03-04-2016, 09:17 PM
1
Super Rich Tax Leak
HiOver 11 million documents have been leaked showing tax evasion by the super rich.
http://www.bbc.com/news/world-35918844
I am so going to enjoy this.
I wonder how many well known people will be squirming?
03-04-2016, 09:23 PM
2
Re: Super Rich Tax Leak
Originally Posted by swimfeeders
->
HiOver 11 million documents have been leaked showing tax evasion by the super rich.
http://www.bbc.com/news/world-35918844
I am so going to enjoy this.
I wonder how many well known people will be squirming?
04-04-2016, 10:00 AM
7
Re: Super Rich Tax Leak
Cameron's Dad has been implicated......Is there no end to the depths the media will plummet to get readers/viewersWhy is it that they pour scorn on someone who legally gets out of paying their tax. Only a fool would give money away if there is a legal way out.
04-04-2016, 10:32 AM
8
Re: Super Rich Tax Leak
Originally Posted by OldGreyFox
->
Cameron's Dad has been implicated......Is there no end to the depths the media will plummet to get readers/viewersWhy is it that they pour scorn on someone who legally gets out of paying their tax. Only a fool would give money away if there is a legal way out.
The first sees that paying tax is a burdensome obligation and that taxpayers are entirely justified in keeping their payments down as much as is legally possible. End of story. Let’s talk about something else.
The second looks at the ‘big picture’. From this perspective HMRC are not our enemy. They collect taxes in order that our society can function. There are many needs on the national resources. The list usually starts with schools and hospitals but it goes much further than this. As always there are more things that we would like the state to do than there is cash for doing them.
By the way, I recognise that opinions vary widely on the desirability of some of these major items of national expenditure. I also recognise that waste and inefficiency are unfortunately quite prevalent. Nevertheless a decent society needs substantial revenues if it is to do a decent job for all its citizens.
When taxpayers reduce the amount they pay the national coffers suffer. That means that the state is unable to do as much for its citizens. It is also true that wealthier taxpayers – both corporate and private – are much more able to reduce the amount that they legally pay than the poorer taxpayers in either category. This greatly increases the inequality that already exists.
The present financial mess makes this situation a great deal worse. The deficit means that the tax take is not nearly enough to pay for all that the state is committed to doing. So borrowing remains stubbornly high which means huge sums of money go on paying the lenders the interest that they are due. Yet, while Joe Bloggs is paying his full whack, the rich and powerful see absolutely no obligation to pull their weight. They go on scheming and plotting to deprive the community in which they live and work.
I agree that that the law is woefully inadequate and we also get the impression that HMRC has not been assiduous enough in chasing the greedy fat cats with their very expensive accountants and lawyers.
I do wonder how large the deficit would be if there was no tax avoidance at all. I don’t suppose that it would disappear altogether but it would surely be a lot smaller and much more manageable. I am sorry to say this but it really appals me that so many hide behind the mantra that tax evasion is wrong but tax avoidance is not only justified and even quite admirable. They are making a bad situation worse. They are not the solution: they are a major part of the problem.
04-04-2016, 10:33 AM
9
Re: Super Rich Tax Leak
Originally Posted by OldGreyFox
->
Cameron's Dad has been implicated......Is there no end to the depths the media will plummet to get readers/viewersWhy is it that they pour scorn on someone who legally gets out of paying their tax. Only a fool would give money away if there is a legal way out.
I rather think that this leak has more to do with illegal tax evasion than perfectly legal tax avoidance.
Nothing wrong with having a foreign company registered as long as it is declared.
04-04-2016, 11:19 AM
10
Re: Super Rich Tax Leak
Originally Posted by Mr Magoo
->
There are two ways of looking at this question.The first sees that paying tax is a burdensome obligation and that taxpayers are entirely justified in keeping their payments down as much as is legally possible. End of story. Let’s talk about something else.
The second looks at the ‘big picture’. From this perspective HMRC are not our enemy. They collect taxes in order that our society can function. There are many needs on the national resources. The list usually starts with schools and hospitals but it goes much further than this. As always there are more things that we would like the state to do than there is cash for doing them.
By the way, I recognise that opinions vary widely on the desirability of some of these major items of national expenditure. I also recognise that waste and inefficiency are unfortunately quite prevalent. Nevertheless a decent society needs substantial revenues if it is to do a decent job for all its citizens.
When taxpayers reduce the amount they pay the national coffers suffer. That means that the state is unable to do as much for its citizens. It is also true that wealthier taxpayers – both corporate and private – are much more able to reduce the amount that they legally pay than the poorer taxpayers in either category. This greatly increases the inequality that already exists.
The present financial mess makes this situation a great deal worse. The deficit means that the tax take is not nearly enough to pay for all that the state is committed to doing. So borrowing remains stubbornly high which means huge sums of money go on paying the lenders the interest that they are due. Yet, while Joe Bloggs is paying his full whack, the rich and powerful see absolutely no obligation to pull their weight. They go on scheming and plotting to deprive the community in which they live and work.
I agree that that the law is woefully inadequate and we also get the impression that HMRC has not been assiduous enough in chasing the greedy fat cats with their very expensive accountants and lawyers.
I do wonder how large the deficit would be if there was no tax avoidance at all. I don’t suppose that it would disappear altogether but it would surely be a lot smaller and much more manageable. I am sorry to say this but it really appals me that so many hide behind the mantra that tax evasion is wrong but tax avoidance is not only justified and even quite admirable. They are making a bad situation worse. They are not the solution: they are a major part of the problem.
and how I see it too.I never begrudged paying tax although my income was small, it is all about social responsibility to me and paying your share not trying to avoid doing so.
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