Sept 2011 Half of world trade flows, at least on paper, through tax havens. Every multinational corporation uses them routinely. The biggest users of tax havens by far are not terrorists, spivs [black marketeers], celebrities or Mafiosi–but banks.”
“Tax havens aren’t just about tax,” Shaxson writes. “They are about escape–escape from criminal laws, escape from creditors, escape from tax, escape from prudent financial regulation–above all, escape from democratic scrutiny and accountability. Tax havens get rich by taking fees for providing these escape routes. This is their core line of business. It is what they do.”…
But as author Nicholas Shaxson told New Left Project
in a wide-ranging interview, “Crown Dependencies” such as “Jersey, Guernsey, the Isle of Man … have old histories as tax havens and have played an offshore role for decades, even centuries. They also got in on this game of attracting money by offering secrecy, zero taxes, and escape from laws.”And with “partners and investors … based in the most important financial centers worldwide,” the Fund is inclined to invest “in smaller companies, in companies with faint profitability or with operative problems. We are flexible and always prepared for various situations.” http://www.liveleak.com/view?i=6a2_1316452149
U.S. Senate Finance Committee Chairman Max Baucus questions Health and Human Services Secretary Kathleen Sebelius during a Finance Committee hearing on ”Health Insurance Exchanges: An Update from the Administration” on Capitol Hill in Washington November 6, 2013. Credit: Reuters/Jim Bourg
WASHINGTON (Reuters) – Taxation of large U.S. multinational corporations would be dramatically overhauled by a raft of proposals unveiled on Tuesday by the U.S. Senate’s top tax writer, though there is broad skepticism that they could become law anytime soon.
Democratic Senator Max Baucus issued a “discussion draft” that called for, among other things, repealing the present tax code provision that allows U.S. multinationals to park hundreds of billions of dollars in foreign profits offshore tax-free.
In place of this provision, known as offshore corporate income tax deferral, Baucus would impose immediate taxation of some foreign profits, though far from all of them.
Much foreign income earned by U.S. companies would be exempt entirely from taxation under Baucus’ plan, which would also allow corporations to bring home their billions of dollars in profits already stored offshore at a low 20 percent tax rate.
The Baucus proposals come at a time when hopes for comprehensive U.S. tax code reform before 2015 have all but vanished, while concern rises about corporate tax avoidance elsewhere in the world, including among key U.S. allies.
Congress is still deeply divided over fiscal policy, including taxes, but President Barack Obama
said on Tuesday that there was “not that much separation between what Democrats are talking about” and what some Republicans seek on taxes.
Speaking at a Wall Street Journal conference in Washington, the president said, “This should be bridgeable.”
He cautioned, however, against any plan seeking to cut corporate taxes without also closing tax loopholes. “We would then blow another hole in the deficit that would have to be filled. And what I’m not willing to do is to have higher rates on the middle class in order to pay for that,” he said.
“JUST A FIRST STEP”
The top U.S. corporate income tax rate is one of the highest in the world at 35 percent, though few multinationals pay it thanks to an abundance of loopholes available to them.
An estimated $2 trillion in foreign profits is being held offshore by U.S. multinationals to avoid paying tax on it.
The Baucus proposals include the idea of a global minimum tax for U.S. corporations, with various distinctions between active and passive income, as well as income derived from goods and services sold into U.S. markets
and into foreign markets.
12-29-13 A document viewed by SPIEGEL resembling a product catalog reveals that an NSA division called ANT has burrowed its way into nearly all the security architecture made by the major players in the industry — including American global market leader Cisco and its Chinese competitor Huawei, but also producers of mass-market goods, such as US computer-maker Dell.
These NSA agents, who specialize in secret back doors, are able to keep an eye on all levels of our digital lives — from computing centers to individual computers, from laptops to mobile phones. For nearly every lock, ANT seems to have a key in its toolbox. And no matter what walls companies erect, the NSA’s specialists seem already to have gotten past them.
This, at least, is the impression gained from flipping through the 50-page document. The list reads like a mail-order catalog, one from which other NSA employees can order technologies from the ANT division for tapping their targets’ data. The catalog even lists the prices for these electronic break-in tools, with costs ranging from free to $250,000.
In the case of Juniper, the name of this particular digital lock pick is “FEEDTROUGH.” This malware burrows into Juniper firewalls and makes it possible to smuggle other NSA programs into mainframe computers. Thanks to FEEDTROUGH, these implants can, by design, even survive “across reboots and software upgrades.” In this way, US government spies can secure themselves a permanent presence in computer networks. The catalog states that FEEDTROUGH “has been deployed on many target platforms.”
The specialists at ANT, which presumably stands for Advanced or Access Network Technology, could be described as master carpenters for the NSA’s department for Tailored Access Operations
(TAO). In cases where TAO’s usual hacking and data-skimming methods don’t suffice, ANT workers step in with their special tools, penetrating networking equipment, monitoring mobile phones and computers and diverting or even modifying data. Such “implants,” as they are referred to in NSA parlance, have played a considerable role in the intelligence agency’s ability to establish a global covert network that operates alongside the Internet.http://www.spiegel.de/international/world/catalog-reveals-nsa-has-back-doors-for-numerous-devices-a-940994.html
The Ingenuity and the Danger of Getting a Story to Foreign Media in China
“and the stoutest enemy were always of the household.”
-T. E. Lawrence: Seven Pillars of Wisdom,
This Trilateral lust for power, arrogance and blatant greed fused an unthinkable collusion between American robber-barons, the Kremlin and Third Reich culminating in the hijacking of religions, charities, banks, corporations, labor unions and Government-Sponsored Entities. All this was achieved under the guise of helping the poor while screwing them into the woodwork. -Rachel Verdon: Murder by Madness 9/11: The Government and the Goon Squad, 2012, p. 4
Socialism is an alliance between the apathetic and arrogant; it takes two willing parties to drag civilization back into slavery. The Pied Piper has come to take our children. His collaborators await within. -ibid., p. 9
MY ADVICE TO THE PRIVILEGED ORDERS
Henry B. Gonzalez, D-TX, chairman banking comm.
(House of Representatives – February 03, 1992)
…And here is the pathetic thing. The intelligence agency served its purpose. It knew all about this. But whatever it brought forth was either ignored or canceled by the State Department level or the Department of Commerce level and by other individuals who had been involved in some of the commercial and financial backgrounds, including highly placed individuals in the administration today, very high, specifically the National Security Adviser and the present Deputy Secretary of State. He was even on a Yugoslavian bank board.
Why should our committee have been refused so much of the documentation we have requested all up and down the line? First, we had the Justice Department under Attorney General Thornburgh not only stonewall us, and I put the letter in the Record
some time ago in which he defied the committee to continue any kind of hearings and said, `You should not have any hearings, and we are shocked and disappointed that you insisted on having hearings.’ It is all a matter of record.
All I have asked is here is the Congress and the Congress has abdicated enough in almost every other level, and this is a direct consequence of what we are now facing, a conjunction of vast, huge dimensions of deeply rooted problems that have to do with the continuing solvency of our country, our system of Government, our economic and financial independence….
So there is no higher priority I know of even in this fragmentary fashion than to prevent the spread of sophisticated weapons to countries like Iraq and others, but we have already gone out and embarked, and we have sold more weaponry in the Middle East since March 1991 than ever before, we ourselves.
But it is clear that Iraq had little trouble in getting those licenses. But if you have powerful voices, either industry voices enmeshed with the political or the governmental, who is going to resist that?…
The American people, with all the secrecy, are the only ones that do not know. Everybody outside of the United States long ago has known.
But the significant fact is that the report (Iraq Sanctions Act report to Congress) was at the very least misleading in its conclusion that United States companies were not directly involved supplying Iraqi conventional and nonconventional weapons capability.
5-25-13 So who is behind this recent paper gold sell-off? China or International bankers? I’m leaning towards International bankers. Why? Who recommended selling gold right before the crash? Goldman Sachs, George Soros, Warren Buffett and JP Morgan. These International bankers. Are they doing this for China? Not likely. These people sucked so much wealth by playing the paper money games. They wanted to keep their game longer. However, I’m afraid the end result will be the opposite of what they plan to achieve. http://www.silverdoctors.com/jim-rickards-entity-manipulating-gold-may-be-china-not-the-fed/