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Gezzer
Joined: Oct 19, 2008
Posts: 666
Location: Buckinghamshire England
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 Posted: Wed Mar 04, 2009 11:25 pm Post subject: Obama bid to stamp out tax havens |
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| The world's most secretive tax havens are to be prised open after Barack Obama's new administration endorsed far-reaching legislation to crack down on them. |
tax avoidance is a far bigger threat to a nation then any kind of terrorism
it seems the "big boys" may have there days numbered
i also hope that our very own Mr Brown has the same type of gumption …
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tony7914
Joined: Dec 24, 2004
Posts: 4965
Location: Peru Indiana
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| Posted: Thu Mar 05, 2009 10:27 am Post subject: Re: Obama bid to stamp out tax havens [Login to view extended thread Info.] |
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| Gezzer wrote: |
| Quote: |
| The world's most secretive tax havens are to be prised open after Barack Obama's new administration endorsed far-reaching legislation to crack down on them. |
tax avoidance is a far bigger threat to a nation then any kind of terrorism
it seems the "big boys" may have there days numbered
i also hope that our very own Mr Brown has the same type of gumption …
Link to article |
This is kinda funny, while I agree everyone should pay their taxes (even though there shouldn't be nearly as many as there are) the rich didn't get that way by being stupid. Odds are they will find other ways to shelter their income or take it someplace else, I'm sure there are many smaller and or developing nations that would welcome them with open arms, Not to mention most of the people writing the laws are wealthy and I don't see them cutting their own throats either. |
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bern
Joined: Mar 12, 2007
Posts: 1432
Location: ann arbor
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| Posted: Thu Mar 05, 2009 11:09 am Post subject: Re: Obama bid to stamp out tax havens [Login to view extended thread Info.] |
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| tony7914 wrote: |
| This is kinda funny, |
Kind of like outlawing drugs or alcohol. Never works.
I wish I still had the reference, but there was a study some years back that showed a clear inverse relationship between tax shelter use and tax rates. And lower rates on high incomes led to less shelter use, and greater collection by the government. Just common sense, really. |
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tony7914
Joined: Dec 24, 2004
Posts: 4965
Location: Peru Indiana
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| Posted: Thu Mar 05, 2009 12:10 pm Post subject: Re: Obama bid to stamp out tax havens [Login to view extended thread Info.] |
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| bern wrote: |
| tony7914 wrote: |
| This is kinda funny, |
Kind of like outlawing drugs or alcohol. Never works.
I wish I still had the reference, but there was a study some years back that showed a clear inverse relationship between tax shelter use and tax rates. And lower rates on high incomes led to less shelter use, and greater collection by the government. Just common sense, really. |
Outlawing them doesn't work the way we want it to but I think some heavy duty regulation might do the trick, not to mention the tax money the government will make.
Common sense has always been absent in DC, that was one of the things many of us hoped would change but I don't see it happening this time around. |
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bern
Joined: Mar 12, 2007
Posts: 1432
Location: ann arbor
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| Posted: Thu Mar 05, 2009 12:34 pm Post subject: Re: Obama bid to stamp out tax havens [Login to view extended thread Info.] |
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| tony7914 wrote: |
Outlawing them doesn't work the way we want it to but I think some heavy duty regulation might do the trick, not to mention the tax money the government will make.
Common sense has always been absent in DC, that was one of the things many of us hoped would change but I don't see it happening this time around. |
Since the shelters we are talking about are not under US jurisdiction, there is no way we can regulate them. This means we can get them to do what we want only one way: diplomatic strong arm tactics. "muscling our friends". This is what irritated the Dems a lot about Bush. Now they want to do it themselves.
And you can't get at the American's overseas assets either, because they are also out of our jurisdiction. Strikes me as a bad idea. Better the carrot of lower tax rates than the stick and angering our friends. |
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tony7914
Joined: Dec 24, 2004
Posts: 4965
Location: Peru Indiana
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| Posted: Thu Mar 05, 2009 1:27 pm Post subject: Re: Obama bid to stamp out tax havens [Login to view extended thread Info.] |
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| bern wrote: |
| tony7914 wrote: |
Outlawing them doesn't work the way we want it to but I think some heavy duty regulation might do the trick, not to mention the tax money the government will make.
Common sense has always been absent in DC, that was one of the things many of us hoped would change but I don't see it happening this time around. |
Since the shelters we are talking about are not under US jurisdiction, there is no way we can regulate them. This means we can get them to do what we want only one way: diplomatic strong arm tactics. "muscling our friends". This is what irritated the Dems a lot about Bush. Now they want to do it themselves.
And you can't get at the American's overseas assets either, because they are also out of our jurisdiction. Strikes me as a bad idea. Better the carrot of lower tax rates than the stick and angering our friends. |
I agree but our friends in DC don't see it that way. |
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