The Menace Of Tax Havens

I read an article on Yahoo today that says all tax havens should be quarantined. That I certainly agree with! While you and I try as best we can to make enough money to live on, the rich are hiding away their ill-gotten gains in tax havens so they don’t have to pay tax. This has an astounding affect on all of us.

The gist of the article says that all tax havens should be cut off from the global financial system. “They call for making it illegal for anyone in cooperative countries to have an account in a non-cooperative jurisdiction, or for someone in a cooperating country to be a shareholder in a corporation in a non-cooperative one.”

This means that it would be illegal for people to stow away money in a country or system that is not open to the world of finance. All these areas must be open to outside scrutiny and in effect, global auditors must be able to scrutinize all bank accounts wherever they are.

This idea of hiding away trillions of dollars from the tax people in any country in the world is a scandal, for if these politicians and businessmen paid the taxes that were due, most of the world’s monetary problems would be solved.

These billions of dollars could be used to aid the poorer countries of the world, feed those dying of hunger, and solve the sickness that is so prevalent in many countries in the world. Without a doubt, it could be used to solve the major debt problems across the world.

The sad thing is, these ultra-rich people just let it lie there in these accounts and never think of doing some good with their money. There are exceptions of course like Bill Gates and Warren Buffet who use their billions to do good in the world, its just a pity that all the ultra-rich do not think the same. Most of these people have more money than they could spend in three lifetimes, but they prefer to hide it away and do nothing with it. The phrase “It’s all mine, mine, mine!” comes to mind. It’s more about bucking the system and being able to brag about the fact that they are billionaire’s.

I have for a long time advocated that all these multi-billionaires should pay taxes on their often ill-gotten gains and do some good with it, but will it ever happen? There is a slim hope now that all these people will be caught with their ill-gotten gains if this plan goes ahead. Let’s hope it does.

Roy.

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