TV News LIES

Monday, Jul 22nd

Last update05:20:13 AM GMT

You are here News Economy Another big corporation is flagrantly dodging tax. This must be outlawed

Another big corporation is flagrantly dodging tax. This must be outlawed

E-mail Print PDF

Another corporation evades taxesNo invention of modern capitalism so enrages the public as does the tax haven. When giant corporations and very rich people choose not to pay their taxes, and government turns a blind eye, faith in the state crumbles.

The decision of the American drugs giant, Pfizer, to merge with Dublin-based Allergan, thereby “relocating” its headquarters to Ireland is not because some wizard potion has been discovered in the hills of Connemara. It is to dodge tax. The same has applied to Starbucks, Amazon, Google and countless other global companies.

Meanwhile western governments, and more important their taxpayers, must forego staggering sums in revenue. Some $20tn is estimated lost by individual tax dodgers round the world alone, almost a third of it (according to Oxfam) to just 10 British-jurisdiction tax havens. The corporate losses are thought incalculable.

This money is channelled to tiny statelets, often within a major country’s own sphere of influence, from Monaco and Jersey to the Caymans and British Virgins. Some, such as Luxembourg, even claim to be enthusiastic members of a “common European space”. That EU states should be the biggest collaborators in global tax dodging is staggering hypocrisy.

More...

 


Most Recent Related Stories...


Morgan Stanley Economist Says Recession Could Hit U.S. in Less Than a Year if China Trade War Worsens

Recession if China trade war continues Investors may still be underestimating the full risk to the global economy from a trade war,...

The Trump economy is hurting most Americans. Statistics won't fool voters

Trump economy hurting all Americans: Robert ReichThe award for this year’s Biggest Backhanded Compliment to Trump goes to White House acting chief...

Ford lays off salaried workers worldwide

Ford cuts management jobs worldwideUS automobile manufacturer Ford Motor is cutting 7,000 salaried positions worldwide as a part of the...

Trump cools trade war by lifting North American metal tariffs

Trump lifts tariffs on metals The Trump administration moved to cool the simmering trade war with its major trading partners on...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!