Tax havens are a threat to the UK
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- เผยแพร่เมื่อ 14 พ.ค. 2024
- Tax havens are still a massive threat to the well-being of the UK, even if some of the tax abuses they promoted in the past are no longer available. It's estimated that maybe 40% of the world's dirty money - from drug and human trafficking and other crime - moves through London or the UK's tax havens, and nowhere near enough is being done to stop that. This threatens democracy itself by undermining the rule of law, and tax revenues. The government has to do more - whatever the libertarians who oppose such actions claim.
ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
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Why would they want to do that? Oh, let's see - because they designed it to do that so they could take advantage of it themselves.
Money is not meant to control people rather it is meant to be put to work producing more money for you. You cannot build wealth without putting money in its rightful place.
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Not only is it a threat to UK these tax havens are a threat to the liberal west in general. US, EU
Ruling parties wine and dine with capitalists; tax loopholes are put there for them
What ? And not get all the commissions and fees ? 🤨 Is it time for Great Britain to review the Laffer Curve ?
Sadly "the end has arrived" is incorrect, neither of the two major political parties will do anything about tax havens, other than ensure they continue unabated. Our politicians are funded by the wealthy people who use these tax havens and hence unlikely to kill their cash cow.
I believe that the best way to deal with tax havens is to just confiscate all the money because obviously people don’t need this money just left hanging around, then redistribute the proceeds amongst the 95% of British people who are struggling to survive in the cost of living crisis.
Now that's real redistribution of wealth. You could implement the universal income without there being any impact on the economy. All the nonsense about millionaires and billionaires taking their money abroad is utter nonsense, they already have, it's stashed in the tax havens
How's that going to work? The same way as the socialist state pensions. All the wealth redistributed leaving no assets and a massive debt
That debt causes wealth inequality, lack of investment, massive austerity, pensioner poverty, ....
That would be good! 🙂
@@mypointofview1111 💯
@@oneoflokis So the welfare state and its pensions operate on that model. Take the wealth, redistribute it.
How's that working out?
Bang on the nail!
Slick editing of the world "Queen" there :D
At last. Why are tax haven nominee companies used? To avoid (or evade) tax. Several members of the cabinet and many more wealthy individuals use them. The PM Rishi Sunak has never disclosed his assets because the rules for the parliamentary register of interests are too loose and narrow. Many senior politicians have conflicts of interest. Some estimates are that $50 trillion is hidden in such tax havens. The companies are provided by accountants, lawyers and company secretaries, in open view and the real owners remain anonymous.
The main reason is to avoid being bailed in .
I would love to see you discuss your ideas with others on your channel ❤
Your preaching to the converted. I have no use for tax havens.
No doubt many within parliament are guilty of utilising these havens.
Perhaps we should start by making it illegal to stand for parliament if you have overseas interests.
If you do not clear the decks first. You won't be able to bring out the canons.
' Vested interests ' in parliament would not let you close tax havens.
Only Corbyn would have had the minerals to suggest it. I am in favour of such a change.
He literally wrote the book on it. More than just "the converted" can watch this video.
I am sure that if clearly informed - like the 'Tax avoidance European commission' Web pages and national campaign explaining tax havens, that the general public would be appalled and angry. This though has never happened. No Panorama expose, hardly a whisper even though maintaining tax havens was a major reason for brexit. I agree that it is about time something is done but how.
Totally agree but when the politicians themselves have interest in offshore tax avoidance scheme then nothing will get done. Remember Panama papers and David Cameron amongst others mentioned nothing was done he is now back in work.
Very good and easy to understand how you explain this...
Amen to that.
How much is lost every year to Tax Avoidance/Evasion?
Cos Jersey gibralrer Isle of man are gonna love a government hundreds of miles away telling them what to do with their taxes.
Another in a vital series.
All this stuff is a force for ill.
The City of London is a State within a State with its own police force but especially voting entitlement for the CoL Corporation. Private corporations have voting rights.
Is the UK really a democracy?
Thanks for posting this video. What do we the public do? Sadly diddly squat
The US (largest tax haven) designed AEOI to work to their unilateral advantage. They created FATCA (unilateral) which inspired OECD CRS (multilateral). They then refused to join it, thus allowing it to be the world’s tax haven. This was by-design as was inadvertently disclosed by FATCA’s architect in her book.
High tax countries create tax havens as they get themselves indebted then have to tax more to pay the interest. more prudent countries don't rack up crazy debts and don't need to bleed their citizens dry. if all countries had the same low rates of tax it would not be worth anyone creating a 'haven' . something can only be low relative to something that is high. if you don't like low get rid of high taxes. we are giving low tax places an easy opportunity to attract global capital. its a global competition and the uk just doesn't like the fact it has to compete more intensely these days. its only high tax countries that come up with fatca, anti money laundering, red list/black list/grey list/ CRS etc.. i guess being fiscally prudent makes you a target these days. its not to do with crime its about high tax countries wanting to control global capital flows to the detriment of anyone who doesn't follow their lead
It's more than a threat, saying it's a threat is like Ukraine saying we have a threat of war, it's not a threat you are actually in a war.
Can you do a video on Freeports please.
So what do you do when you run an investment fund used by people all over the world, should they all pay the uk tax rate?
Why not? Why would we want an economy based on investment funds that don't pay any taxes in the UK? Why should wealthy people who have capital to invest not be paying taxes, wherever their money is?
@@Banjo2030💯
If you put your money in a national jurisdiction you take the chance you may have to pay tax on its income.
@@Banjo2030 But Richard says tax isn't required for state spending. It's to control inflation in the UK.
So off shore, no UK inflation, no need to tax.
@@adenwellsmith6908 Disingenuous tosh, to be polite.
Why would the city of London or the government want to do that? 💷💷💷💷💷💷
Roll on Scottish Independence!
Aint gonna happen.
@@iaincochrane8741 Whether you want it or not. Every poll of the rest of the UK wants you and your fringe Neo marxist financial hole gone. 🤣
Thats a very very very long roll on ….dont hold ur breath
@@martinaston1715 We shall see.
Not a chance after the SNP/Greens have shown they couldn’t run a bath. If they did, it would be cold water due to their Marxist ideas.
2:37 brexiteer?
giving money to the government is a bigger threat !
Especially those run by the EU via Southern Ireland.
Tbf it's not run by the EU it's run by Ireland to the chagrin of the EU - they don't benefit from it.
You say they deny governments the revenues they need but in other videos you say that tax isn't revenue.
a) Tax as revenue is something people will understand; and b) tax might not be revenue but it's still necessary to control the amount of money in circulation, and therefore inflation, so tax avoidance / evasion is still a problem, as it leads to inflation, including asset inflation.
Presumably it would allow greater “spend and tax”.
@@Banjo2030 on his blog he repeatedly refers to government taxes as raising revenue.
@@JB_inks So? What's your issue with it? Inconsistency? Hypocrisy? Intellectual incoherence?
@@fburton8 What are you getting at?
The Crown Dependencies are an example of how the mainland UK should be operated, not the problem.
Tax of any kind is theft. Suggesting giving the government any more tax instead of less is the issue.
If the mainland could balance its books as well as the Isle of Man does, we'd be in a far better place.
The Isle of Man is already a tax havens and benefits from it. Mainland Britain seems to take the view of taxing ordinary people till the pips squeak to balance the picture. The government should man up and stop taxing us. They don't need our money