asterisk2a + taxevasion + usa   17

INEQUALITY FOR ALL - Upward Mobility on Vimeo
This is a clip from the Robert Reich film "Inequality for All." You can see or order the whole film here. It's also available to watch instantly on Amazon, or you can get the DVD from Netflix. It is truly worth your time to see the whole movie — I promise! Fact-checks by Robert Reich's very capable crew. + - Twitter user GroteMond has rightly pointed out that socialism isn't technically equal distribution of wealth. However, in the case of this video, the video creator is referring to the majority of Americans' perception of what socialism is, not what it actually is. So yes, there's yet another thing we are generally misinformed about. + USA Healthcare +
social  mobility  Robert  Reich  income  inequality  USA  economic  history  Higher  Education  formal  UK  Gini  coefficient  babyboomers  Millennials  economics  Career  Politicians  Politics  accountability  middle  class  squeezed  middle  class  Debt  Super  Cycle  prosperity  documentary  public  policy  policy  error  policy  folly  courage  Toff  Perception  reality  wealth  distribution  occupywallstreet  Super  Rich  taxation  taxevasion  corruption  healthcare 
february 2014 by asterisk2a
Aus für Traditionsbank Wegelin bedroht Schweizer Finanzbranche - SPIEGEL ONLINE
Zum ersten Mal hat eine Schweizer Bank gestanden, Amerikanern beim Steuerbetrug geholfen zu haben - das Traditionshaus Wegelin zahlt dafür mit seiner Existenz. Auch großen Instituten drohen teure Verfahren. Der Streit könnte zum Ende des Bankgeheimnisses führen.

[...] Bankenexperte Kunz vermutet, dass Wegelin sich den US-Behörden als eine Art Kronzeuge angedient hat - und so die Höhe der Strafe drücken konnte. "Ich hätte mit einer höheren Summe gerechnet", sagt Kunz. Die Bank wollte zu diesem Vorwurf auf Nachfrage nicht Stellung nehmen.

- UK came into agreement w Swiss
- GER came into agreement w Swiss
- France is introducing +75% tax rate for the wealthy
Julius  Bär  Credit  Suisse  sovereign  debt  crisis  2013  2012  GFC  greatrecession  society  culture  France  UK  we  are  all  in  it  together  austerity  Germany  Bankgeheimnis  Schweizer  Bankgeheimnis  taxevasion  USA  bank  crisis  banking  crisis  Switzerland  Wegelin 
january 2013 by asterisk2a
Corporate Tax Avoidance | zero hedge
“The social crisis facing the country as a result of the most egregious plundering in modern American history will spell the end of the “high end” theme. Buying into this trend now is like getting long Marie Antoinette’s unsevered head in 1792.”
USA  corporate  taxevasion  2011  taxation  loopholes  fraud  capitalism  lobby  lobbyist  Lobbying  inequality 
july 2011 by asterisk2a
Over The Past 4 Years News Corp Generated $10.4 Billion In Profits And Received $4.8 Billion In "Taxes" From The IRS | zero hedge
News Corp, which after generating $10.4 billion in profits over the past 4 years, and which would have been expected to pay the IRS $3.6 billion at the statutory corporate tax rate, instead received $4.6 billion back from Uncle Sam. Bottom line: Murdoch's corporation had a cash paid tax rate of -46% between 2007 and 2010. The culrpit: two little somethings called Deferred Tax Assets and Net Operating Loss Carry-forwards.
IRS tax loopholes as deferred tax assets and NOL carryforward? Not entirely.
+ Hundreds of Offshore Accounts.

News Corp. has 152 subsidiaries in tax havens, including 62 in the British Virgin Islands and 33 in the Caymans. only Citigroup and Morgan Stanley have more tax haven subsidiaries than News Corp., a 2009 U.S. Government Accountability Office study found.

However, in the interest of objectivity, News Corp. is merely one of many corporate transgressors who take full advantage of the massive loopholes in America's tax code.
USA  taxation  taxevasion  corporate  tax  newscorp  rupertmurdoch  offshore  IRS  barackobama  presidency  2011  fraud 
july 2011 by asterisk2a
GE Says Report on Returning $3.2 Billion to Treasury a Hoax - Bloomberg
Immelt, who is also chairman of GE, commented after a March 24 report in the New York Times that GE had a tax bill of zero in 2010, an assertion the company called misleading on its GE Reports website.
GE refuted the tax bill claim specifically and said the company received no rebate, refund or payment from the government on its 2010 taxes.

Immelt is on business programm from Obama.
GE  generalelectric  2011  tax  taxevasion  USA  taxation  subsidizing  business  presidency  barackobama 
april 2011 by asterisk2a
G.E.s Strategies Let It Avoid Taxes Altogether -
A stark example of the fundamental unfairness that is now so widespread was in The New York Times on Friday under the headline: “G.E.’s Strategies Let It Avoid Taxes Altogether.” Despite profits of $14.2 billion — $5.1 billion from its operations in the United States — General Electric did not have to pay any U.S. taxes last year.
As The Times’s David Kocieniewski reported, “Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore.”
G.E. is the nation’s largest corporation. Its chief executive, Jeffrey Immelt, is the leader of President Obama’s Council on Jobs and Competitiveness. You can understand how ordinary workers might look at this cozy corporate-government arrangement and conclude that it is not fully committed to the best interests of working people.
taxevasion  lobby  lobbyist  Lobbying  capitalism  tax  USA  GE  jeffreyimmelt  2011  leadership  fraud  barackobama  presidency 
march 2011 by asterisk2a
Losing Our Way -
Welcome to America in the second decade of the 21st century. An army of long-term unemployed workers is spread across the land, the human fallout from the Great Recession and long years of misguided economic policies. Optimism is in short supply. The few jobs now being created too often pay a pittance, not nearly enough to pry open the doors to a middle-class standard of living.

The U.S. has not just misplaced its priorities. When the most powerful country ever to inhabit the earth finds it so easy to plunge into the horror of warfare but almost impossible to find adequate work for its people or to properly educate its young, it has lost its way entirely.

The current maldistribution of wealth is also scandalous. In 2009, the richest 5 percent claimed 63.5 percent of the nation’s wealth. The overwhelming majority, the bottom 80 percent, collectively held just 12.8 percent.
USA  lostdecade  middleclass  decade  greatrecession  monetary  fiscal  policy  presidency  barackobama  war  Iraq  Afghanistan  Libya  Fed  society  culture  inequality  poor  rich  politics  leadership  GE  jeffreyimmelt  tax  taxevasion 
march 2011 by asterisk2a
Seeking Bank Secrecy in Asia -
For centuries, Switzerland has been the sanctuary of choice for wealthy people seeking to hide their fortunes and evade taxes. Now, amid a growing crackdown on Swiss private banking, the rich are flocking to Singapore and Hong Kong, which still offer some of the world’s most secret accounts.

But there is a twist in this shift to the East: Many of the banks growing in these low-tax oases have Swiss pedigrees. And their clients are not only Asia’s growing number of millionaires but also wealthy Americans and Europeans who, lawyers say, have been spooked by mounting scrutiny from the tax authorities in their own countries.

UBS, the largest bank in Switzerland, has lost an estimated 200 billion Swiss francs, or about $200 billion, in assets from private banking clients over the past two years. But in Asia, it has won more new money than it has lost, according to an August presentation to investors by the bank’s chief executive of wealth management, Jürg Zeltner.
UBS  Switzerland  swiss  banksecret  USA  Europe  Germany  taxevasion  hongkong  singapore 
september 2010 by asterisk2a
Oil Companies Reap Billions From Subsidies -
But an examination of the American tax code indicates that oil production is among the most heavily subsidized businesses, with tax breaks available at virtually every stage of the exploration and extraction process.

According to the most recent study by the Congressional Budget Office, released in 2005, capital investments like oil field leases and drilling equipment are taxed at an effective rate of 9 percent, significantly lower than the overall rate of 25 percent for businesses in general and lower than virtually any other industry.
usa  subsidizing  oil  exploration  oil-spill  BP  taxevasion  government  lobby 
july 2010 by asterisk2a
More American Expatriates Give Up Citizenship -
American expats have long complained that the United States is the only industrialized country to tax citizens on income earned abroad, even when they are taxed in their country of residence, though they are allowed to exclude their first $91,400 in foreign-earned income.
usa  taxation  taxevasion  2010 
april 2010 by asterisk2a
It's Official - America Now Enforces Capital Controls | zero hedge
One thing we are confused about is whether this law is a preamble, or already incorporates, the flow of non-cash assets, such as commodities, and, thus, gold. If an account transfers, via physical or paper delivery, gold from a domestic account to a foreign one, we are not sure if the language deems this a 30% taxable transaction, although preliminary discussions with lawyers indicates this is likely the case.

And so the noose on capital mobility tightens, as very soon the only option US citizens have when it comes to investing their money, will be in government mandated retirement annuities, which will likely be the next step in the capital control escalation, which will culminate with every single free dollar required to be reinvested into the US, likely in the form of purchasing US Treasury emissions such as Treasuries, TIPS and other worthless pieces of paper.

Congratulations bankrupt America - you are now one step closer to a thoroughly non-free market.

--- see comments for mo
capital  control  banks  financial  money  usa  finance  personal  taxation  swiss  swizerland  SWIFT  regulation  reform  2010  taxevasion 
april 2010 by asterisk2a

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