The Paradise Papers: How Ridiculously Easy It Is For The Rich To Avoid Taxes

The Paradise Papers: How Ridiculously Easy It Is For The Rich To Avoid Taxes:

A little too easy…

The revelations in the Paradise Papers followed quickly on the release of the Panama Papers (English majors please note the allusion to the Pentagon Papers).

Both of these Papers were revealed by an organization with the cumbersome name of The International Consortium of Independent Journals (ICIJ) — a group in need of a new name and a publicity agent. That name gives the impression of some mining cartel intent on keeping up the price of gold and diamonds.

To the contrary, it is a group of dedicated journalists who recognized that they could not honestly report on tax evasion when they were working for mainstream media. The media barons and major advertisers are prime users of the tax evasion system. So these journalists gave up successful and lucrative careers to dedicate themselves to exposing offshore tax fraud. The Panama and Paradise Papers are a tribute to their courage, sacrifice, and dedication.

H/t reader squodgy:

“Makes me feel all warm & happy inside.”

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Greece: August sees billion euro uptick in unpaid taxes – “They will impose you a huge & unbearable tax but will not catch up” — Saint Kosmas Aetolos

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

“I THOUGHT I WAS MIDDLE CLASS”

“Don’t believe what you hear on TV from paid for propagandists. You are going to get screwed so corporate fat cats can boost their profits even more.”

I THOUGHT I WAS MIDDLE CLASS:

“The best way to teach your kids about taxes is by eating 30% of their ice cream.” – Bill Murray

When I saw that slimy tentacle of the Goldman Sachs vampire squid, Gary Cohn, bloviating about Trump’s tax plan and how it was going to do wonders for the middle class, I knew I was probably going to get screwed again. And after perusing the outline of their plan, it is certain I will be getting it up the ass once again from my beloved government.

I know everyone’s tax situation is different, but I’m just a hard working middle aged white man with two kids in college and some hefty family medical expenses.

I’m already clobbered with Federal, State, City, and real estate taxes, along with huge toll taxes, sales taxes, gasoline taxes, utility taxes, phone taxes and probably a hundred more hidden taxes and fees.

I fucking hate taxes and want nothing more than to see them cut dramatically. I voted for Trump for the following reasons:

  1. He wasn’t that evil hateful shrew named Hillary Clinton
  2. He promised to repeal and replace Obamacare
  3. He promised to build the wall
  4. He promised to keep out Muslims
  5. He promised to reduce our military interventions around the world
  6. He promised to reduce my taxes

Well, one out of six ain’t bad. Right?

I know the Trump sycophants have a million reasons why he has been thwarted, but his pathetic support of the last GOP Obamacare lite bill reveals him to becoming just another establishment pawn. He has taken war mongering on behalf of the military industrial complex to a new level. No wall on the horizon. Now it is a figurative wall. And now he is disingenuously selling this tax bill as a huge windfall for the middle class, which is a lie based on my analysis of the known details. The truth is they need to screw the upper middle class in order to reduce corporate tax rates.

Read more

How To Destroy An Economy – India’s New Tax System Is “Mind-Bogglingly Inane”

How To Destroy An Economy – India’s New Tax System Is “Mind-Bogglingly Inane”:

“…India’s new Goods and Services Tax is mind-bogglingly inane…Modi has been able to mesmerize voters to an extent that he can make even pain appear as something that is pleasurable and he has been able to conquer state after state and has an invincible aura about him now. Such acts always bring Goebbels to my mind.”

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Google avoids paying $1.64 BILLION in back taxes after winning French court case

Google avoids paying $1.64b in back taxes after winning French court case:

Google will not have to pay 1.1 billion euros ($1.64 billion) in back taxes after winning a court case in Paris.

France’s tax authorities unsuccessfully argued that Google should have paid that amount of tax between 2005-2010.

The US tech giant sold online advertising which was displayed in France but booked through its subsidiary in low-tax Ireland.

The court ruled that the way in which Google operates in France allows it to be exempt from most taxes.

H/t reader kevin a. 

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Seattle Passes Measure To “Tax The Rich”; There’s Just One Problem…

Seattle Passes Measure To “Tax The Rich”; There’s Just One Problem…:

After passing a $15 minimum wage intended to help low-income workers in Seattle, economists at the University of Washington produced a rather extensive research report a few weeks ago highlighting how the legislation was actually doing the exact opposite as companies were simply choosing to automate menial tasks, move businesses out of Seattle in search of more attractive wages rates or simply cutting back on employees to offset increased labor costs (we covered the study here: Seattle Min Wage Hikes Crushing The Poor: 6,700 Jobs Lost, Annual Wages Down $1,500 – UofW Study).

Unhappy with their failed experiment, the Seattle City Council decided to pursue a more direct form of income redistribution: a massive income tax on the rich.

Read more

Illinois Democrats In Senate Pass 33% Hike Of Personal And Corporate Income Taxes

Illinois Democrats In Senate Pass 33% Hike Of Personal And Corporate Income Taxes:

Senate Democrats in Illinois are pushing ahead with a new budget proposal that includes a massive personal and corporate income tax hike and an expansion of the state’s sales tax, after saying they are no longer willing to wait for a broader deal with Republicans.  In all, the package is expected to cost Illinois taxpayers an incremental $5 billion.

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Austria Has Found A Way To Tax Google Searches And Social Media Posts

“It’s always just raise more and more taxes without end.”


Austria Has Found A Way To Tax Google Searches And Social Media Posts:

Highlighting the difficulty both public and private establishments can have when it comes to adapting methods in the digital age, it was reported Monday that one government is now trying to tax search giant Google and social media companies.

From a report by Bloomberg:

“Austria is seeking ways to make digital services like Alphabet Inc.’s Google or Facebook Inc. pay taxes for transactions with the nation’s internet users, trying to plug gaps in a tax system still designed for brick-and-mortar business.

Continuing, Bloomberg explains something most people don’t stop to consider: how social media actually functions, and at no monetary cost to users:

Read more

IRS Seized Millions of Dollars from Innocent Citizens Because It Was Easier Than Going After Crooks

IRS Seized Millions of Dollars from Innocent Citizens Because It Was Easier Than Going After Crooks:

The IRS seized millions dollars from innocent individuals and businesses because it was easier than targeting terrorists and drug dealers, a new report from the Treasury Department’s internal watchdog has revealed.

A report from Treasury’s Inspector General found that the IRS misused a law aimed at cracking down on organized crime and terrorism to target innocent individuals and businesses. Agents adopted a policy of seizing cash before investigating for other wrongdoing because it was just easier to seize the money of innocent people than hardened criminals and terrorists.

Read more

2016 NOT Warmest Year on Record but Davos Elite Push Global Tax & Geoengineering (Video)

Jan 19, 2017
Description:

New headlines claiming that 2016 the warmest ever, but both both RSS and UAH satellite data sets for temperature say its tied with 1998. Look a bit furtehr and the Davos elite are tring to stop populism globally by more wealth distribution which will mainly be funded by a carbon tax. So there it is, the lies of a warming plant continue so a global tax can be instituted.

2016 not warmest year ever

CO2 concentrations https://pbs.twimg.com/media/CmR6jd8UM…
Hot days over 95F USA http://principia-scientific.org/washi…
2016 UAH temperature data set http://www.drroyspencer.com/2017/01/g…
Mitigating the risk of geoengineering https://www.seas.harvard.edu/news/201…
Climate engineering, no longer on the fringe https://www.seas.harvard.edu/news/201…
NOAA and NASA scientists say 2016 warmest on record by 0.07 degree https://www.washingtonpost.com/news/e…

Read more

Tax Code Complexity Now Costs U.S. Economy up to $1 Trillion Annually

Tax Code Complexity Now Costs U.S. Economy up to $1 Trillion Annually:

Source: Tax Revolution Institute

74,608 pages, 2.4 million words.

That is the present size of Title 26 of the U.S. Code, i.e. the “Internal Revenue Code.” One would think this would be nearly impossible for an enterprise wielding an army of tax experts to absorb, let alone the average taxpayer. However, it doesn’t stop there.

The IRS has added an additional 7.7 million words of tax regulations designed to clarify what the original 2.4 million words mean. You can’t make this stuff up. Add 60,000 pages of tax-related case law essential to accountants and tax lawyers, and the burden is revealed.

More than 10 million words with a hidden annual compliance cost of up to $1 trillion. This is what Title 26 of the U.S. code and the Federal Register is estimated to cost the United States economy each year.

Read more

Australia: More than a third of big companies paid no tax in 2014-15

More than a third of big companies paid no tax in 2014-15, ATO reports:

Qantas tops the list of more than 1,900 companies, while revenue from the petroleum resource rent tax plummets

More than 35% of the largest public companies and multinational entities paid no tax in Australia in the most recent financial year on record, according to the second transparency report published by the Australian Taxation Office.

Qantas Airways, for the second year in a row, was the company with the highest total income to have paid no tax, followed by Origin Energy, Lend Lease and ExxonMobil Australia.

Read more

California Cities Weigh “Netflix Tax” For Online Video Streaming

California Cities Weigh “Netflix Tax” For Online Video Streaming:

Government is on the verge of completely destroying the economy all because those in power are incapable of managing even a bubblegum machine, rages Armstrong Economics’ Martin Armstrong.

Local cities are desperate for money as their own pensions moving closer to collapsing.

Instead of dealing with the problem, of course, they always choose to just tax the stupid people.

Pasadena city officials are considering whether to tax subscribers of Netflix, Hulu, and other video streaming services under an existing municipal utility tax code that was initially designed for taxing cable television users. Sacramento and dozens of other California cities have similar codes that they are looking to use to tax video streaming. As NYTimes reports,

Read more

Time Urges 65 Million Americans Who Voted For Hillary Not To Pay Taxes

Time Urges 65 Million Americans Who Voted For Hillary Not To Pay Taxes:

Under the twisted premise of losing the popular vote and “no taxation without representation”, TIME’s Mark Weston proclaims that the approximately 65 million Democrats who voted for Hillary Clinton should pledge “we won’t pay taxes to the federal government… until democracy is restored.”

Because, It’s just not fair?

Twice in the past 16 years, a Republican candidate who finished second in the popular vote has won the presidency. This year, Donald Trump won the electoral vote with about 46% of the popular vote, while Hillary Clinton received about 48%. If the parties stay this evenly divided, another electoral mishap is more likely than not in the next 20 years.

Read more

Hillary’s Huge Estate-Tax Hike

Hillary-Clinton-Satanic-Hang-Sign

Hillary’s Huge Estate-Tax Hike:

Hillary Clinton Proposes 65% Top Rate for Estate Tax” blared a headline in The Wall Street Journal. Since the current top statutory tax rate on estates is 40 percent, Clinton’s proposal is nothing if not audacious. I can’t recall Barack Obama, our most left-leaning president, ever calling for a 65 percent increase in tax rates for the rich.

Going after inheritances and estates is textbook Marxism. That is not an exaggeration. The third plank in Karl Marx’s 10-point platform for achieving socialism through democratic means — see his 1848 textbook to communism, The Communist Manifesto — was the abolition of inheritances. To repeat: it was point three in Marx’s 10-point plan.

Why They Love Estate Taxes

Read more