James Leroy Wilson's blog

Monday, April 25, 2005

Cry Me a River

Rich people are stashing their financial assets in tiny "tax haven" countries and the 'crats are upset. Of course, if taxes were not placed on income but rather placed on land values and natural resource use, the rich couldn't duck these taxes. From the Christian Science Monitor:

There are about 3 million shell companies (set up largely to duck taxes) in offshore tax havens, Komisar reckons. These tiny tax havens hold 31 percent of total world assets and 26 percent of the stock of US multinationals.

"As our economies have globalized, our tax systems remain nationally based and measures that should have been put in place decades ago to improve international tax cooperation have not been put in place," says John Christensen, international coordinator in London of TJN. "So the tax burden has been shifted from those who can afford it to middle- and low-income households, and from businesses to working people and consumers."

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