US tax giveaway: UK tax avoidance, result: 99% suffer as 1% profit

Banners: ‘Millionaires should pay their share’ 

In America yesterday, the International Business Times reports that a well-disciplined coalition of community groups allied with Occupy Wall Street to hold a rally in front of the apartments of billionaires including Rupert Murdoch, Koch Industries vice president David Koch and New York Private Bank & Trust CEO president Howard Milstein.

They carried oversized cheques showing how much less the wealthy will pay when New York’s 2% ‘millionaires’ tax’ expires at the end of the year. 

One organiser, Doug Forand, said: “99% of the residents of New York are going to suffer from this tax giveaway so the one per cent who already live in absolute luxury can put more money in their pockets.” 

Escaping tax may be legal but it’s unfair  

An ironic slogan

Today ActionAid research released this Tuesday reports that 98 of the FTSE 100 companies have subsidiaries located in tax havens.

The protest-ridden London G20 summit in April 2009 ended with the ‘leaders’ declaring that they would  take action against tax havens but the BBC website publishes Action Aid’s dramatic graphic itemising current practice. 

David McNair, senior economic justice adviser at the charity Christian Aid, says: “We are facing austerity, governments are cutting basic services,” he says. “If companies are getting away with escaping tax, this may be legal but it’s unfair.” 

Ban Ki-Moon: prophetic words: growing social unrest, weakened governments and angry publics 

Before the 2009 G20 meeting, Radio France Internationale reported that UN Secretary General Ban Ki-moon wrote an article in the Guardian arguing that more than just economics is at stake and warning that unless decisive action is taken, the crisis could lead to “growing social unrest, weakened governments and angry publics who have lost all faith in their leaders and their own future”.

Posted on October 12, 2011, in Banking and finance, Corporate political nexus, Democracy undermined, Vested interests and tagged , . Bookmark the permalink. Leave a comment.

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