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The LVTC blog, by Henry Law

The comments in the LVTC Blog are a personal view of our Hon. Secretary Henry Law and do not necessarily reflect the official policy of the Campaign.

This is a place for personal observations and comments on politics, economics, current affairs, on-going discussions on the potential for LVT to remedy some of the current ills, and the impact on Society of any of the above. 

Please read and enjoy, and feel free to respond to Henry if you have any thing you would like to add.


Massive capital flows to tax havens

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Göteborg Hamn

New research for the Tax Justice Network campaign group – sifting through data from the Bank for International Settlements (BIS), the International Monetary Fund (IMF) and private sector analysts, shows capital flooding out of countries across the world and disappearing into the cracks in the financial system.

So what has actually gone offshore? Has this capital been sent out by the shipload? Are these containers filled with bundles of high denomination banknotes? Have giant ports been constructed in places like the Cayman Islands to handle this huge flow of goods? Are there secure guarded warehouses full of gold bars, jewellery, machine tools and old master paintings in these tax haven islands?

Of course not. Most of these assets remain exactly where they were to start with and what has been squirreled away are paper and electronic claims on wealth. And wrapped up, and at the core of most of these assets, is something very tangible and immovable - real estate ie land.

Which is easy to tax unavoidably given the will. Unfortunately people like John Christensen and the Tax Justice Network do not want to recognise the nature of the problem, possibly because they have too much intellectual capital invested in their thinking.

 

In the spirit of open discussion - not

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I see that Tax Research is doing a great job in promoting free and open discussion. I received a reply in response to something I had sent to Richard Murphy, reinforcing a point he had made on VAT fraud. Back came this response. Just like this
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The wickedness of Tax Justice

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Some further thoughts on my post from yesterday on Richard Murphy's new comments policy.
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Tax Research censorship policy

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Some of our readers will have been trying to convince Richard Murphy of Tax Research that LVT is an essential component of any serious package of reforms that will address the current epidemic of tax avoidance. He is now fed up with people try to tell him this and is imposing a censorship policy.

"Having reflected on this one obvious way to cut out some work is to get rid of all the comments that are posted here in contravention of the comments policy."
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"Tax Justice" can not be serious

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TJN gets funding from the Rowntree Foundation. Look where Rowntree's money comes from! The funny thing is that TJN and its chief brain Richard Murphy have been having a go at some of the firms on the list. If they put forward a proposal that seriously addressed the problem they claimed to be concerned about, they could wake up next morning to find their supply of funds had been cut off. They would quickly be silenced as well. As is no secret, Murphy also advises the union that represents the civil servants who run the present tax system. They would soon ditch him he started to advocate a policy that got rid of their jobs.

In the meantime TJN and Murphy, whether deliberately or not, are doing a fine job in distracting attention from the one policy that would address their purported concerns. The concern industry is part of the problem.
 

The Google Red Herring

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Google makes a lot of money. The company is often cited by those who purport to be fighting against injustice in taxation, as an example of an outfit that would get off scot-free by relocating its head office to some remote place - such as an island off the coast of Greenland. The so-called Tax Justice Network (TJN) likes to wheel out this argument as a reason why LVT is not the way forward when it comes to dealing with tax avoidance.
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Political Economy according to Gollum

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Gollum in the Cave

I have been in discussion with someone on the blog of a supporter of LVT who sometimes writes on the subject. His ideas came under attack by an anonymous individual whose views seem to have much in common with those held by Gollum, a character from Tolkien's Lord of the Rings. But since these idea are so widespread, the exchange is worth publishing even though it is not enlightening.
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