The Uncensored Household
As I write, the Cypriot President is in Brussels trying to negotiate a deal to rescue his financially strapped country from bankruptcy. The potential deal is thought to include a mandatory tax of 20% on those with savings over €100,000. Last week the tax that was being agreed was 10% on all savings over €10,000 which amounts to legally sanctioned daylight robbery.
It’s an understatement to say people on the island are aren’t very pleased
If you are fascinated with economics, Masters of Money, is a really good series by the BBC portraying 3 of the most influential economists of the 20th century, John Maynard Keynes, Friedrich Hayek, and Karl Marx.
Set against the backdrop of today’s recession, the series examines in lamens terms, the theories of these men and how their view on the economic crisis of their time shaped policies and politics around the world.
The Chancellor, George Osborne has entered the tax dodging debate by declaring cash payments to plumbers and the type ‘morally wrong’. He has some cheek as both the coalition and previous governments have fallen over themselves to help create and encourage the system whereby the rich pay hardly any tax at all.
Last week it was reported that £13 trillion is lost every year through loop holes
Oh dear, the banks have been caught at it again. This time it is Barclays; the one bank that looked strong and seemed to give the impression that it had managed its books well to escape a public takeover. How looks are deceiving. Traders under Bob Diamond’s watch were blatantly manipulating inter-bank lending rates to ensure a larger profit margin.
Wasn’t it Bob Diamond who spoke about cultural reform in the banking sector following the global financial crisis? How the pot is calling the kettle black.
Some people say bad things happen in 3s and it would certainly seem so for IMF Head, Christine Lagarde this week.
First, she told the Greeks off for not paying taxes then she compared the IMF to a payday loan company and finally it has been drawn to the attention of the public that in fact Christine Lagarde does not pay tax in her current role even though she earns more than the President of the United States (who does have to pay tax).
The most disturbing and telling of these three things
BBC news reported on the male suffragette movement in Meghalaya a small Indian village where women have all the power. http://www.bbc.co.uk/news/magazine-16592633
I’m sure you all know by now of the tax minimisation move by Virgin to Switzerland. It is quite sad that another successful entrepreneur and self-appointed national treasure should find Britain a great place to live, work and do business but not to pay tax.
Would we all do the same if we had almost £3 billion in personal wealth? Yes, the tax
Many States in the USA have reduced the regulations regarding fireworks sales in order to increase demand and hence income from licences and taxes. Perhaps their most special friend, Britain, should follow the example so we can all light fireworks to help raise funds for the pension gap and the NHS?
What is going on in Euro zone, another country joins the downgrade top of the pops every week. Today Germany’s cost of borrowing increased, Italy yesterday, Spain last week and we’ve been reading about the Greek and Irish crises for some time now. Without wanting to seem like a card carrying Tory, why are we legally obliged to help these countries in their bailout when we have enough of our own financial problems to deal and we do not use the Euro?
The Chatterjis Blog 