Just another site

Things I don’t like in the West: fiscal paradises as legalized crime

I live in the Western Europe, more exactly – in Spain. With all the problems we have, the life of the people here is much better than in the most parts of the world (Asia, Africa, Latin America). Almost every day I say thanks heavens I don’t live in such parts of the world.

Having said that, I don’t think that the West is perfect or very good. There are lots of bad things and I’ll try to mention some of them.

Today, the tax evasion: If a private person or the owner a small company evades paying tax, they are breaking the law and they risk to go to jail. But when big companies evade paying taxes using tax heavens, they are not breaking the law and they don’t risk anything. Because the laws are tailored in order to protect the big crime, legalizing tax fraud for the super-rich.

See also:

The missing $20 trillion – How to stop companies and people dodging tax, in Delaware as well as Grand Cayman, Feb 16th 2013, The Economist.

Delaware – a black hole in the heart of America – The US state has been named the world’s most opaque jurisdiction in a major new survey of financial secrecy. 1 November 2009, Nick Mathiason, The Guardian

Legalized Tax Fraud: How Top US Corporations Continue to Profit Through Offshore Tax Havens, Feb 18 2015,
Senator Bernie Sanders (I-Vt.), the ranking member of the Senate Budget Committee, today called on America’s leading corporations to stop sheltering profits in the Cayman Islands and other offshore tax havens.

As CEOs seek tax cuts, senator slams corporate tax haven use, Feb 18, 2015, David Lawder, Reuters.
Sanders, top opposition member on the U.S. Senate Budget Committee, released a report decrying what he called “legalized tax fraud.” It showed that 111 of the 201 member companies of the Business Roundtable are sheltering more than $1 trillion in profits overseas, where they are not subject to U.S. taxes.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: