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G-8 Signs Information Sharing Agreement To "Fight The Scourge Of Tax Evasion"
Anyone holding substantial deposits (read over $/€100,000) in G-8 banks: consider this your formal warning.
All data about such deposits will soon be shared among all "developed" countries, and any (every) country which needs to "resolve" its failing banking sector will use the Cyprus bail-in model and use "tax evaded" deposits to provide a liquidity buffer to its crumbling, and NPL-impaired assets. Oh, and what insolvent socialist manifesto can be released to the public without at least one mention of the phrase "fair taxes." Welcome to the second ComIntern, this time with extra global oomph.
LOUGH ERNE DECLARATION
Private enterprise drives growth, reduces poverty, and creates jobs and prosperity for people around the world. Governments have a special responsibility to make proper rules and promote good governance. Fair taxes, increased transparency and open trade are vital drivers of this. We will make a real difference by doing the following:
- Tax authorities across the world should automatically share information to fight the scourge of tax evasion.
- Countries should change rules that let companies shift their profits across borders to avoid taxes, and multinationals should report to tax authorities what tax they pay where.
- Companies should know who really owns them and tax collectors and law enforcers should be able to obtain this information easily.
- Developing countries should have the information and capacity to collect the taxes owed them – and other countries have a duty to help them.
- Extractive companies should report payments to all governments - and governments should publish income from such companies.
- Minerals should be sourced legitimately, not plundered from conflict zones.
- Land transactions should be transparent, respecting the property rights of local communities.
- Governments should roll back protectionism and agree new trade deals that boost jobs and growth worldwide.
- Governments should cut wasteful bureaucracy at borders and make it easier and quicker to move goods between developing countries.
- Governments should publish information on laws, budgets, spending, national statistics, elections and government contracts in a way that is easy to read and re-use, so that citizens can hold them to account.
18 June 2013
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"First, and most obviously, one goal is to get to the point where all market participants understand with certainty that if a large SIFI (Significantly Important Financial Institutions) were to fail, the losses would fall on its shareholders and creditors......"
- Governor Jeremy C. Stein at the "Rethinking Macro Policy II," a conference sponsored by the International Monetary Fund, Washington, D.C. April 17, 2013
Why don't we just bite the bullet now and introduct a fixed global levy of 10% on all bank depositS? This is the only solution which is going to create long term stability in the global banking system. And for those of you who think it's "theft", let me remind you that all of the money raised from the Cyprus levy was invested in Tier 1 banking equity.
If my horse were as sickly as our zombie banking sector, I'd just bid it adieu and shoot it. Just sayin...
There....fixed it for the G8.
Finally the G8 get it's priorities straight.
We should send them all on a fancy vacation.
Hunting down cash and assets which is governments primary motive, no surprise, and to think that giving up privacy rights for a little bit of safety was about terrorism.
http://hosted.ap.org/dynamic/stories/E/EU_G_8_SUMMIT?SITE=AP&SECTION=HOM...
G-8 might frown on shooting all the bankers... gr-8 idea though.
Translation: We at the G-8 are all fucked as we collectively become insolvent and will do anything to hold onto power. Your rights? LOL, that's funny.
Exactly MH! Rather than change they will burn down the village to save it! Their brilliant!
Hey look, I have a match!
Which of the signers of the Lough Erne declaration will be the first to be busted for tax evasion?
no. they won't. they will be granted exemptions by NSA.
What role could the NSA possibly have here? After all, they only record the meta-data. And they already know Cameron calls Obama.
This is the real endgame of the NSA intel gathering operation. Tax collection is much more important than terrorism prevention in the eyes of the government.
Sound logic.
If you're too poor to buy underwear, you can't put a bomb in them.
Genius, actually.
I've got a better idea - why don't we let the banks who need to die finally be allowed to die the death they so richly deserve? And vigorously prosecute any and all bank officers who have been found to have participated in fraud that resulted in these failures.
I'm not interested, in the least, in perpetuating long-term stability of this fraudulant system.
Death with dignity.
Absolutely! This party has been going on way to long. I don't believe they can even imagine a remote possibility of consequences to this charade. Their hubris and confident of the banking elite disgusts me. Until they hurl themselves out of windows, life for us who work and play by the rules will have no hope for the future.
Miffed;-)
"Companies should know who really owns them..."
Something tells me you're not talking about shareholders are you? Yikes.
"The disintegration continued, and there seemed no power great enough to stop it. The treasury was empty, agriculture prostrate, industry demoralized, trade stagnant, and the only commercial activity was a maddened, consuming, parasitic speculation. In A.D. 301 Diocletian issued his famous price fix- ing decree as the last measure of a desperate sovereign."
LOL "Information Sharing Agreement" The fine print lets them share the spying
Beat me to it.
It's becoming increasingly obvious that we need a global central bank. This, coupled with a one time FIXED levy on all bank deposits, is the only way to guarentee long term stability in the banking system.
We also need one currency to rule them all. Nothing bad could happen.....
This suggestion is twice as bad as your other one
The fuck? The BIS already exists.
what do you suggest a 100% levy going directly to Goldman?
Governments should cut wasteful bureaucracy at borders and make it easier and quicker to move goods between developing countries.......
I love how the "developed" countries always know what's best for the developing countries.......the u.s. lecturing about wasteful bureaucracy......too funny....
Information sharing!!?? So now they get a terminal at the NSA and the NSA gets a larger feed to begin collecting from.
Well yeah, it works both ways.
The data exchange that is.
And let's not forget their commitment to combating terrorism which means more death and taxes.
We need new leaders.
We need NO leaders.
I didn't think I needed to add the /sarc tag.
I'm a little slow sometimes.
every day the case for a very deep hole and a very big cache of gold and silver gets stronger. every single day.
Whoever is dumb enough to have money in BAnk of America, JP Morgan, Citibank and Wells Fargo (the large depositor based banks) deserves to lose money.
Just take your money out of there. That act in itself, if done by many, will put them into a world of hurt. Put your money in a credit union - at least you will know that the thief is small potatoes.
i would agree. Moreover, it would be more likely that you could sue....and unlikely that the local judge would be owned by the credit union.
Agree 100% about banking only at credit unions:
Limited by law, credit unions don’t mingle traditional banking (deposits, checking accounts, loans to customers), with investment banking activities (IPOs, M&A advisory) or derivatives trading or sales desks, let alone prop desk frontrunning of client information. And there isn’t one CU that’s in danger of crashing the entire financial system in the same manner as BAC, C, JPM or WF The largest is Navy Federal Credit Union with $34Bn in assets.
I am going to start a country which will not share information with others, unless it has to do with murderers, rapists and child abusers.
I am going to start a country where the citizens will be free and have a bill of rights which will be upheld.
This country will not be for everyone as it will not have golden parachutes for its workers and it will promote main street and small business. This country I propose will build its own things for its own people, grow its own food and use its own resources, no need to plunder from the rest of the world.
This country will have small government, no military exept for defense if needed, friendly customs and no spy agencies.
I think I will call the country Utopia.
I just need tp plant the flag somewhere and let the people come... :)
Just come to Antigua W.I.. Good living here. It's just corrupt to the bone but if you have money, who cares.
I will apply for citizenship to your country with one caveat. I do not want to have info on convicted murderers, child molesters and rapists. This would mean I would have to be forever vigilant protecting myself from these members of our new society. Perhaps we could agree on an isolated island of banishment or crucifixion area? For child abusers I have to admit partiality to the crucifixion area but I can negotiate. I'm assuming as well bankster's would not be welcome ( i.e. escorted to the crucifixion area?)
Miffed;-)
I am going long on boating manufacturers.
You want fair taxes? Stop trying to mold society through the tax code, and distorting it to the point where the powerful can avoid taxes while those on the lower end go to an underground economy in order to live. A consumption tax or a flat tax is the only real "fair tax" there is, and the only tax that doesn't throw the burden on the middle class.
Australia has one of those and it is the worst crock of shit imaginable
Sounds simple in theory
In practice it is a nightmare
Try claiming a deduction when each bill is comprised of multiple Line Items some of them with GST and some of them exempt?
Now try doing it in a small business that has thousands of inputs that have many components all of which may or may not be exempt?
Compliance costs are way beyond any socialists wildest expectations...
In a flat tax or a consumption tax there are no deductions. If you buy something you pay a flat rate period. If it's complex that is due to the politicians butchering the tax code.
And they do butcher it that's why it's such a mess.
For example residential rent does not carry GST.
For obvious political reasons. So instantly a large chunk of the economy is dealing with 2 separate systems. Repairs to a rental property anyone???
Commodities don't carry GST but do Carry it after they are manufactured into something??
As I said, fine in theory, but in practice for compliance an absolute dogs breakfast...
Australia does NOT have a flat tax system. They have a progressive tax system that's even worse than the US system.
http://en.wikipedia.org/wiki/Taxation_in_Australia
In the US to avoid taxes what you need to do is belong to the FOO club. That's friends of Obama.
Australia has a consumption tax called the GST it is a 10% flat tax supposedly on everything.
Except it has exemptions as I just mentioned.
As well they have income tax and taxes on many other things as well.
Oh and by the way the GST was introduced by the conservative side of politics ( blue team) as a way of making the tax system " fairer" and taxing all those tax cheats!
So, it's not a flat tax system. It's an "added" consumption tax at a "flat rate" on top of your progressive income tax system and a long list of other taxes they get you for.
Personal income taxes Main article: Income tax in AustraliaIncome taxes on individuals are imposed at the federal level. This is the most significant source of revenue in Australia. The state governments do not impose income taxes, and have not done so since World War II.
Personal income taxes in Australia are imposed on the personal income of each person on a progressive basis, with higher rates applying to higher income levels. Unlike some other countries, personal income tax in Australia is imposed on an individual and not on a family unit.
Individuals are also taxed on their share of any partnership or trust profits to which they are entitled for the financial year.
BTW- There is no real "blue team" in Australia. It's socialist left or right.
Since when have only Socialist governments had a need for tax revenue????
I notice the G-8 statement didn't go so far as to insist that all multi-nationals must declare a single domicile for tax reasons, so the above document is just platitudinal hogwash.
Unknown to most, America is the single largest tax haven for wealth individuals and corporations. This should get interesting.
If the G8 ever finds out about offshore accounts and tax loopholes for the rich this could be BIG.
"Only the little people pay taxes."
"We will make a real difference by doing the following:"
But after this meeting we won't.
Scaretactics to see how these announcements unravel.
Never seen so much BS as in the above ten statements.
But then again, it is only a G8 meeting.
"G-8 Signs Information Sharing Agreement" so everybody can pretend that the NSA's spying on everything and everyone actually has a purpose.
All you humps should just pay your taxes. Except Mitt and the other fine folks with millions nestled safety in the "undeveloped" Cayman Islands.
before we start WWIII lets make sure we tax everyone correctly.
Fighting world wars is expensive. You DO want to win WWIII, don't you?
Has anyone computed the likely impact on SP500 (or any other indice, for that matter) earnings ? Might be fun, imho...
11. All income and assets will be placed in a government controlled trust. The government will decide how much of your assets you can use at any time. Those with dissenting political views, gun owners, raw milk drinkers, large soda drinkers, salt sprinklers, smokers, obese, mouth breathers, and sidewalk spitters cannot use any of their assets.
Companies should know that the GOVERNMENT owns them ... or in other words, that they must own the government. Then, they own themselves! As well as any lesser being. Meaning you and I, the serfs.
Yes, it's a strange logic indeed, but we're talking taxes after all.
we are moving rapidly towards
Revelation 13:17 - And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
Whoa. This interpretation is interesting. Is there more?
And THIS is what tyranny looks like!
But this time, it's GLOBAL!
All the more terrifying. No where to run no where to hide. I feel at times were in a giant chess game where the pieces are slowly being strategically placed for the final checkmate. Often times I lost in chess because I was so focused on my own strategy I fail to notice my opponents until it was too late. I hope we can all survive this and have adequately prepared for the inevitable. Most in my circle have not and are living in a fantasy world.
Miffed;-)
Hey - someone has to pay for Obama's $100 million vacations.
Who will search for Holy Grail
Past the edge beyond the pale
Who will come beyond the light
Far from reach beyond all sight
Who will share this bitter cup
let the wild dogs tear them up
let the cold winds blow them down
drive them deep beneath the ground
Who will live in darkest night
Dankest gloom and quietest quiet
Buried deep beneath the ground
Far from any human sound
Who will search for treasure trove
Scour the seas and scale the globe
Past the peaks beyond the heights
Farmost reaches furthest sights
Who will share this bitter cup
let the wild dogs tear them up
let the cold winds blow them down
drive them deep beneath the ground
Preparing for nationalisation?
So, what's really your problem here?
Fear you'll no longer have to pay yours and Google's/etc. taxes, any more?
You don't live/pay taxes in such countries, do you?
We're not against fighting corruption, are we?
Just be thankful you don't live in such a zone.
Ever had your land expropriated and your family kicked out of it, for "development"?
Isn't that what free trade is meant to be about?
Problem?
So, nothing really wrong with any of it, at first glance, is there?... except, obviously, that's just yet another piece of political pr bullshit which will be torpedoed and twisted 180º at first chance for corporate profit, that is...
The whole declaration is oxymoronic. Take, for example, declaration #8: if states roll back protectionism, they won't need to do "new" trade deals anymore.