By Richard Murphy
What occurs while the wealthy are allowed to conceal their cash in tax havens, and what we must always do approximately it
The Panama Papers have been a reminder of the way the superrich are allowed to conceal their wealth from the remainder of us. Dirty Secrets uncovers the level of the corruption at the back of this challenge and indicates what should be performed within the face of this unregulated unfold of rampant greed.
Tax havens, we're usually advised, are a part of the worldwide structure of capitalism, supplying a freedom from rules essential to make markets paintings. during this e-book, major authority Richard Murphy uncovers the reality in the back of this lie. the very fact of the problem is this more and more well known perform threatens the rules of democracy, sowing distrust and making a regime dependent upon opacity.
As Murphy indicates, how we deal with our economic system is a political selection, and person who could be replaced. Dirty Secrets proposes how one can control tax havens and what the realm may possibly appear like with out them.
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Extra info for Dirty Secrets: How Tax Havens Destroy the Economy
Next, no firm should be so big that it can control prices in the market. And, finally, there must be freedom of market entry, which requires that anyone with the right ideas can access the capital they need to compete. Economists teach these things knowing they will not hold true in reality. But, that said, in the vast majority of economic research, it is implicitly assumed that such market conditions do at least approximately prevail, and that markets therefore deliver optimal outcomes for everyone in a society.
After 2012, tackling secrecy became the key issue, and pure tax initiatives such as the TIEA scheme faded. Other events also influenced this change. In particular, from 2010 onwards, the Occupy movement in the United States and the UK Uncut movement in Britain attracted attention, using remarkably limited resources, to the role of multinational corporations in international tax abuse. 22 What these public protests did was make clear that concern about the use of tax havens was not limited to tax evaders, or to banking, but also embraced their use by large multinational corporations.
It is not as if the tax haven problem is new, after all. There is good reason to argue that the first place to undertake what looks like modern tax haven practice was the US state of Delaware, which in 1898 created a statute deliberately intended to undermine the regulations of its neighbours New Jersey and New York. 3 The Panama Papers scandal fits the model of Monaco, not Delaware. This is because they are quite explicitly about tax. In some ways this is unfortunate, because it reinforces the political stereotype that the tax haven problem is about straightforward tax abuse undertaken in what appear to be exotic locations.
Dirty Secrets: How Tax Havens Destroy the Economy by Richard Murphy