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[Kimawolf]

https://www.theguardian.com/news/20...reveals-secrets-of-world-elites-hidden-wealth

The world’s biggest businesses, heads of state and global figures in politics, entertainment and sport who have sheltered their wealth in secretive tax havens are being revealed this week in a major new investigation into Britain’s offshore empires.

The project has been called the Paradise Papers. It reveals:

Millions of pounds from the Queen’s private estate has been invested in a Cayman Islands fund – and some of her money went to a retailer accused of exploiting poor families and vulnerable people.

Extensive offshore dealings by Donald Trump’s cabinet members, advisers and donors, including substantial payments from a firm co-owned by Vladimir Putin’s son-in-law to the shipping group of the US commerce secretary, Wilbur Ross.

How Twitter and Facebook received hundreds of millions of dollars in investments that can be traced back to Russian state financial institutions.

The tax-avoiding Cayman Islands trust managed by the Canadian prime minister Justin Trudeau’s chief moneyman.

A previously unknown $450m offshore trust that has sheltered the wealth of Lord Ashcroft

So seems like fairly big news for not just America but the world.

 

[Nikodemos]

The Panama Papers led to the downfall of the Pakistani and Icelandic prime ministers.

Hopefully even more bigwigs follow suit this time.

And hopefully the EU gets that kick in the rear needed to propel themselves closer to prosecuting tax evasion via fiscal havens.

 

[llien]

And hopefully the EU gets that kick in the rear needed to propel themselves closer to prosecuting tax evasion via fiscal havens.

Amen, brother/sister.

 

[hoverboarder]

 

[Muppet of a Man]

No wonder Twitter and Facebook execs have shit eating grins and are doing next to nothing about the divide and conquer tactics Russia is leveraging their platforms for.

Looks like those Silicon Valley scumbags just sold out their own country to the highest bidder.

 

[Croatoan]

From what I have read, Fuck Bono.

 

[BetterThanNothing]

From what I have read, Fuck Bono.

NO NO NO NO NO NO NOOOOOOO!

 

[Neo C.]

Bono's a hypocrite? I'm shocked, shocked!








Not really shocked.

 

[Bigby_Wolf]

No wonder Twitter and Facebook execs have shit eating grins and are doing next to nothing about the divide and conquer tactics Russia is leveraging their platforms for.

Looks like those Silicon Valley scumbags just sold out their own country to the highest bidder.

I'm shocked.

California always seemed so pro-America, honest and good....

I mean just look at Hollywood right now.

 

[Atrus]

Nothing significant will come from this. We live in a plutocracy where one set of rules applies to the rich and powerful and another set for everyone else.

Anytime they close a strategy devised to minimize taxes it will be from the bottom up and not top down, setting the poor against the less poor. Politicians are not incentivized to close avenues they will benefit from after their civil service.

It doesn't take much to ensure all corporations disclose all revenue recognition in lower tax jurisdictions and demand a non tax related reason for this purpose that is principally related to their primary business activity. If you sell shoes like Nike, there's no reason for money to be recognized in the Cayman Islands.

Slap firms who fail to report accurately with the appropriation of all funnelled revenues plus fines to the Directors and Executive leadership.

Countries willingly enabling these potentially avoidant schemes should be investigated and sanctioned internationally.

Politicians won't do it though because they'll argue that since everyone else is doing it, this will make domestic corps uncompetitive and in turn lead to layoffs and in turn lead to negative economic impacts that will hurt reelection chances.

 

[KiLLaDeZo]

DRAIN THE SWAMP!

 

[Croatoan]

I'm shocked.

California always seemed so pro-America, honest and good....

I mean just look at Hollywood right now.

California loves them Milkshakes.

 

[mackattk]

Trump's cabinet is just being "smart"

 

[Afrikan]

What's with this "California" shit?

 

[jufonuk]

Only the rich being shamefaced for being caught will come of this maybe a few slaps on the wrist but anything significant ? Hahaha no

 

[Kremzeek]

"...but everyone else is doing it." *shrug*

If you're super rich you can get away with anything, since obviously your super richness trickles down to the peasants, right?

 

[Ombra]

Only the rich being shamefaced for being caught will come of this maybe a few slaps on the wrist but anything significant ? Hahaha no

This is so fucking true and so fucking disheartening. Both the right and the left should be feeling this and by right and left I mean the people not the politicians, they were most assuredly aware and complicit.

 

[Sinfamy]

Bring out the guillotine.

 

[BarringGaffner]

This news is a lot bigger than just Trump cabinet- I would recommend going over to the Guardian and reading through the current highlights.

 

[Ombra]

This news is a lot bigger than just Trump cabinet- I would recommend going over to the Guardian and reading through the current highlights.

We as citizens working day to day carry the tax burden while these companies and multi millionaire politicians and celebrities get to hide their wealth and abstain from taxes rather than pay their fair share..its no surprise so many nations have the same loopholes..no surprise at all.

 

[jufonuk]

We as citizens working day to day carry the tax burden while these companies and multi millionaire politicians and celebrities get to hide their wealth and abstain from taxes rather than pay their fair share..its no surprise so many nations have the same loopholes..no surprise at all.

This is the truth

 

[Zenner]

"Only the little people pay taxes."

Nothing's changed since then.

 

[Monocle]

Not a puppet. Not a puppet.

 

[TheLaughingStock]

Nothing significant will come from this. We live in a plutocracy where one set of rules applies to the rich and powerful and another set for everyone else.

Anytime they close a strategy devised to minimize taxes it will be from the bottom up and not top down, setting the poor against the less poor. Politicians are not incentivized to close avenues they will benefit from after their civil service.

It doesn't take much to ensure all corporations disclose all revenue recognition in lower tax jurisdictions and demand a non tax related reason for this purpose that is principally related to their primary business activity. If you sell shoes like Nike, there's no reason for money to be recognized in the Cayman Islands.

Slap firms who fail to report accurately with the appropriation of all funnelled revenues plus fines to the Directors and Executive leadership.

Countries willingly enabling these potentially avoidant schemes should be investigated and sanctioned internationally.

Politicians won't do it though because they'll argue that since everyone else is doing it, this will make domestic corps uncompetitive and in turn lead to layoffs and in turn lead to negative economic impacts that will hurt reelection chances.

You don't get what you want out of these leaks because money isn't "hiding". Every financial system has to balance on a daily basis. There's tax avoidance software for the poor and various loopholes/havens for the rich to reduce what you're legally obligated to contribute. All of these people face taxes that they ultimately can't escape/offset unless they're engaged in criminal evasion.

The US encourages a ton of tax avoidance by its citizens and has one of the world's top economies with high living standards. 18.6 trillion dollars worth of GDP, unemployment at 17 yr low, pitiful inflation, etc. If the US had an evasion problem this would be a huge deal. Avoidance is a nothingburger.

 

[McLovin]

Wow now I get why things went so smoothly for Trump. Too many stupid coincidences going on pre-election, despite all the fuckups on his end. Also probably why he wasn’t impeached the first time he got caught lying.

 

[Tumle]

You don't get what you want out of these leaks because money isn't "hiding". Every financial system has to balance on a daily basis. There's tax avoidance software for the poor and various loopholes/havens for the rich to reduce what you're legally obligated to contribute. All of these people face taxes that they ultimately can't escape/offset unless they're engaged in criminal evasion.

The US encourages a ton of tax avoidance by its citizens and has one of the world's top economies with high living standards. 18.6 trillion dollars worth of GDP, unemployment at 17 yr low, pitiful inflation, etc. If the US had an evasion problem this would be a huge deal. Avoidance is a nothingburger.

So nothing to see here?
And if you think that the tax avoidance from poor people even compares to that of billion dollar businesses, you are really stretching for an argument..
The stands on “well everyone is doing it” is super weak too..

 

[Ombra]

So nothing to see here?
And if you think that the tax avoidance from poor people even compares to that of billion dollar businesses, you are really stretching for an argument..
The stands on “well everyone is doing it” is super weak too..

Yeah reading that post had me scratching my head, this is going to put a fire under peoples asses, Bernie Sanders and Elizabeth Warren are going to cling to this like white on rice. And You're right, the amount they avoid could pay thr taxes of every American for a year and some change.

 

[aaronsan]

https://www.theguardian.com/news/20...reveals-secrets-of-world-elites-hidden-wealth



So seems like fairly big news for not just America but the world.

Glenn Greenwald must be gnashing his teeth that the Guardian connected Trump to Russia. That really grinds his gears. For some reason.

 

[Atrus]

You don't get what you want out of these leaks because money isn't "hiding". Every financial system has to balance on a daily basis. There's tax avoidance software for the poor and various loopholes/havens for the rich to reduce what you're legally obligated to contribute. All of these people face taxes that they ultimately can't escape/offset unless they're engaged in criminal evasion.

The US encourages a ton of tax avoidance by its citizens and has one of the world's top economies with high living standards. 18.6 trillion dollars worth of GDP, unemployment at 17 yr low, pitiful inflation, etc. If the US had an evasion problem this would be a huge deal. Avoidance is a nothingburger.

The rules encourage these participants to live viacriously through corporate structures that purchase assets or make expenses on their behalf, be it purchasing private planes like Lewis Hamilton or Villas like the Canadian finance minister. The tax minimization strategy borders on aggressive tax planning when they can either convert income income to capital gains or transfer intergenerational wealth tax free without facing normal tax disposition rules that usuallh surround death.

Just today, in Canada the Canadian government is taking one of their big 5 banks not for violating any laws but for violating the spirit of thise laws.


http://www.cbc.ca/beta/news/business/bmo-tax-avoidance-cra-court-1.4389774

 

[Hashmal_Bringer_of_Order]

The Panama Papers led to the downfall of the Pakistani and Icelandic prime ministers.

Hopefully even more bigwigs follow suit this time.

And hopefully the EU gets that kick in the rear needed to propel themselves closer to prosecuting tax evasion via fiscal havens.

The EU could come down on the international tax-havens like a ton of bricks, but nothing will stop them from protecting their own members (Malta, Luxembourg).