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So now they’re going to tell countries how to set up their tax system?
What nonsense. They were not free markets. They were distorted by massive fraud at Fannie & Freddie. Leveraged investment banks and hedge funds bailed out by political crony pals.
The title was we canbnot allow tax havens. God forbid any freedom from thuggish govt and extortionate taxation.
Any wealth you have, anywhere in the world, must be forfeit to the Obamassiah for redistribution according to his will!
I like the idea of “tax havens”.
I believe it’s a good thing to have options as to where one can keep their money.
Isn’t one of the planks of the communist manifesto about confiscating the property and money of people who leave the country? One of the BIG rules of the old USSR was that no currency could leave the country, at all.
Obama is a foreign Communist usurper.
Circular definition.
Thou shalt not covet.
The "government" of Zimbabwe publishes this?
You know, the guys who know have to pay for a drink with a ten trillion Zim note? Soon to be replaced with a 20 trillion note?
So now they blame their insanity on Evil Tax Havens.
Got it, Mr. Mugabe. Right. BTW, wife on one of those big shopping trips to Paris? Or is it Singapore this week?
How laughable.
Anybody who says that the US economy was unregulated is a LIAR.
Tax Havens -
:-)
“So, with complete predictability, the Gang of 20 promised to spend over a trillion dollars they don’t have to “stimulate” the world economy, to help struggling countries through the IMF (its record is so good at that), and other noble purposes. The G-20 also endorsed worldwide inflation by central banks and promised—I love this one—to “take action against” tax havens.
“The era of banking secrecy is over,” said the communiqué, as though that were a good thing. “We stand ready to deploy sanctions to protect our public finances and financial systems.”
The Obama administration led us to believe it was standing firm against a world regulatory authority, which was pushed by French President Sarkozy. But you be the judge. Here’s what the communiqué says:
“We each agree to ensure our domestic regulatory systems are strong. But we also agree to establish the much greater consistency and systematic cooperation between countries, and the framework of internationally agreed high standards, that a global financial system requires…. In particular we agree: … to establish a new Financial Stability Board (FSB) with a strengthened mandate, as a successor to the Financial Stability Forum (FSF), including all G20 countries, FSF members, Spain, and the European Commission…; to reshape our regulatory systems so that our authorities are able to identify and take account of macro-prudential risks; to extend regulation and oversight to all systemically important financial institutions, instruments and markets. This will include, for the first time, systemically important hedge funds; to endorse and implement the FSF’s tough new principles on pay and compensation and to support sustainable compensation schemes and the corporate social responsibility of all firms….”
And more—as if the regulators could have the requisite knowledge to manage economic affairs. This is a regulatory cartel, and to the extent it squelches competition among jurisdictions, it will produce all the evils of a coercive monopoly. That of course is the point. There is to be no safe haven where people can protect their wealth from the grasping politicians.”
The G(rasping)-20
By Sheldon Richman http://fee.org/articles/in-brief/goal-freedom-grasping20/
In defence of tax havens
http://www.adamsmith.org/blog/tax-and-economy/in-defence-of-tax-havens-200903063055/
Instead of trying to prevent competition between jurisdictions, the government ought to be asking why people are so desperate to escape the clutches of Her Majesty’s Revenue & Customs. And instead of just trying to prevent wealth from leaving the UK, they ought to be thinking about how they can attract more of it. Dan Mitchell of the Cato Institute has made a series of excellent YouTube videos on tax havens and tax competition: Tax Competition: A Liberalizing Force in the World Economy - http://www.youtube.com/watch?v=nJWLemN29Wc
The Economic Case for Tax Havens
Statist politicians and international bureaucracies such as the OECD and UN routinely attack tax havens, claiming that they lead to “harmful tax competition.” Yet at no point do critics bother to provide any evidence for this claim. This mini-documentary from the Center for Freedom and Prosperity looks at the empirical data and scholarly research and reports that tax havens actually have a very positive impact on the global economy.
http://www.youtube.com/watch?v=yi0lkJBTi58
Welfare is the biggest tax haven of all - it needs to be ended.
Pure, unmitigated bullsh!t. Free markets DO work, if the government does its proper job as a referee and properly and consistently enforces the laws of contract. The problem we've had for decades now, which seemingly grows increasingly worse with every administration, Republican or Democrat, is the fact that more and more, laws are passed that aren't enforced, can't be enforced, or that aren't enforced equally. Add into that mix laws that are down right destructive (Community Reinvestment Act, anyone?) and you've got a governmental structure that destroys the free market, while making it look like the free market's fault.