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Pages tagged "Tax Havens"


Challenges await Australia’s new Tax Commissioner

by Miranda Stewart

In January 2013, Mr Chris Jordan AO starts as Federal Commissioner of Taxation in charge of the Australian Taxation Office (ATO). He follows Mr Michael D’Ascenzo AO, who was not reappointed after his seven-year term.

Mr Jordan will be only the 12th Commissioner and only the second external appointment in the ATO’s history. All appointments have been male. The first Commissioner, George McKay, appointed from the New South Wales public service in 1910, seems to have died from overwork in 1917 after administering on a shoestring the federal land tax and income tax introduced in 1915 to help fund World War I. The next Commissioner, Robert Ewing, appointed an assistant commissioner to help. In his 22 year innings until 1939, Mr Ewing oversaw a new federal estate tax, payroll tax, and the turbulent time before World War II, when the federal government took over the income taxes of the States.

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Harnessing monopoly for the common good

by Karl Fitzgerald

All other things being equal, the owners of the earth have a comparative advantage over those in business or earning a wage. With $21 trillion hidden in global tax havens revealed this year (), and Starbucks, Amazon and Google being grilled in the UK Parliament this week, the need for a fairer tax system is growing.

The clamour for the expansion of the GST is at fever pitch here in Australia. What are the motivations behind this?

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The Unrepentant And Unreformed Bankers

By Phil Angelides

Money laundering. Price fixing. Bid rigging. Securities fraud. Talking about the mob? No, unfortunately. Wall Street.

These days, the business sections of newspapers read like rap sheets. GE Capital, JPMorgan Chase, UBS, Wells Fargo and Bank of America [2] tied to a bid-rigging scheme to bilk cities and towns out of interest earnings. ING Direct , HSBC and Standard Chartered Bank  facing charges of money laundering. Barclays caught manipulating a key interest rate, costing savers and investors dearly, with a raft of other big banks also under investigation. Not to speak of the unprecedented wrongdoing that precipitated the financial crisis of 2008.

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Punishment or Pushback: Financial Regulation in the Midst of Recession

By David Coates

Nearly one American in two is currently “financially fragile” – unable, that is, to come up with $2000 dollars in 30 days to deal with an unexpected emergency.[1] That fragility presumably does not stretch out to the fortunate few employed by Goldman Sachs, collectively the recipients of the reportedly $15.4 billion set aside by the Wall Street giant for the payment of bonuses at the end of 2010.[2] Fifteen point four billion dollars averages out at $435,000 per Goldman Sachs employee: in a year in which, far away from Wall Street, one million homes were foreclosed[3] and 15 million Americans went without employment, let alone bonuses.[4] While mainstream America continues to struggle with the recessionary consequences of a meltdown caused by financial excess, large financial institutions have left that struggle far behind. They are back to profitability and back to their old ways. Senior bankers are making money again while the rest of us are not.[5]

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Basel III: business as usual for bankers

by Carne Ross

Successful lobbying – or blackmailing – by banks means that financial regulation to prevent another crash is too weak to work

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Why Aren't The Honest Bankers Demanding Prosecutions Of Their Dishonest Rivals?

By William K. Black

This is the second column in a series responding to Stephen Moore's central assaults on regulation and the prosecution of the elite white-collar criminals who cause our recurrent, intensifying financial crises. Last week's column addressed his claim in a recent Wall Street Journal column that all government employees, including the regulatory cops on the beat, are “takers” destroying America.

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