In this episode of the Tax Justice Network's monthly podcast, the Taxcast:
- How a competition lawyer's eyes were opened to the dangers of letting companies get too big and form monopolies which act against our interests. We talk to Michelle Meagher about her book just out: Competition is Killing Us: How Big Business is Harming Our Society and Planet — and What To Do About It
- Plus: We look at the revival of support and progress on financial transactions taxes in New York
- some slow advances in the EU on multinationals publishing their accounts
- and the significance of the latest leaks revealing corruption in major global banks, the #FinCENFiles
The transcript is available HERE (not 100% accurate)
Featuring:
- Olivia Lally of Eurodad, (European Network on Debt and Development)
- Michelle Meagher, competition lawyer and author
- John Christensen of the Tax Justice Network
- Hosted and produced by Naomi Fowler of the Tax Justice Network
You know, we can afford to do all of the things that we need to do to make the world safer, more sustainable, more equal — the money is there. And the question is who is in charge of that money, or what rules have we placed on that money? And currently the rule that we've placed is shareholder value and profit maximisation, and money will only ever be used in that way, unless we manage to find ways to repurpose it.”
~ Michelle Meagher, competition lawyer and author
I've spent my whole career looking at dirty money flows and the offshore financial world. And I've been hearing these pathetic excuses about yeah, that's in the past, but everything's changed. I've been hearing that for 40 years. Yes, change has happened, but they're so superficial and compliance is so weak and the regulatory regulations have been undermined to such an extent that the whole thing is nothing more than a fig leaf, an exercise in window dressing. And as far as most banks are concerned, and I've heard this from compliance officers working with the biggest banks in London, they just say the whole thing is a charade.“
~ John Christensen of the Tax Justice Network on the #FinCen files
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Want more Taxcasts? The full playlist is here and here. Or here.
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had a speed read – I agree with a financial transaction tax if only to reduce high speed trading/churning, plus the actual tax paid would be very useful. The city could then more honestly say it was contributing something for the public good.
My inclination is that UK is going to be a long way behind putting proper controls over dirty money.
But it is possible that UK public opinion could make financial transaction tax (tobin?) more likely. Well we do have to repay the national debt and balance the books, don’t we…
On the subject of FTT, I recall reading – a few years ago now, so can’t remember who’s – a blog/ website advocating it, to be, more or less, a ‘single’ tax and suggesting that (for a country like the UK) income, corporation and VAT rates of about 20% (each) could be replaced by a (universal) FTT (payable on all financial transactions), of about 0.2%: I think he had 20, 20, 20, 0.2 somehow as a buzz word for it.
I don’t know what his qualification for the proposal was, but I think he’d achieved his figure by looking at total tax take and the total value of financial transactions, and then calculating the required rate. It struck me as an interesting proposal, but I’ve no idea how realistic it might be.
Beware anyone who says a single tax can solve all problems
It is never true
Just like golfers need a bag of clubs to play a round (or so I am told) so an economy needs a good range of taxes to achieve society’s goals
Experts (apart from Richard Murphy) say that a transaction tax would be a bad idea.
Experts can be wrong
I think they have real merit in some cases
“Experts (apart from Richard Murphy) say that a transaction tax would be a bad idea”… because they work in the Financial Industry and don’t fancy paying.
We already have a Transaction tax – Stamp duty – which raises about £3bn a year from transactions in UK shares. It has not led to the end of trading in UK shares.
Constructing a tax that works may not be easy as the industry is quite adept at circumventing rules/taxes….. and the revenue raised would almost certainly fall well short of the numbers bandied around. However, it could be done and raising revenue is not the sole purpose of taxation.
Well said
You like to rectify injustice and jumped on the BLM bandwagon..well this is a disgrace. Turn up for work and get shot. You should make an issue about this and in general about the way police are treated.. but you won’t .. I wonder why?
https://news.sky.com/story/police-officer-shot-dead-inside-custody-centre-in-south-london-12081007
What on earth are you talking about?
Do you think I would be anything but appalled by the death of a police officer?
The only person who looks rather nasty here is you, who appears to be playing extremely unseemly games in such an appalling situation
I am sure you are appalled by the violence towards the police but do you use your platform to protest?? Do you your platform to protest in favour of BLM yes.. why is that?
Because one was a particular crime
And the other is systemic abuse – and so political
For heaven’s sake, see the difference and stop making quite ridiculous comments that appear to have a very strong racist element to them
“Because one was a particular crime”… violence against the police is systematic. Get your head out the clouds if you believe otherwise.
BLM want to defund the police. Why endorse such nonsense?
No it is not systemic – please get the terminology right
There have been just eight such deaths this century. Each is a tragedy to be condemned but do not claim something that is not true.
And did not claim that a BLM policy that might make sense in a few, deeply corrupt, states in the US is a policy for the UK either.
Make your case by all means
But ou do not make it by lying, and you are.
Patrick.
Are you suggesting that it is a particular section of society that is responsible for the murder of police officers?
“There have been just eight such deaths this century. Each is a tragedy to be condemned but do not claim something that is not true.“
I said there is systematic violence towards the police and that is indeed true. To suggest otherwise is incomprehensible and shameful. All the statistics say violence towards the police is in the increase and is at a level which is simply disgraceful ..and quite frankly an attitude like yours makes things worse. You trivialised the assaults on the police at the BLM protests in central London in particular the office who fell from his horse, and had life changing injuries.
And yes BLM do want to defund the police in the U.K. It has a political agenda which you seen to agree with..increasing however, the wider population, though 100% supporting anti racism, despise the political agenda of BLM which you want to endorse.
As a Quaker I do not ever support violence against the person
I do strongly support the right to protest – change does not happen without it
I condemn our government for not allowing that right to protest on far too many occasions, but accept Covid 19 imposes serious constraints – which I notice were ignored by many yesterday, wholly inappropriately.
I believe the government breaches the human rights of many as a result Of its failure to uphold the right to protest
I think the police take a too narrow approach to the right to protest far too often But I do not support police defunding.
I do support the need for a non-racist police force in the UK and there is overwhelming evidence that we have not got that.
And I do not believe you support anti-racism.
I think your comments are motivated by racism
Fir that reason no further comment from you will be permitted
My comments are not remotely based on racism they are based on you supporting a political agenda that puts the police right in the firing line…I want more respect for the police and for levels of violence and criminality against them to be brought down considerably.
You have stated now that you believe the police force to be racist.. I completely disagree. The patience they show towards all race and creed in light of the hostility towards them is absolutely remarkable. You clearly do not think the same.
If the police want more respect then forces must reflect the communities they police and show them the respect they deserve
Let us not forget that the Met was appropriately described as institutionally racist not long ago
I would love to think things have changed
I do not see the evidence