Archive for Taxes

The Menace Of Tax Havens

Posted in America, Britain, European Union, Germany, Modern World, News, Russia, Saudi Arabia, Theft, USA with tags , , , , on 17/11/2016 by floroy1942

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.

The Off-Shore Accounts Scandal

Posted in America, Australia, Britain, Canada, European Union, Germany, Justice, News, Theft, United Nations with tags , , , , on 06/04/2016 by floroy1942
See What I Mean!

See What I Mean!

Like everyone else I was shocked at the leak of offshore account details by Panama, but to be honest, it did not surprise me. We have known for years that many rich people have hidden their money in these accounts, and of course many do it to avoid paying taxes.

But now the ‘cat is out of the bag’ and they are sitting with red faces because their wealth has become public. We have heard denials from various individuals about the fact that they have not been avoiding paying taxes on their wealth and it may be true is some cases, but certainly not all.

The big question though is what to do about it! In my view all these tax havens should be wound up and made illegal, but the problem is, those that must do it are the ones hiding money away i.e. politicians.

There can be little doubt that a way must be found to stop this practice. Maybe the United Nations can set a law that these places must declare all their customers, and how much each account holds. Again this is not likely to happen.

The problem is that those avoiding tax revenue could probably put an end to the financial crises of many countries in the world. Imagine if those resident in Greece were to pay all the taxes they owed to the government, then that country’s financial crisis would disappear, the same goes for many other lands, including Britain.

The amount owed by these people must run into trillions of dollars and could solve many of the hardships being suffered by people across the world.

What good will come of this whole farce I don’t really know, but for the good of many countries someone, somewhere must put a stop to it. Let’s just hope the authorities in various countries go after these people.

Roy.

Europe Fuel Tax To Pay For Migrants? Not On Your Life!

Posted in America, Britain, England, European Union, Germany, Immigrants, Islamic State, News, Politics, Terrorism with tags , , , , on 18/01/2016 by floroy1942

After Merkel’s ill-advised open-door announcement to migrants the German’s are now discovering they cannot handle the numbers. Surprise! Surprise!

Wolfgang Schaeuble,

Wolfgang Schaeuble,

Just yesterday the German  Finance Minister, Wolfgang Schaeuble, suggested a Europe-wide fuel tax to help pay for the massive influx of refugees that invaded Europe last year. He said to a German Newspaper, “If national budgets or the EU budget are insufficient, let’s agree to set up, for instance, a tax of a certain amount on each litre of petrol. This way we would have the means for a European response to the refugee issue.”

So in his opinion every man, woman and child throughout Europe should pay towards the feeding, housing, and welfare of the more than a million ‘refugees’ that have flooded into Germany, and I might add, overflowed into the rest of Europe,  just because their Chancellor Angela Merkel made a catastrophically stupid announcement to the whole world.

Sorry, I don’t buy it!

"Oh Crap! What Have I Done?"

“Oh Crap! What Have I Done?”

“Things are moving too slowly in Europe,” he said, adding that he fully backed Chancellor Angela Merkel’s efforts to solve the challenges posed by the migrant crisis. “I support, with the full force of my convictions, what the chancellor says: we need to solve the problem starting from Europe’s external borders. Otherwise, Europe will find itself in an even bigger crisis.”

Considering the events in many German cities over the New Year I would say that is an understatement of colossal proportions. The problems will not be restricted to the external borders but to every city, town and village in the country, for the migrants haven’t been here five minutes and already they are attacking and raping women which in Islam is strictly normal.

What he fails to understand is that with her one idiotic, thoughtless statement inviting refugees to Germany, Merkel has put the whole of Europe in peril just like Tony Blair did to Britain. You only have to look at the state of Britain today to see what the future holds for the rest of Europe, for the pattern will certainly repeat itself. The so-called refugees will continue to come year on year until we either mine the approaches or start shooting. And that you can take to the bank!

The experts have already predicted that we can expect in excess of two million refugees this year, and that is on top of the 1.1 million we accepted in 2015. Once the floodgates are opened it is almost impossible to close them fully again, for it is certain that even after the huge numbers this year the flow will not stop.

Economic Refugees?

Economic Refugees?

One of the biggest problems is not the true asylum seekers from the war-torn countries of the Middle East, but the ‘economic’ refugees that take the opportunity to hide among them. Statistics have already shown that of the 1.1 million refugees accepted into Europe this last year, two thirds of them are economic refugees and not fleeing war. Unfortunately the total numbers have been so high that the authorities have been overwhelmed, and it has been impossible to weed out these people and accept only the real refugees.

As I stated in an earlier post, hundreds of Afghan, Pakistan, Bangladesh and African passports and identity documents were found at the Hungarian border by Croatian Police, They had all been discarded so the people could claim they were from Syria or Iraq.

If  Schaeuble thinks there is a problem now, then he has seriously underestimated what is going to happen later in 2016. You can stake your life on the fact that as soon as the weather gets a little warmer as Springtime approaches, we will see the same swarms of migrants trying to cross the Mediterranean as we did last year. The only difference will be in the much greater numbers, and when that happens Schaeuble will need a lot more than a few cents on the price of petrol.

I.S. Fighter Recognized And Caught

I.S. Fighter Recognized And Caught

Last year it was widely known that a large number (4k plus) of Islamic State fighters crossed into Europe in the guise of being refugees, and you can bet this year will be no different. I.S. already stated last year that they would flood Europe with fighters by sending them across the Mediterranean among the refugees, and this year will see the numbers multiply significantly.

It is already known that they will not necessarily come here to fight themselves, but train those Muslims already living in Europe and form fighting groups. As we saw in the Paris atrocities, most of the attackers were of French or Belgian origin.

The Future?

The Future?

Just peruse newsreels and photo’s from last years migrant swarms and you can see that less than a third are families. The great majority are young single males, so where are their families? Why are they coming here – perhaps to fight?

Last years immigrants have already proven to be a major problem with regard to housing and feeding them, so what do the politicians think will happen this year when twice as many make the crossing. It will without doubt be utter chaos within the Union as we scramble to find sufficient food and lodging for these people. The end result will I am sure be tented cities much the same as in Jordan, Lebanon and other Middle Eastern countries.

Again This Year?

Again This Year?

A great deal of pressure will be put on the E.U. countries to accept their ‘fair share’ of immigrants, and that will lead to more chaos. Our politicians must see that there is just not enough housing, benefits, or medical care for all these people. The plain fact is that Europe just cannot absorb so many without causing a lot of hardship among our own people, and that does not include the terrorist danger from Islamic State.

The Future For Europe

The Future For Europe

Because of Merkel’s reckless statement, in years to come the rest of Europe is going to find itself locked in the same struggle as Britain with its immigrant population, and I can assure you that nothing good will come of it! May God help us all!

Roy.

The Baby Factory On Benefits

Posted in Benefits, Britain, Children, Elections, England, Government Spending, Justice, News, Parenting, Theft with tags , , , , on 17/03/2015 by floroy1942

Some people will do just about anything to live the high life without having to work for a living in this day and age. That is the reason why I was not surprised to hear of a women who is making  £39,192 a year in benefits just by having children. Cheryl Prudham currently has eleven with another on the way. Her husband works as a delivery man with an annual salary of £19,200, so this means the family income is £58,392.

Prudham Family Shopping

Prudham Family Shopping

It is reported they went on holiday to Menorca last year that cost the tax payer £7,000, but that is not all. The family were recently photographed shopping at a luxury goods store where it is said she bought a handbag for £895, not the sort of thing your average wife could afford. They even had the gall to be photographed in front of the store and stood proudly posing for the camera. Some people have no shame these days.

The Prudham's

The Prudham’s

They are currently living in a five-bedroom council house but are waiting to get one with seven bedrooms because the current one is too cramped. The family have managed to avoid the Government’s £26,000-a-year benefits cap because Mr Prudham works enough hours to claim working tax credit.

There are millions of people in Britain today who can barely make ends meet, and yet these benefit fraudsters are living the high life by cheating the tax payer. This to me is scandalous and means that the rules desperately need to be changed.

Headlines - But Not Enough To Spur The Government Into AcTion

Headlines – But Not Enough To Spur The Government Into AcTion

This kind of thing is happening all over Britain today and is bleeding the coffers dry, because the rules are too lax and these free-loaders soon find out they can have a good life without even having to work for it.

There are without doubt many such cases in the U.K. today, for we are deep into a period where everyone expects something for nothing. In fact many believe it is their God-given right, and being a ‘benefit cheat’ has become a way of life for many. This covers all areas of benefits from those who will not work to those with disabilities. The days of everyone ‘doing their bit’ for the good of the nation and their families are long gone, and we are a sadder nation because of it.

Britain’s Debt Mountain Reaches £1.39TRILLION, Equivalent To 90% Of The Entire Economy.

Britain’s Debt Mountain Reaches £1.39TRILLION, Equivalent To 90% Of The Entire Economy.

The gap between the ‘have’s and have not’s’ is increasing year on year and we blame corruption at the higher levels for this. But when you look at the facts, many of those at the lower levels are no different. Ever since the last Labour government came into power Britain’s debt has steadily increased and it will never be put right so long as the current generation constantly expect something for nothing.

Come the election in May, I hope whoever gets in will put a stop to this blatant fraud. Mind you, I am not holding my breath on that one!

Roy.

Time To Make Tax Dodging Illegal

Posted in America, Britain, England, Equality, European Union, Justice, News, Parliament, Politics, UK, USA with tags , , , , on 09/02/2015 by floroy1942

You and I have to pay our taxes whether we like it or not, and if we don’t the system comes down on us hard, so how is it that the super rich are allowed to dodge paying their rightful share? The world is littered with so-called ‘Tax Havens’ where the rich stash away trillions on which they do not have to pay any tax. This just doesn’t seem right to me.

HSBCIt came out today that the HSBC bank has been actively helping clients including international criminals, corrupt businessmen, politicians and celebrities, to hide hundreds of millions of pounds in secret  off-shore accounts.

It appears that a whistle-blower gave information on 106,000 clients in 203 countries which included almost 7,000 clients from the United Kingdom. Many of the UK account holders have not declared these accounts to the tax authorities.

The bank is said to be cooperating with an investigation by the authorities in the US, France, Belgium and Argentina, but the staggering thing is, no action has so far been taken in Britain! This I find unbelievable.

Labour MP for Birmingham Ladywood Shabana Mahmood.

Labour MP for Birmingham Ladywood Shabana Mahmood.

In the House of Commons Labour MP for Birmingham Ladywood Shabana Mahmood said, “We need to understand whether actually HMRC have been putting lots of cases before the Crown Prosecution Service (CPS) and it’s the CPS who’ve been refusing to prosecute and those are questions that I hope that the government will answer.” That is a question I would like to know the answer to also.

Although the HMRC received this information in 2010 they have identified 1,100 people, but five years on only one has been prosecuted. Switzerland is one tax haven and so far  £135m in tax, interest and penalties have now been paid by those who hid their assets there.

While it is not illegal to avoid taxes and have off-shore accounts, deliberately hiding money to avoid taxes is. So how do these people get away with it? It is clear that without the cooperation of the banks it would not be possible.

It has been revealed that HSBC not only turned a blind eye to these tax evaders, but even gave one client an international credit card so he could withdraw money from these accounts anywhere in the world. The bank also actively assisted clients to stay one step ahead of the law.

When the information was first leaked the leader of HSBC was Stephen Green who shortly afterwards became a Conservative peer and was appointed to the government. He served as a minister of trade and investment until 2013. When asked about the affair Treasury minister David Gauke defended Lord Green’s appointment saying, “I am not aware of any evidence that suggests that Lord Green was involved in this sort of activity.”

Chair of the Public Accounts Committee Margaret Hodge

Chair of the Public Accounts Committee Margaret Hodge

But the chairwoman of the Public Accounts Committee, Margaret Hodge said,  “Either he didn’t know and he was asleep at the wheel, or he did know and he was therefore involved in dodgy tax practices. Either way he was the man in charge and I think he has got really important questions to answer.” It looks to me as if an investigation is called for, and if found guilty he should be stripped of all titles and go to prison.

If all these tax dodgers paid their dues I am sure you could imagine how this would help economies that are currently in trouble. If all these people paid what they owed the amounts gathered would run into many trillions world-wide. But it is the same old story, the rich get richer and the poor get poorer! To my mind it is up to the authorities to come down hard on these people.

Tax Havens

Tax Havens

It would be to everyone’s advantage for the whole idea of tax havens to be scrapped so this sort of thing would not be possible. All tax havens should be made illegal, and anyone who goes down this path should be prosecuted. Why should the super rich be able to hide their money from the tax man while the man in the street cannot.

So far as the banks like HSBC are concerned, they too should be made to pay a penalty for their illegal activities and an investigation launched to root out those in management who are involved in this practice. When they are found they should be prosecuted and given a prison sentence before being banned from ever working in the financial sector again. Only by taking such tough measures will this tax avoidance scheme be stopped.

I fully realize that it is alright to say this, but both you and I know that it will never happen because these people have a way of covering for each other. In the meantime the lessor people will continue to pay!

Roy.

So Starbucks Finally Paid Up!

Posted in America, Britain, Demonstration, England, Government, Justice, Theft, UK, USA with tags , , , , on 24/06/2013 by floroy1942
"We Keep Our Bucks"

“We Keep Our Bucks”

I read with interest this last week that the coffee chain Starbucks have finally paid the UK tax man the Corporation Tax they owe, or at least part of it. So that’s one down and more to come, hopefully, with Google and Amazon the remaining main defaulters. We, the less well off, seldom get a chance at the opportunities these big multi-national companies have to duck taxes, but there again, we do not have all the high-powered lawyers they have. Starbucks admitted they had not paid any Corporation Tax on sales worth £400 million in the years between 2009 and 2012, which should have netted the Treasury £92 million at 23%. That amount of money would have bought a lot of apples!

Whichever way you look at it, these companies hire the best lawyers and economists with one thought in mind: How can we get around the tax laws? Mind you the filthy rich are at it too, and if just 50% of these people paid what they owe, we, the rest, would be paying much less and the financial crisis would be over. It was interesting to read that Starbucks said they ‘made a loss last year’, why, because they were siphoning off the profits by “paying fees to other areas of its business — such as ‘royalty payments’ for the use of the brand”. How convenient!

Demonstration

Demonstration

Now they have suddenly decided to cough up what they owe for the tax year 2012, and in a statement they said: “We listened to our customers in December and so decided to forgo certain deductions which would make us liable to pay £10 million in corporation tax this year and a further £10 million in 2014”.  Yea, Right! I suppose the fall-off in custom and the demonstrations outside various branches had nothing to do with that decision. Face it Starbucks, you finally got found out!

My only remaining question is, when are they going to cough up the back taxes of £92 million?

Roy.

Time For The Rich To Pay Taxes!

Posted in America, Britain, England, Equality, Modern World, UK, USA with tags , , , , , , on 22/07/2012 by floroy1942

Many parts of the world are suffering the biggest financial turmoil for many decades and yet there are tens of thousands of individuals across the globe who pay but a tiny fraction of the taxes they should. Of course, by that I mean the super rich! A band of selfish, greedy, self-important, conniving, shady, lying, cheating…. Oh Dear! Did I go too far??? I am sure many of the super rich will be quite upset at these words, but thank god for free speech and the right to express your opinions in a democratic world.

And These Are Just The European OnesNow to the nitty gritty! Why do I write such things about the super rich? The reason is a major study has taken place, much to the dis-satisfaction of those who are the subject of it, into tax-free havens and the huge amounts of money that are squirreled away in secret bank accounts on many of these secretive off-shore hide-aways.

It may astound you to know that the wealth hidden away at the end of 2010 is equal to the size of the US and Japanese economies combined i.e. $21 TRILLION! That is 21 times 1,000 billion dollars. This far reaching investigation is the work of James Henry, a former chief economist at the consultancy McKinsey, and was carried out at the request of the Tax Justice Network.

There can be little doubt that should you have lots of money it is easy to hide it away in many of the tax havens like Switzerland, Lichtenstein, Luxembourg and Monaco and the off-shore havens like The Bahamas, the Cayman Islands and the Virgin Islands. The more money you have, so the more your ability to employ the right people to move it around and avoid paying taxes.

…Except About His Tax Returns!

Being an average individual with a high moral code and set of standards, I find it distasteful to say the least that those among us with the most money get away with not paying taxes on their income while the rest of us ordinary folk get bled dry to pay for their excesses. I know for sure that I could not live with myself knowing that my tax contribution would put an end to ordinary people being thrown out of their homes for not being able to pay the mortgage while I sat in my castle counting my ill-gotten gains. It is without doubt one of the greatest injustices in the world today. I can well understand why Mitt Romney doesn’t want the world to know how much tax he has paid in recent years! It’s probably a fraction of what he should have paid.

You have to look at it this way, if all these privileged people paid the taxes they are supposed to, the current financial crisis would be over in  minutes. People would be back in work, homes would be secure and everyone would know their is some justice in the world.

So I have to ask, why cannot the governments of the world come together at the United Nations and put an end to this disgrace by shutting down all these tax-free havens? If there was nowhere for these people to hide their vast fortunes they would have no choice but to start paying taxes. If they did, the tax rates everywhere could be brought down to a realistic level for all, including the rich.

It is unfair on society that the majority must pay the lion’s share of taxes so the rich can make more money! Most of these people have more than they could spend in two lifetimes, and yet they are so greedy and heartless, they stand idly by and watch as hardworking people are thrown out of their homes, quietly rubbing their hands with glee at their massed wealth.

Bill & Melinda Gates and Warren Buffett

As most readers of this blog will know, I like to be fair, and in doing so, I have to mention that some super rich people do use their money for good causes. Bill Gates, co-founder of Microsoft is one such person, who with his wife Melinda, formed the world’s largest transparent private foundation i.e. the Gates Foundation. It is dedicated to globally enhance healthcare and reduce extreme poverty, and in America, to expand educational opportunities and access to information technology. The billionaire Warren Buffet works with Bill and Melinda Gates, and there are other rich people who do charity work with their wealth, it’s just a shame there are not enough like them, for there are countless others who hide their money away and do everything they can to avoid the tax man. I have nothing against people getting rich, but I do balk at the idea of them doing it at the expense of everyone else.

Money, like power, has become the number one drug everyone is addicted to, and no matter how much some people have, they always want more. It is definitely time to change the rules so that all men, and women, pay their dues in today’s society. Will it happen? Not on your life because most government’s could not stand without the backing of these powerful people, and they are out to protect themselves at all costs.

Roy.

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