Thursday, April 14, 2016

Tax havens of the rich and powerful

See this article. When they don't pay their fair share of taxes that puts the burden on the rest of us. And because they also move work overseas to places that don't have minimum wages or worker safety laws, our income plummets and we can't afford to make up the difference in tax dollars. Hence our social and material infrastructure continues to erode, which of course erodes our spirit to fight this corrupt system. But the greedy bastards that don't feel obligated to society in any way continue to benefit while Rome burns. From the article:

"US corporate giants such as Apple, Walmart and General Electric have stashed $1.4tn (£980bn) in tax havens, despite receiving trillions of dollars in taxpayer support, according to a report by anti-poverty charity Oxfam.The sum, larger than the economic output of Russia, South Korea and Spain, is held in an “opaque and secretive network” of 1,608 subsidiaries based offshore, said Oxfam.
The charity’s analysis of the financial affairs of the 50 biggest US corporations comes amid intense scrutiny of tax havens following the leak of the Panama Papers. And the charity said its report, entitled Broken at the Top was a further illustration of “massive systematic abuse” of the global tax system."

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