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“This House notes the OECD and G20’s identification of the role of tax havens by wealthy corporations in fuelling the global economic crisis from 2009 onwards; is alarmed by reports that US former Massachusetts Governor Mitt Romney is also using the Cayman Islands, a British territory, to avoid paying the same tax rate as other US citizens; is concerned about the continued use of tax havens by the top 1% in the US and UK to avoid paying the correct tax in their own country, particularly at a time when living standards are being squeezed and services lost for ordinary working people in many Western economies; and calls on the UK government to introduce urgent legislation to help close tax havens and increase transparency so that the very richest pay their fair share of tax in their respective countries and enable governments worldwide to invest more in jobs and growth.”
“As a former member of the Treasury select committee, I think it is a disgrace that the Cayman Islands, a tax haven, can enable wealthy corporations and individuals such as Mitt Romney and others in the wealthiest 1% to avoid tax and still be cloaked in secrecy. Meanwhile all across the western world, hard-working people are seeing their living standards and take-home pay stagnate or reduced.
“It reminds me of President Kennedy’s comment in his inaugural speech, ‘pay any price, bear any burden’. Except it’s hard-working, modestly paid majority who are bearing that burden.”
Originally posted by michael1983l
Thats a bit Hypocritical from us Brits. The Irony in the statement, firstly it is our teritory and we have allowed this to happen for decades. Secondly the UK allows its richest to be paid in dividends which can be unlimited in size and only have a 15% tax rate, if even paying tax at all if it is not sent out to off shore non dom status people. Yet the common lower middle class earner on a measly £44,000 attracts 40% taxation.
Hypocracy at its finest.