To us, it's an obscure shift of tax law. To the City, it's the heist of the century

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jumblies's picture
jumblies
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Posts: 244
To us, it's an obscure shift of tax law. To the City, it's the heist of the century

http://www.guardian.co.uk/commentisfree/2011/feb/07/tax-city-heist-of-century?CMP=twt_fd

"I would love to see tax reductions," David Cameron told the Sunday Telegraph at the weekend, "but when you're borrowing 11% of your GDP, it's not possible to make significant net tax cuts. It just isn't." Oh no? Then how come he's planning the biggest and crudest corporate tax cut in living memory?

If you've heard nothing of it, you're in good company. The obscure adjustments the government is planning to the tax acts of 1988 and 2009 have been missed by almost everyone – and are, anyway, almost impossible to understand without expert help. But as soon as you grasp the implications, you realise that a kind of corporate coup d'etat is taking place.

He goes on to explain how the advisers to the changes were those who would profit from them. The cast will come as no surprise

So how did this happen? You don't have to look far to find out. Almost all the members of the seven committees the government set up "to provide strategic oversight of the development of corporate tax policy" are corporate executives. Among them are representatives of Vodafone, Tesco, BP, British American Tobacco and several of the major banks: HSBC, Santander, Standard Chartered, Citigroup, Schroders, RBS and Barclays.

Now we're really f**ked.

Carl Veritas's picture
Carl Veritas
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Joined: Oct 23 2008
Posts: 294
Re: To us, it's an obscure shift of tax law. To the City, ...

How about these two----

(1)    Lincoln established the IRS with the initial rate of 3%,   

(2)    Large NY Banks promoted the establishment of third US central bank:    The Federal Reserve

(3)    Rubin and Paulson were both Goldman Sachs men and both were appointed Treasury Secretary.

jumblies's picture
jumblies
Status: Silver Member (Offline)
Joined: Jun 13 2010
Posts: 244
Re: To us, it's an obscure shift of tax law. To the City, ...
Carl Veritas wrote:

How about these two----

(1)    Lincoln established the IRS with the initial rate of 3%,   

(2)    Large NY Banks promoted the establishment of third US central bank:    The Federal Reserve

(3)    Rubin and Paulson were both Goldman Sachs men and both were appointed Treasury Secretary.

That's 3  :)

jumblies's picture
jumblies
Status: Silver Member (Offline)
Joined: Jun 13 2010
Posts: 244
Ed Balls accuses government of delivering 'tax cuts for the bank

http://www.guardian.co.uk/business/2011/feb/08/bank-levy-increased-george-osborne

Labour accused the government of delivering tax cuts for the banking sector even after George Osborne slapped an extra £800m tax on bank profits this year as the coalition negotiates a deal to rein in bank bonuses and boost lending to business.

Ahead of his showdown in the House of Commons with the chancellor this afternoon, Ed Balls said: "Without this bank bonus tax – and with the banks set to benefit from a corporation tax cut – George Osborne has actually delivered a tax cut for the banks compared to last year, even after today's announcement."v

The shadow chancellor said: "After all George Osborne's tough talk on the banks in recent weeks and months, this morning's hurried and panicky announcement is a damp squib."

Typical tit-for-tat whilst the overall situation gets worse.

Len McCluskey, Unite general secretary, said: "Nobody will be convinced by this political gesturing. The effort to present this bank levy as a punishment for the banks is pathetic, the money returned to the Treasury is a pittance, while bonuses are chucked around like confetti.

"This levy does nothing to fundamentally reform banking in this country and effectively Osborne has been paid to go away. This is a shameful reflection of how lacking in muscle this government is prepared to be when it comes to holding the financial services sector to account."

Whether in the UK or the US, the banks call the shots.

SteveW's picture
SteveW
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Joined: Jan 21 2010
Posts: 490
Re: Ed Balls accuses government of delivering 'tax cuts for ...
jumblies wrote:

Whether in the UK or the US, the banks call the shots.

"Let me issue and control a nation's money and I care not who writes the laws."... Mayer Amschel Rothschild

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