Oh happy day: The U.S. is going after tax cheats.
When I began this blog I guess it's fair to say i didn't expect to end up being quoted in Tampa.
But I'm delighted I am:
So, according to the OECD, there are no longer any tax havens, but the International Monetary Fund, Tax Research Org and the U.S. Stop Tax Havens Abuse Act have their own lists as does the Tax Justice Network and taxresearch.org, all of which are in dispute with the OECD claim. In 2005, estimates of offshore tax havens held $11.5 trillion in funds globally. Hit by the worldwide recession, the figure is now approximately $7 trillion socked away.
O fear the link is wrong: it should be to taxresearch.org.uk because as far as I know taxreserach.org has no comment on this.
But the point is clear - that whilst there are some in the US who are - unbelievably - mourning their tax cheats being found out - becasue like the Institute for Economics Affairs in the UK they think that tax cheats will help bring domestic tax rates through the process of tax competition - which they applaud - the vast majority think that what is happeniong is good for all of us.
As it is. Becasue cheats don't bring down tax rates. They increase them for everybody else by free-riding the system.
The change in attitude we're seeing is one of the best things that's happening. I can't be sure the tide ahs turned yet - but it feels like it has.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Buy me a coffee!
Absolutely, tax cheats are bad whether those cheaters not-paying their taxes or those cheaters misusing our taxes.
In my homeland Venezuela according to the (sort of) audited figures of our State oil company each of our about 27 million citizens could have received 270 dollars per month… Go there and see how that net oil revenue has been wasted, among other by selling petrol (gas) at less than 3 cents of US dollar per liter… and you might look at tax cheating from a different perspective.
Per
You may not be aware that I advise Publish What You Pay on the Extractive Industries Transparency Initiative – I work for proper disclosure by the EI, and proper payment of tax everywhere
Richard
For us, oil cursed citizens, more disclosure is like for the tortured being allowed to also see when they pull out his nails. What we need is to get the oil-check revenues to the citizens so as to rid ourselves from the petro-autocrats.
http://theoilcurse.blogspot.com/
Per
True maybe, at first
But come on – change takes time and without transparency you’ve not hope of achieving your goal
So on this one we’re on the same side
Even if it would be great if the Extractive Industries Transparency Initiative really got its act together – which it has not
Richard
Richard I have no reason to doubt we are on the same side. What we do not agree on though is how to fix it. You see, once a society is captured by the oil-curse, or any resource curse; which I like to define as the moment the government gets income streams that makes it independently wealthy and allows it to bypass the citizens; then you need much more than transparency to break free, and the offers of miraculous results to be had by means of more transparency are often used, as an excuse, by the oil autocrats to hang on to their power.
Per