British Members Of Parliament Call For Closure Of Romney’s Cayman Islands Tax Haven

British Members Of Parliament Call For Closure Of Romney’s Cayman Islands Tax Haven

Westminster MPs are calling for Mitt Romney's Cayman Islands tax haven to be closed;

The House of Commons Early Day Motion has posted a PDF file called Tax Havens, transparency and the top 1%, which states:

“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.”

The Early Day Motion has been proposed by former treasury select committee member John Cryer, Labour MP for Leyton and Wanstead. He originally told this to 'Left Foot Forward' (a British blog):

“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.”

After reading this I was again reminded of Dylan Ratigan's rant on "wealth extraction", and how companies like Bain Capital are one of the primary reasons jobs, wealth, and re-investment in our own country are being destroyed.



(if you don't want to watch the video, Ratigan blows up over the way our country’s wealth has been stolen from us by Wall Street, the Federal Reserve, the Treasury, Corporate America and our corrupt elected officials.)

Shame that the Brits have to say what Americans should be saying (and have been in certain circles). But if spoken here, common sense becomes a "anti-capitalistic, communist ideal". Twisted really.

they're only looking to close it because it's been compromised. just begs the question, where are the other plethora of tax havens at?

anytime i see a corrupt gov going after their own, i realize how bad it truly is. Romney's turn to be thrown under the bus. lulz

How long before Romney call this anti-Americanism?

For once Britain is doing something good.

Next on the agenda : kicking the Queen out and taking all she's got.

Reminds me that not so long ago, the US were all over the Swiss to open up their records to scrutiny by US authorities to search for undeclared accounts belonging to US nationals. I did think at the time, why the Swiss? Why not closer to home around the Caribbean?

I guess the simple answer to that would be the amount of off the books accounts there, not only of US nationals, but corporate and criminal alike. Although they all operate hand in hand where big money is concerned anyway, so not much of a distinction can be made.

NB This is not the British government speaking. It is one MP who happens to belong to the opposition Labour Party.
An "Early Day" motion is (paradoxically) a motion which will never be put to the vote.They are proposed to publicise a particular viewpoint.

reply to post by Blackmarketeer


This election campaign is going to be an interesting one, especially considering all the dirt these politicians have on each other. Obama's court date in Georgia should also add some fuel to the fire.

Stock up on your popcorn folks, you're going to need it.

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.

Ratigan for POTUS 2016
That one speech alone = a win...potentially the first truely independent man that could win the white house.

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.

Gotta start somewhere. One step at a time...but at least someone started stepping.