 21 - The Supreme Court seeks the central government's response to its suggestion for setting up a special investigation team with experts from various agencies to probe black money stashed away in tax havens abroad. See also SC again raps government for inaction on black money in tax havens Apr 21.

Money laundering trial follows political drama

Apr 11 - A Swiss court is hearing claims that the Zurich private banker helped French energy group Alstom set up multi-million dollar slush funds to bribe foreign officials - a case that has significant ramifications beyond this one individual and the Swiss borders.

Canada's Caribbean bank tax holiday

Apr 17 - A disturbing trend - a growing share of Canada's direct investment abroad is being funnelled into tax havens to avoid Canadian taxes and financial accountability rules. Hat tip Offshore Watch.

Close tax havens as part of fixing deficit

Apr 21 - From the U.S. State of Wisconsin, the epicentre of inspiring public protest on the right for collective bargaining, WISPIRG calls on Congress to address the deficit by closing corporate tax loopholes, rather than cutting public priorities.

Prosecutions of tax evaders up 25% USA Today
Apr 17 - Criminal tax prosecutions by the federal government hit a 10-year high in 2010, powered in part by a continuing crackdown on offshore tax evasion by wealthy Americans. Hat tip Tax Justice Network USA

The income tax system is broken CBS News

Apr 15 - "43 % of Americans pay no federal income tax, a sign that something's wrong. ... People who pay no taxes but nevertheless get benefits are less likely to be careful overseers of their elected representatives".


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