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3 FEB 2015.
Obama goes for Gold: The Guardian 3rd Feb 2015 reports that "Obama plans levy on $2tn stockpile held abroad by US firms" and explains that major US companies hold their profits offshore to avoid 35% corporation tax. Obama wants to tax them and force repatriation. The Republicans are of course, inevitably against investing this useless, frozen $2tn in America, to boost the GDP by a whopping 1.5%.
I suppose its no fun being the richest people on Earth, ever, without hordes of beggars and 35 million Americans on food-stamps - to feel superior to. Its called aristocrats and peasants. It caused the French & Russian revolutions.
But - the financial reporters and journalists are missing the big game. While Obama publicly hunts down the $2,000,000,000,000 that supposedly honest auditors report as being legitimately held and frozen offshore by the big corporations - and for which he needs Republican support to repatriate, Wall Street expert, James Henry, calculates there is globally $32 trillion in tax-havens - which by definition is anonymous and illicit and can therefore be clawed back by tax-collectors, under existing laws. No Republican votes required. The OECD, Paris agrees with Wall St.
I estimate that America's share of the illegal $32,000,000,000,000 (80 million long term good jobs) is $16 trillion - or $50,000 for every man, woman and child in the US. Unfreezing that cash-pile will reboot the economy and pay-off every deficit.
President Obama already has the legal rights to send in the IRS to tax this $16 trillion, as illegal back-duty-tax cases, which usually recover the evaded tax, plus compound interest, plus penalties, plus costs - which usually adds up to all the assets siphoned out to the tax havens. Such transfers from America and other OECD economies are illegal when effected via self-invoicing, however maze like or Enron like the convoluted trail from Main Street to Banana Bank.
BUT WE CAN'T FIND THEM ! wail the relatives, lawyers and friends of the anonymous, shy super-rich. Its all too complicated. But, fortunately, Hallejulah! the NSA, FBI, CIA and GCHQ in the UK have been tracking everyone's communications for decades - and know precisely where the criminal funds are; they have to for money-laundering, drug-dealing and terrorist security purposes. IBM computers run 99% of the world's banks. Last year for example, the ICIJ journalists published 130,000 accounts in the British Virgin Islands - just one of the world's 71 tax-havens. So we do know where they live - and Obama can send in the Collectors - today.
Every American can look forward to receiving their $50,000 bonus, in 2015.
As Europe faces up to the Greek debts - to forgive and forget that debt - a main condition is to stop the drains, sewers and siphons of Greek corruption and endemic tax-evasion. The new rulers in Athens will no doubt repatriate Greek capital from tax-havens. Globally, it will be a race between governments to recoup the assets in tax-havens - first. Then they'll sort out who owns what. 2015 will be an interesting year.
3 FEB 2015.
Obama goes for Gold: The Guardian 3rd Feb 2015 reports that "Obama plans levy on $2tn stockpile held abroad by US firms" and explains that major US companies hold their profits offshore to avoid 35% corporation tax. Obama wants to tax them and force repatriation. The Republicans are of course, inevitably against investing this useless, frozen $2tn in America, to boost the GDP by a whopping 1.5%.
I suppose its no fun being the richest people on Earth, ever, without hordes of beggars and 35 million Americans on food-stamps - to feel superior to. Its called aristocrats and peasants. It caused the French & Russian revolutions.
But - the financial reporters and journalists are missing the big game. While Obama publicly hunts down the $2,000,000,000,000 that supposedly honest auditors report as being legitimately held and frozen offshore by the big corporations - and for which he needs Republican support to repatriate, Wall Street expert, James Henry, calculates there is globally $32 trillion in tax-havens - which by definition is anonymous and illicit and can therefore be clawed back by tax-collectors, under existing laws. No Republican votes required. The OECD, Paris agrees with Wall St.
I estimate that America's share of the illegal $32,000,000,000,000 (80 million long term good jobs) is $16 trillion - or $50,000 for every man, woman and child in the US. Unfreezing that cash-pile will reboot the economy and pay-off every deficit.
President Obama already has the legal rights to send in the IRS to tax this $16 trillion, as illegal back-duty-tax cases, which usually recover the evaded tax, plus compound interest, plus penalties, plus costs - which usually adds up to all the assets siphoned out to the tax havens. Such transfers from America and other OECD economies are illegal when effected via self-invoicing, however maze like or Enron like the convoluted trail from Main Street to Banana Bank.
BUT WE CAN'T FIND THEM ! wail the relatives, lawyers and friends of the anonymous, shy super-rich. Its all too complicated. But, fortunately, Hallejulah! the NSA, FBI, CIA and GCHQ in the UK have been tracking everyone's communications for decades - and know precisely where the criminal funds are; they have to for money-laundering, drug-dealing and terrorist security purposes. IBM computers run 99% of the world's banks. Last year for example, the ICIJ journalists published 130,000 accounts in the British Virgin Islands - just one of the world's 71 tax-havens. So we do know where they live - and Obama can send in the Collectors - today.
Every American can look forward to receiving their $50,000 bonus, in 2015.
As Europe faces up to the Greek debts - to forgive and forget that debt - a main condition is to stop the drains, sewers and siphons of Greek corruption and endemic tax-evasion. The new rulers in Athens will no doubt repatriate Greek capital from tax-havens. Globally, it will be a race between governments to recoup the assets in tax-havens - first. Then they'll sort out who owns what. 2015 will be an interesting year.
LETTER IN THE GUARDIAN. PAY NO TAX AT ALL, EVER.
From: Noel Hodson [mailto:noel@noelhodson.com]
Sent: 16 January 2015 09:36
To: 'guardian.letters@theguardian.com'
Subject: Amazon LuxLeaks Self-Invoicing
Sent: 16 January 2015 09:36
To: 'guardian.letters@theguardian.com'
Subject: Amazon LuxLeaks Self-Invoicing
Would Guardian legal experts please advise. Reading “Brussels set to publish report on Amazon” Guardian 16 Jan 15, while I’m finalising my own tax returns, and with 50 years professional experience of tax accounting, I note that the EU’s complaint is that sweetheart deals are anti-competitive. No criticism is made of self-invoicing €557 million (annually) to siphon profits away from the tax-regions where the customers live. Self-invoicing was illicit in OECD and UK tax-law, with such non-commercial deductions added back to taxable profits. Self-invoicing and keeping two set of books put Al Capone in jail – it was illicit in the USA. Are we asked to believe that the beneficiaries are distinct and at arms-length, being gifted the Head Company’s millions – or are the transactions circular, going back to head office – and thus back to self-invoicing? Has the tax law changed or can I, and all Guardian readers, today self-invoice my entire UK income, via, say, a funny-money, faux-directors Channel Isle company, and pay no tax? Time is of the essence; please urgently advise.
Noel Hodson, Oxford
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