TAXES | WHAT REALLY HAPPENED

TAXES

Apr 15 07:09

HMRC only investigates 35 wealthy individuals each year

The Government's tax man only investigates 35 wealthy individuals for tax evasion each year.

HMRC told the Public Accounts Committee it did not know how many people it had successfully prosecuted.

The Parliamentary report also found that HMRC has made only limited progress in reducing the level of tax lost, which has remained relatively consistent over the past five years.

It concluded that the department's failure to prosecute those evading tax "creates the impression that the rich can get away with tax fraud".

Apr 15 06:20

Surprise! Tech giants dominate global tax-dodging list of shame

Apple is the number one tax dodger, keeping a staggering $181bn in three tax haven subsidiaries so it doesn't have to pay US taxes. Third comes Microsoft with $108bn in five special subsidiaries.

The top ten are then rounded out by IBM in fifth position ($61bn in 15 locations), Cisco in eighth ($53bn in 59 subsidiaries) and Google in tenth ($47bn in two subsidiaries).

Half of the top 10 tax dodgers are tech firms and they account for $451bn in money held offshore. On average, those five have paid 21.9 per cent tax, meaning that their offshore holdings are keeping $99bn out of the US tax system – the equivalent of $310 for every man, woman and child in America.

In comparison to the tech giants' 21.9 per cent tax rate, the statutory tax rate in the US is 35 per cent and the average US worker pays 31.5 per cent in taxes.

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Apr 14 14:02

Panama Papers Offer More Evidence That Free Trade Isn't Really Free

Maybe the Panama Papers won't reveal further offshore skullduggery by American business. But the fact is, we're already in it up to our necks. Go back to our long history with Panama, pulling it away from Colombia to dig the canal and advance the interests of corporate America.

Bring that history right up to 2011. George W. Bush and Dick Cheney had pushed for, and Obama as president and Hillary Clinton as secretary of state consummated -- as one of their first priorities when they came to power -- the Panama free trade agreement, an early investment in further corporate support and further evidence that both parties are too often in league as agents of corporate interests.

And guess who was at the pivot? The other fellow in that Martha's Vineyard foursome, Ron Kirk. As US Trade Representative, he was key to those Panama negotiations when Obama became president.

Apr 14 13:19

Closing Panama Tax Haven Will Require Fighting the Most Powerful Lobby In the World

Economist Michael Hudson says oil and mining industries and the State Department created Panama and Liberia for the express purpose of tax evasion

Apr 14 10:30

Botched Panama Papers Leak Has Unintended Consequences for the Elite

The Panama Papers leak has “revealed” London at the center of a “spider’s web,” according to this article, above. It is further evidence that the release of private information was a botched job.

Apr 14 08:05

Cherie Blair and son Euan saved thousands in tax after buying a string of flats for their property portfolio before the controversial change in stamp duty 

Blairs' company now boasts a total of 38 homes worth around £25 million

Webmaster's Commentary: 

On a civil service salary. Suuuuuuuuuuuure.

Apr 13 14:40

The IRS Has Been Encouraging Illegals to Steal Social Security Numbers

At a recent Senate Finance Committee hearing, the head of the IRS made a startling admission (or at least, startling to anyone who isn’t aware of how criminal our government is). IRS Commissioner John Koskinin revealed that his department is turning a blind eye to illegal aliens who steal social security numbers, or worse, the IRS has been encouraging this behavior.

(read more)

Apr 13 13:46

Delphi wins IRS appeal on tax inversion

Delphi Automotive plc will not pay U.S. taxes on its worldwide profits, the supplier announced Wednesday after winning an appeal with the Internal Revenue Service earlier this month.

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Apr 13 13:02

Under ObamaCare, Insurers Are Losing Money On A Product People Must Buy

ObamaCare requires people to buy insurance, but UnitedHealth Group is losing so much money it’s exiting two states, and eight co-ops are on the brink. This is your health care on government.

The good news just keeps on rolling in for ObamaCare.

Apr 13 10:05

NAMES OF INTELLIGENCE OFFICIALS, AGENTS, APPEAR IN PANAMA PAPERS

The massive data leak of documents belonging to Panamanian law firm Mossack Fonseca has revealed the names of intelligence officials and agents form several countries, who employed front companies to conceal their financial activities. According to German newspaper Süddeutsche Zeitung, which was the initial recipient of the largest data leak in history last summer, the list of names includes intelligence officials from the Middle East, Latin America and Africa, as well as “close intermediaries of the [United States] Central Intelligence Agency”.

Apr 13 09:52

Your guide to The Panama Papers

Hidden in 11.5 million secret files:
_140 politicians from more than 50 countries;
_connected to offshore companies in 21 tax havens;
_heads of state, their associates, ministers, elected officials.
Explore dozens of stories in this interactive
to see who did what and how.

Apr 13 09:44

Hillary Confirms Trillion Dollar Tax Hike Plan

During an interview with the editorial team of the New York Daily News, Hillary Clinton admitted her tax proposals will increase taxes on the American people by at least $1 trillion over the next ten years.

Webmaster's Commentary: 

"Because that's all you little people are good for; giving us money!" -- Shrillary

Apr 13 09:30

Oxfam slams World Bank for investing in firms using tax havens

Fifty-one of 68 companies doing business with World Bank funds on projects in sub-Saharan Africa in 2015 used tax havens, according to a report released by global charity Oxfam.

Apr 13 09:12

Jeremy Corbyn Panama Papers Statement Full

Apr 13 09:11

Ex-US tax court judge, husband indicted in tax evasion case

A former U.S. Tax Court judge and her husband have been indicted on charges in Minnesota that they conspired to evade at least $400,000 in federal taxes, the U.S. Attorney’s office said Monday.

Diane Kroupa, 60, and her 62-year-old husband, Robert Fackler, are charged with conspiracy to defraud the United States, tax evasion, making and subscribing false tax returns and obstruction of an IRS audit, U.S. Attorney Andrew Luger announced.

Apr 13 09:08

Cameron ‘oblivious’ to tax avoidance fury, as over 100,000 petition for snap election

Prime Minister David Cameron doesn’t recognize the intensity of public anger over his tax affairs, Labour leader Jeremy Corbyn told MPs. His remarks come as more than 100,000 signatories petitioned for a snap general election.

Cameron was on the defensive in Parliament on Monday over his past offshore investments and his government’s failure to crack down on tax avoidance.

Corbyn attacked the PM for failing to grasp the widespread rage felt across the UK at revelations of industrial-scale tax avoidance in the wake of six years of harsh austerity.

Webmaster's Commentary: 

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Apr 12 20:19

Fleecing the American Taxpayer: The Profit Incentives Driving the Police State

what share of your production will you be able to keep?

snip: Everywhere you go, everything you do, and every which way you look, we’re getting swindled, cheated, conned, robbed, raided, pickpocketed, mugged, deceived, defrauded, double-crossed and fleeced by governmental and corporate shareholders of the American police state out to make a profit at taxpayer expense.

Apr 12 15:47

IRS chief: Agency encourages illegal immigrant theft of SSNs to file tax returns

Asked to explain those practices, Koskinen replied, "What happens in these situations is someone is using a Social Security number to get a job, but they're filing their tax return with their [taxpayer identification number]." What that means, he said, is that "they are undocumented aliens … . They're paying taxes. It's in everybody's interest to have them pay the taxes they owe."

Webmaster's Commentary: 

Except that these illegals are getting REFUNDS!!!!

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Apr 12 11:50

Hate Taxes? You Certainly Are Not Alone…

Apr 12 11:16

It’s the criminal economy, stupid!

Naming and shaming corporate tax dodgers isn’t enough. We need to hack them and track them, too.

Apr 12 11:01

The Panama Papers Have Made Radical Change Possible.

Journalists have been decoding 11.5 million documents leaked from Panamanian law firm Mossack Fonseca. The 2.6 terabytes of data show tens of billions of dollars worth of transactions dating back 40 years. 200,000 firms and 14,000 individuals are involved.

Secretary of State Hillary Clinton lobbied successfully for the Panama-United States Trade Promotion Agreement. She paved the way for major banks and corporations, most notably Deutsche Bank, to skirt national laws and regulations. After she resigned as Secretary of State, Deutsche Bank paid her $485,000 for a speech.

Bernie Sanders won 7 of the last 7 caucuses and primaries but still trails Hillary in delegates for the nomination. That is fair because she took money from Goldman Sachs, J P Morgan and Deutsche Bank which she gave to Democratic officials in the various state party organizations to buy delegates. Who cares about voters when you have campaign cash from known criminals?

Webmaster's Commentary: 

Apr 12 09:50

CBC Declines To Turn Over Panama Papers Data To CRA

The Canada Revenue Agency has formally asked the CBC to hand over offshore tax-haven data from the massive Panama Papers leak, but the news organization is refusing.

Webmaster's Commentary: 

"Don't you see? We have to protect the rich. We just HAVE to!!!!" -- Canadian Broadcorping Castration.

Apr 12 08:59

Oxfam: Most of World Bank's Private Investments Linked to Tax Havens

As the Panama Papers continue to shed light on the widespread issue of tax evasion around the globe, Oxfam has revealed that the World Bank is also complicit in promoting tax havens with the majority of its private investments going to companies with offshore accounts, according to a new report released Monday.

"Tax dodging by multinational corporations alone costs developing countries at least US$100 billion every year, and corporate investment in tax havens almost quadrupled between 2000 and 2014," Oxfam said in a recent report. "Furthermore, it is estimated that globally a total of US$7.6 trillion of individuals’ wealth sits offshore. If tax were paid on the income that this wealth generates, an extra US$190 billion would be available to governments every year."

Apr 11 15:56

Hiding, Secret and Shell

an ad for the 1% to hide their ill-gotten gains :-D

Apr 11 09:22

El Salvador raids local office of Mossack Fonseca

On Friday, El Salvadorean authorities raided the local office of Mossack Fonseca, the global law firm at the heart of the Panama Papers.

Authorities seized documents and computer equipment in the office in the neighborhood of Colonia Escalon.

The attorney general said the Mossack Fonseca sign had been removed from the office a day earlier and quoted an employee as saying the firm was moving.

Apr 11 09:11

PM Cameron received £200,000 in gifts from mom, potentially avoiding inheritance tax

Pressured over links to his late father’s offshore dealings, UK PM David Cameron has published statements on his personal finances. The disclosure reveals he received gifts totalling £200,000 from his mother, in what could be interpreted as an attempt to dodge inheritance tax.

Ian Cameron, the prime minister’s late father, is among those mentioned in the so-called Panama Papers, the massive leak of financial documents currently under investigation.

Critics have accused the PM of profiting from his father’s offshore dealings and failing to pay proper taxes. Facing growing criticism and street protests in front of his residence at 10 Downing Street, Cameron has now released statements in a move aimed at providing some transparency on the state of his finances.

Apr 11 09:06

How a US president and JP Morgan made Panama: and turned it into a tax haven

Panama was created by the United States for purely selfish commercial reasons, right on that historical hinge between the imminent demise of Britain as the great global empire, and the rise of the new American imperium.

The writer Ken Silverstein put it with estimable simplicity in an article for Vice magazine two years ago: “In 1903, the administration of Theodore Roosevelt created the country after bullying Colombia into handing over what was then the province of Panama. Roosevelt acted at the behest of various banking groups, among them JP Morgan & Co, which was appointed as the country’s ‘fiscal agent’ in charge of managing $10m in aid that the US had rushed down to the new nation.”

The reason, of course, was to gain access to, and control of, the canal across the Panamanian isthmus that would open in 1914 to connect the world’s two great oceans, and the commerce that sailed them.

Apr 11 07:59

The man in charge of probing the Panama tax dodging scandal was a partner at the law firm that acted for offshore firms... including the one set up by David Cameron's father

The man in charge of overseeing the UK Government's inquiry into the Panama Papers was a partner at a law firm that acted for the offshore fund set up by David Cameron's stockbroker father, it emerged this morning.

Edward Troup, executive chairman of HMRC, was a partner at Simmons & Simmons, which represented Ian Cameron's Blairmore Holdings and other offshore firms named in the leak.

HMRC has been given a lead role in the £10million taskforce launched to investigate allegations of wrongdoing highlighted in the 11.5million documents leaked from Panamanian law firm Mossack Fonseca.

Webmaster's Commentary: 

So, we can expect this new inquiry to be as quickly forthcoming as the Chilcot Inquiry or the inquiry into high-level pedophilia among British politicians!

Apr 11 07:46

Cameron plans to introduce new crime of aiding tax evasion

The prime minister has been under pressure over his handling of revelations about Panama-based companies, including an offshore trust set up by his late father, Ian Cameron.

He will insist that Blairmore Holdings was not set up to avoid tax, and will say that his government “has done more than any other to take action against corruption in all its forms”.

Webmaster's Commentary: 

Apr 10 17:18

Proof Americans will spend more on taxes this year than housing, food and clothing together

Tax Foundation research shows the unheard of -- Americans pay too much in taxes

Apr 10 09:45

INTRODUCING TAX AVOIDING HUFFPO LUXEMBOURG

HuffPoUK have jumped on the tax status exposé bandwagon, lambasting those terrible internet companies for avoiding tax:

Top 5 internet companies paying minimal corporation tax in the UK http://t.co/opNi2VDz

— HuffPost UK (@HuffPostUK) October 11, 2012
At least they have been gracious enough to admit AOL does not make it into the top five companies on the internet. Guido wonders though, would that by any chance be the same HuffPo UK that is owned by AOL Limited, whose parent company is the Luxembourg-registered AOL Europe Société à responsabilité limitée?

The HuffPoUK exposé makes clear the benefits of such an arrangement:

“Amazon, the UK’s most popular shopping site, generated £3.2 million in UK profits last year yet managed to pay zero corporation tax as its European headquarters are registered in the tax haven of Luxembourg.”

Apr 10 09:36

Uncut - The Guardian's Offshore Secrets

Apr 09 14:22

Millionaires Migrate to USA

Apr 09 09:56

Why the top 10 tax havens don't include Panama

The Panama Papers revelations have prompted the country to create an international panel to help improve transparency in its offshore financial industry.

But international organisations which investigate financial secrecy warn that Panama is not even in the top 10 countries with the least financial transparency.

They say that rich Europeans and North Americans can easily hide their money much closer to home. And this may explain why so few US residents have so far been implicated in the Panama scandal.

Webmaster's Commentary: 

Apr 09 09:53

Exclusive: Blocking Trump could hurt Republicans in election - Reuters/Ipsos poll

Without Trump at the head of the ticket the Repubs will go the way of the Whig Party. BYE!BYE! Repubs! Don't let the door hit you in the ass when you leave America!

A third of Republican voters who support Donald Trump could turn their backs on their party in November's presidential election if he is denied the nomination in a contested convention, according to a Reuters/Ipsos poll.

The results are bad news for Trump's rivals as well as party elites opposed to the real estate billionaire, suggesting that an alternative Republican nominee for the Nov. 8 presidential race would have a tougher road against the Democrats.

"If it’s a close election, this is devastating news" for the Republicans, said Donald Green, an expert on election turnout at Columbia University.

Apr 09 09:33

The Beginning Of The End For Obamacare: Largest US Health Insurer Exits Georgia, Arkanasas

In a statement, UnitedHealth said that "the company is evaluating the viability of the insurance exchange product segment and will determine during the first half of 2016 to what extent it can continue to serve the public exchange markets in 2017."

Needless to say, the implications for Obamacare - which had seen a surge in problems over the past year - were dire: As Bloomberg reported at the time, "a pull-back would deal a significant blow to President Barack Obama’s signature domestic policy achievement. While UnitedHealth has been slower than some of its rivals to sell Obamacare policies since new government-run marketplaces for the plans opened in late 2013, the announcement may indicate that other insurers are struggling."

Webmaster's Commentary: 

Apr 09 07:24

Hidden Taxes: A Cruel Deception

Forget income and sales taxes for a minute. Some of the cruelest and most regressive taxes are either hidden or nearly hidden. They are kept out of sight because they hit the poor the hardest. What are these hidden taxes? You'll be surprised!

Webmaster's Commentary: 

Apr 08 16:51

New Jersey Homeowner May Face Jail for Flying Trump Campaign Flag

A New Jersey man who's been flying Donald Trump's campaign flag in front of his home since February could face up to a $2,000 fine or jail time when he faces a judge in the case.
Joe Hornick has been flying Trump's "Make America Great Again" flag outside his West Long Branch home on a busy corner near the Monmouth University campus for months.

Apr 08 14:20

“Panama Papers” Show Hillary’s Campaign Chairman John Podesta and His Brother Tony Podesta Are Involved in Mossack Fonseca Tax Evasion; Bernie Sanders Vows to End US-Panama Free Trade Agreement, Which Made this Criminality Possible

The biggest victim of the so-called Panama Papers scandal, that mass of 11 million documents referring to 215,000 offshore entities created by the Panamanian law firm of Mossack Fonseca, may turn out to be Democratic presidential candidate Hillary Clinton. P

Apr 08 11:10

SRA seeks answers from firms linked to Panama Papers

The Solicitors Regulation Authority confirmed today that it plans to contact each of the England and Wales firms among the 11.5 million documents leaked from the Panamanian firm Mossack Fonseca.

Webmaster's Commentary: 

"Buggers! Our office buildings burned to the ground last night!"

Apr 08 10:26

Panama Papers Update: Iceland’s Coalition Government To Face No-Confidence Motion Debate In Parliament

Although the government is facing widespread criticism following the leak, the ruling coalition of Progressive Party and the Independence Party enjoys a majority, controlling about two-thirds of the seats in the nation’s 63-strong parliament. However, latest polls put the Pirate Party in the lead with 43 percent of the vote, much ahead of the ruling coalition and other opposition parties.

Apr 08 08:04

Rothschild/Crown Finger Prints On Panama Papers

While the corporate media has used the information to attack political enemies of the Rothschild-led international banking cartel such as Russian President Vladimir Putin, deceased Libyan leader Mohamar Qaddafi (neither of whom are even mentioned in the Papers), Chinese President Xi Jinping and bankster-jailing Icelandic Prime Minister Sigmundur Davio Gunnlaugsson, the more interesting clientele have naturally flown below Pressitute radar.

These include Pakistan President Nawaz Sharif, Saudi King Salman, United Arab Emirates (UAE) & Abu Dhabi President Khalifa bin Zayed Al Nahyan, Ukrainian President Petro Poroshenko, former Emir of Qatar Hamad bin Khalifa Al Thani, and both acting and former prime ministers of Iraq, Moldova, Georgia, Ukraine, Jordan, Qatar – all of whom are puppets of the Rothschild-led City of London banksters.

The late father of British Prime Minister David Cameron was also listed.

Apr 08 08:01

Panama Papers: City of London Is 'Beating Heart' of Tax Empire

The beating heart of the tax avoidance practice and industry is the city of London, Mark Donne, director of the award-winning documentary “UK Gold,” told teleSUR in light of the recent Panama Papers scandal, emphasizing that the practice has cost the Global South trillions of dollars in plundered resources and wealth.

Webmaster's Commentary: 

Apr 08 07:40

Michael Rivero "Media Obsessed With Panama Papers But Never Take On Rothschild Central Bankers!"

Apr 08 07:37

Corruption PSYOPS

The so-called Panama Papers are sold to us as a vast leak chronicling the financial misdeeds of the rich and powerful. But is this really the case? Certainly we are given insight into the secretive world of offshore banking, but is it a complete and balanced story? One interpretation of the Panama Papers is the West targeting its enemies.

Webmaster's Commentary: 

Except that the leak has backfired against people like David Cameron, Hillary Clinton, Kofi Anan's son, etc.

Apr 08 05:01

Damage Extensive for Crippled U.S. Littoral Ship in Singapore

The USS Fort Worth, the third Littoral Combat Ship deployed by the U.S. Navy, suffered “extensive damage” during the botched maintenance procedure in January that’s left the crippled vessel sidelined in Singapore ever since, according to the service’s top weapons buyer.

A Navy team has been examining the vessel built by Lockheed Martin Corp. since the January 12 incident, when gears that propel the ship were damaged, Assistant Navy Secretary Sean Stackley said in Washington. An investigation is continuing into the failure that’s thought to have been caused by crew error rather than a design flaw.

Apr 07 19:22

One Day After The Panama Papers Were Leaked, IRS Headquarters Closes Then Catches Fire

By John Vibes

As we have been covering this week, the release of the Panama Papers has created a panic among world governments, by exposing some of their darkest secrets.

In the leak, 11.5 million documents were stolen from Mossack Fonseca and were leaked to Suddeutsche Zeitung, who then turned to the International Consortium of Investigative Journalists to examine the documents. In the time since, media organizations have been scrambling to sift through a large number of documents, in hopes of finding stories that they can spin to fit their narrative.

Apr 07 13:31

How many #PANAMAPAPERS can YOU handle? PART 6… DailyKOS 4-5-16… “Panama Papers – Hillary connection to Deutsche Bank”

Concerning the Panama Papers scandal, let’s start putting two and two together.

1. Hillary Clinton lobbied for the Panama-United States Trade Promotion Agreement, and WAS WARNED it would make money laundering and tax evasion easier for rich folks and bad guys. www.ibtimes.com/…

2. Deutsche Bank is up to its eyeballs in this shit. www.dw.com/…

3. After resigning as SoS, Hillary Clinton personally made $485,000 speaking to – don’t hold your breath, you know where I’m going with this – Deutsche Bank. theintercept.com/…

No nuance. It’s really simple. Hillary Clinton did Deutche Bank a big lucrative solid, and they returned the favor when it was legally permissible.

Apr 07 10:30

You Probably Spend More On Taxes Than Food, Clothing, and Housing Combined

Are you familiar with Tax Freedom Day? No, it isn’t the day after April 15th. According to the Tax Foundation, it’s the day of the year when the average American has earned enough money to pay for all the income taxes they will accumulate throughout the rest of the year. In 2016, that day will fall on April 24th. Or put another way, if you work during all 52 weeks of the year, more than 16 weeks of your labor are going to the IRS.

According to the Tax Foundation’s annual report, Americans are going to spend a total of $5 trillion on federal, state, and local taxes this year, which amounts to about 31% of our nation’s income. That’s almost $1 trillion more than we spend on food, clothing, and housing put together.

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Apr 07 10:24

Rothschild humiliates Obama, reveals that “America is the biggest tax haven in the world”

In his speech yesterday, following the Treasury’s crack down on corporate tax inversions, Obama blamed “poorly designed” laws for allowing illicit money transfers worldwide.

Apr 07 08:36

Panama Tax Haven Scandal: The Bigger Picture

Unfortunately the leaker has made the dreadful mistake of turning to the western corporate media to publicise the results. In consequence the first major story, published today by the Guardian, is all about Vladimir Putin and a cellist on the fiddle. As it happens I believe the story and have no doubt Putin is bent.

But why focus on Russia? Russian wealth is only a tiny minority of the money hidden away with the aid of Mossack Fonseca. In fact, it soon becomes obvious that the selective reporting is going to stink.

Apr 07 08:05

‘Panama Papers’ Implicate Client of Clinton-Linked Lobbying Firm

The “Panama Papers” are being called “the Wikileaks of the mega-rich.” Corporate documents leaked from the law firm Mossack Fonseca show how world leaders have used offshore tax havens to hide their involvement in lucrative companies and business deals around the world.

Among those companies is the Russian Sberbank, whose U.S. investment banking branch recently enlisted the services of the Podesta Group. According to its lobbying registration form, the firm will work on banking, trade, and foreign relations issues.

One of the three lobbyists working on the account is Tony Podesta, a bundler for the Clinton campaign and the brother of campaign chairman John Podesta, who co-founded the firm.

Apr 07 07:52

China Censors the Panama Papers

The foolish man buried his treasure and then posted a sign, “This ground does not contain 300 taels of silver.” This Chinese proverb has become a shorthand for the way the guilty give themselves away, and it’s aptly illustrated by the Communist Party’s hasty efforts to censor news of the Panama Papers.

The cache of documents stolen from the Mossack Fonseca law firm in Panama City doesn’t show (at least so far) that Chinese leaders or their relatives embezzled money or avoided tax. The authorities nonetheless issued instructions Monday to the official state media, social-media sites and search engines to remove the story.

Apr 07 07:34

Panama Papers Soros behind leaks

Webmaster's Commentary: 

Whatever Soros thought he was doing, this has backflashed on him.

Apr 07 07:10

David Cameron accused of 'completely undermining' Tory claims to be tough on tax dodgers

David Cameron was today accused of "completely undermining" the Government's claims to be tough on tax dodgers after the Prime Minister personally intervened to try to prevent EU transparency rules affecting offshore tax trusts.

The Prime Minister was forced to respond to the scandal after it emerged that he sent a letter to the European Council president Herman van Rompuy in 2013 arguing for trusts to be treated differently from companies in anti-money laundering rules.

Mr Cameron claimed that it was "clearly important we recognise the important differences between companies and trusts".

Apr 06 23:22

The Panama Papers Problem

Is anybody surprised that the PTB that create the tax laws know and take advantage of the loopholes they created

Apr 06 16:49

Flashback 2012: Tax avoidance scheme used by Jimmy Carr investigated by HMRC

A tax avoidance scheme alleged to be used by thousands of wealthy individuals, including the comedian Jimmy Carr, is under investigation by authorities.

HM Revenue and Customs told the Guardian that accounting firms using a scheme to create offshore loans and new contracts of employment for UK earners were being investigated and could be taken to court.

HMRC said the scheme, known as K2, was already under serious scrutiny by tax inspectors before a Times investigation on Tuesday (paywall) which alleged that comedian and presenter Carr was avoiding paying higher rates of tax by funnelling millions of his assets through a £168m Jersey-based scheme.

HMRC said it was currently investigating whether the scheme was technically legal.

Apr 06 13:31

Panama Tax Haven Leak: The Bigger Picture

Unfortunately the leaker has made the dreadful mistake of turning to the western corporate media to publicise the results. In consequence the first major story, published today by the Guardian, is all about Vladimir Putin and a cellist on the fiddle. As it happens I believe the story and have no doubt Putin is bent.

But why focus on Russia? Russian wealth is only a tiny minority of the money hidden away with the aid of Mossack Fonseca. In fact, it soon becomes obvious that the selective reporting is going to stink.

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Apr 06 10:41

TWO DAYS AFTER "PANAMA PAPERS" RELEASED, IRS HQ TO BE CLOSED ALL WEEK AFTER BASEMENT FIRE

IRS headquarters in Washington will remain closed for the rest of the week while repairs are made after a basement fire in the building.

Apr 06 10:28

U.S. emerging as tax haven alongside Switzerland, Caymans

The United States is emerging as a top tax haven alongside the likes of Switzerland, the Cayman Islands and Panama, those seeking reform of the international tax system say. And states such as Delaware, Nevada, South Dakota and Wyoming, in particular, are competing to provide foreigners with the secrecy they crave.

"There's a big neon sign saying the U.S. is open to tax cheats," says John Christensen, executive director of the Tax Justice Network.

Apr 06 09:30

Why are there so few Americans caught up in the Panama Papers leak? Because the U.S. has an 'onshore haven industry that is just as secretive' with people forming shell companies in Wyoming, Delaware and Nevada

More than 200,000 entries were included in the Panama Papers leak with politicians, celebrities and sports stars caught up in the scandal.

But so far only 211 people have been identified by authorities as having U.S. addresses.

Experts have now revealed the reason for the low number of people involved might be because shell companies are being formed under authorities' noses in Wyoming, Delaware or Nevada - meaning Americans do not need to go to Panama.

Apr 06 09:07

Dossier Panama: involved at least 28 German banks

At least 28 German banks in recent years used the services of law firm Mossack Fonseca which helped the rich tax evasion, reports the German newspaper Suddeutsche Zeitung, which has uncovered the "Dossier Panama" affair in cooperation with the International Consortium of Investigative Journalists.

Apr 06 08:39

Panama 'tax scam' lawyer is son of Nazi SS officer from dreaded Death's Head division who fled to South America then SPIED on Cuba for the CIA, brother reveals

The man behind a Panama 'tax scam' that guards the clandestine wealth of the global elite is the son of a Nazi SS officer from a unit known as the 'Death's Head division'.

Jürgen Mossack is at the heart of the biggest financial data leak in history, and has allegedly been helping world leaders, politicians and celebrities launder money, dodge sanctions and evade tax from his base in Panama.

It has now been revealed that his father, Erhard Mossack, was a member of the Nazi fighting unit known as the 'Death's Head division', a dreaded force during the Second World War.

Webmaster's Commentary: 

Funny how all those Israelis who always scream about the evil Nazis when they ask for more American tax money didn't hesitate to use a company founded by a Nazi to avoid paying their taxes.

Apr 06 08:08

Confusion in Iceland as PM says he did not resign

Iceland’s prime minister, Sigmundur David Gunnlaugsson, has denied reports that he resigned over the Panama offshore scandal, saying in a press release that his party’s vice-chairman has taken the office for an “unspecified amount of time.”

Webmaster's Commentary: 

Get out those bananas and eggs again, Icelanders!

Apr 06 08:06

IRS Headquarters Building In Washington, D.C. To Remain Closed For Rest Of The Week Due To Fire

The headquarters of the Internal Revenue Service, near the Mall in Northwest Washington, will remain closed for the rest of the week after a fire there Monday forced evacuation of the building.

Webmaster's Commentary: 

Someone emailed me about taking up a collection for the IRS fire. I said I could donate a gallon of gas.

Apr 06 07:47

Shots Fired: Wikileaks Accuses Panama Papers' Leaker Of Being "Soros-Funded, Soft-Power Tax Dodge"

Question aside about who it is that gets to decide which "innocent private individuals" are to be left alone, Wikileaks clearly did not like being characterized as conducting "irresponsible" journalism - and to the contrary, many in the public arena have called for another massive, distributed effort to get to the bottom of a 2.4TB treasure trove of data which a handful of journalists will simply be unable to dig through - and moments ago, on Twitter, accused the ICIJ of being a "Washington DC based Ford, Soros funded soft-power tax-dodge" which "has a WikiLeaks problem."

Apr 06 07:39

Hillary Clinton Ties Emerge In Panama Papers

A billionaire and a Russia-controlled bank named in the Panama Papers have links to Hillary Clinton through two separate lobbying efforts — one through a Clinton-connected lobbying firm and another through Sidney Blumenthal.

Clinton is linked to Sberbank, Russia’s largest bank, through Podesta Group, a lobbying firm co-founded by Clinton’s campaign chairman John Podesta and his brother, Tony Podesta, a major Clinton bundler.

Apr 06 06:42

Panama Papers: The truth about the Blairmore fund - by the man who exposed it

These facts are awkward for the Prime Minister: In the early 1980s his father Ian helped to establish an offshore fund, unabashedly named ‘Blairmore’ after the family’s ancestral family home in Aberdeenshire, which avoided ever having to pay tax in Britain.

Webmaster's Commentary: 

Apr 06 06:15

George Soros’ Anti-Kremlin Info Laundering Backfires on Clinton, Cameron

The Soros-funded framing of the document release aimed to smear Putin, but did more to expose the collusion of Hillary Clinton, David Cameron, and other Western scam artists.

Webmaster's Commentary: 

Apr 06 06:13

David Cameron left dangerously exposed by Panama Papers fallout

David Cameron was left dangerously exposed on Tuesday after repeatedly failing to provide a clear and full account about links to an offshore fund set up by his late father, as the storm over the Panama Papers gathered strength in both the UK and elsewhere around the world.

Webmaster's Commentary: 

Dear Brits.

Last time I visited the Tower of London, that large wood block was still there!


Apr 05 19:13

The Panama Papers Reveal The “Big Global Problem”

Op-Ed by John Galt

The largest data leak in history has people in a tizzy. Virtual lynch mobs are calling for the heads of all those who have appeared in various infographics documenting their supposedly-possibly-disturbing connections to suggested nefarious dealings … by associates, family members and childhood friends in many cases.

By extension, knowingly or not, these lynch mobs have quickly called on government to rein in anyone who might use a legal vehicle (for now) to protect their wealth.

I’d like to put aside the questions that have been legitimately raised about the geopolitical implications of who has been revealed, or questions about whether these alleged crimes are equal to what some of these individuals really could stand trial for, and focus instead on the reaction from the general public...

n/a
Apr 05 15:20

Panama Papers Hack: 11 Million Documents Reveal Decades of Elite Money Laundering and Tax Dodging

What’s interesting is that all the people “outed” by this hack so far appear to be foes of the American government, such as Russian President Vladmir Putin, former Egyptian President Hosni Mubarak who was ousted after a U.S. regime change, former Libyan leader lynched during a U.S. regime change mission Muammar Gaddafi, and Syrian President Bashar al-Assad, the current target of a U.S. regime change mission.

In fact, Russian diplomat Dmitry Peskov has openly accused the U.S. State Department and CIA as being behind this.

(read more)

Apr 05 14:50

Why use a shell corporation?

Apr 05 14:17

While Clinton Backed 2011 Trade Deal, Sanders Foresaw Panama Papers Fiasco

'Panama is a world leader when it comes to allowing wealthy Americans and large corporations to evade US taxes,' Sanders told Congress in 2011.

Apr 05 12:53

FLASHBACK - The World’s Favorite New Tax Haven Is the United States

Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at Rothschild & Co., gave a talk on how the world’s wealthy elite can avoid paying taxes.

His message was clear: You can help your clients move their fortunes to the United States, free of taxes and hidden from their governments.

Some are calling it the new Switzerland.

Apr 05 11:24

Former federal tax court judge charged with tax evasion in Minnesota

A former U.S. Tax Court judge and her husband have been charged with tax evasion in U.S. District Court in Minneapolis.

Judge Diane Kroupa, who retired in 2014, and her husband, Robert E. Fackler, are accused of fraudulently claiming personal expenses such as wine club fees and vacations as tax-deductible expenses of Fackler's political consulting business.

Apr 05 11:00

TOON OF THE DAY ~~ #PanamaPapers

And of course, Israel is involved ….

Apr 05 08:20

Britain should not crack down on tax havens as doing so would destroy their livelihoods, senior Tory MP says

The Government should not stop British overseas territories acting as tax havens because it would destroy their livelihoods, a senior Conservative MP has argued.

Apr 05 08:15

British banker set up firm ‘used by North Korea to sell weapons’

Nigel Cowie’s front company also allegedly helped regime expand nuclear programme, Panama Papers show

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