In the world of Davos only investors matter.
And PWC has their interests very close to its heart
At cost to the rest of us, of course.
Image: thanks to Tax Justice Network
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it’s not often that I agree with anyone from the Ludwig von Mises Institute but lew Rockwell hit the nail on the head yesterday when he referred to the champagne doused gathering at Davos as ‘living the life of Reilly’ whilst perpetuating gross wealth inequality (whilst pretending to be concerned abo0ut it!).
Amazing
The Davos crowd isn’t perpetuating gross inequality, they’re just taking the spoils provided to them by government. It’s governments that decide to tax labor the highest and tax the wealthiest landlords and largest corporations the least. It’s the governments that let wealthy landlords and the largest corporations get phony deductions like depreciation on assets that are appreciating in value and interest write-offs on debt that will one day be paid by the taxpayers via bank bailouts the next time the debt ponzi scheme crashes. It’s the governments that enact stupid taxes like taxes on “profits” instead of taxes on gross or net revenues (sales), when it’s been obvious for decades that any trained monkey can allocate costs to high tax locations and allocate profits to low or no tax jurisdictions.
We’ll never be able to enforce laws that require people to be less greedy or less exploitive, but we can legislate better tax and economic systems that don’t punish labor and that don’t reward the wealthiest landlords and largest corporations. That’s the job of government.
We do not agree on desirable taxes
OK, got it. I just read your bio supporting stronger transfer pricing rules. In my experience in the US (mostly Silicon Valley working for a large CPA firm), private companies are far better equipped to support their transfer pricing than the over-worked and less savvy government tax accountants/economists/attorneys. And what a terrible waste of economic resources to have so many super-bright people representing both business and governments arguing over whether a transfer price – for example- should be $8 or $12, with the audits and court cases taking years and decades to resolve. Transfer pricing is g great “full employment act for accountants, attorneys and economists, but a terrible way to raise revenue, IMHO.
In my experience, accountants and attorneys are always three steps ahead of any government taxation schemes, which is why I support low, graduated taxes on business gross receipts (exempting small businesses, say under 1 million) since it’s almost impossible for large businesses to evade a gross receipts tax. With a gross receipts tax you can raise the same amount of tax revenue (or more) as the corporation tax; the relative differences of a company’s/industry’s gross margins is relatively minor since the tax rates would be relatively small (1%-7%, for example, exempting small businesses altogether); and, most importantly, it’s almost impossible to evade gross receipts taxes.
But no disrespect meant on your blog and I won’t burden the web site with my rants. Sorry if I offended.
After this I suspect no more of your ill-informed and deeply misguided rants would get on here
how much of the world’s wealth is owned by the passengers on this one bus?
Perhaps it would have been more appropriately displayed on a removal van, pace the Oxfam double-decker bus of 80 billionaires.
black maria?
These so-called leaders control their own personal police bodyguards and army snipers. They own the likes of PWC who bend the rules and are protected by high powered law associates.
As they sip their champagne, concocting strategies on how to spend all that QE money on their own investments, I wonder how many people ask why they have barricaded themselves in by police and army snipers? It only proves they have a bad conscience about what they are truly up to. Before anyone thinks it’s to protect against terrorists, think about this, the only relation this has to terrorism is that they now have enough money to pay for their own protection when public dare to question them about where all the QE money goes. Printing more paper money doesn’t change the fact that we have limited resources on this planet and not one of these highly paid bureaucrats is even close to recognising or talking about the real problems our world and future generations are facing.
DAVOS=
Demonstrably
Avoiding (the)
Values
Of
Society
I like that