6/7/21: If you missed this story, the Biden administration has won support from the other members of the G-7 for a proposal to set a minimum tax of 15% on multinational corporations. Many of these business giants use offshore tax havens to avoid hundreds of billions in taxes – the kind of taxes all the mom and pop establishments you have ever patronized pay year after year.
If the G-20 agrees to go along with the idea in a meeting later this summer, we may close off a route by which the largest companies in the world manage to shelter, by one estimate, $36 trillion in cash, gold and securities.
According to an estimate by
the conservative-leaning Tax Foundation, global giants dodged $700 billion in taxes in 2017 alone.
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Bitches, pay those taxes! |
According to the Tax Justice Network, the U.S. currently ranks second (on an index where you don’t want to finish first) for “Financial Secrecy.” That is, institutionally, and in terms of government policy, we make it easy to cheat.
The top ten nations complicit in this fraud:
1.
Cayman Islands
(population: roughly 65,000, yet “home” to more than 100,000 corporations.)
2.
United States
3.
Switzerland
4.
Hong Kong
5.
Singapore
6.
Luxembourg
7.
Japan
8.
Netherlands
9.
British Virgin
Islands
10. United Arab Emirates
Other pipsqueak offshore tax havens include Guernsey (#12), Jersey (#16), Malta (#18), The Bahamas (#22), Bermuda (#40) and the Isle of Man (#43).
If
nothing else, I would like to see President Biden send the U.S. Navy to
blockade the Cayman Islands until the leaders of that tiny nation agree to surrender
all their banking and tax records, and we are allowed to hold their crooked tax
lawyers and corporate cheats in a POW camp.
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