Im sorry I don't understand your question.
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I have heard that the Rich/Wealthy use tax loopholes/offshore bank accounts they have the Lawyers and the Lobbyists my question is how does work do they just move their profits offshore or do they lobby do they have to move their profits to a nation/country where there are low taxes or no taxes or does this even matter ?
Taxation in Islam: Wealth Tax
Thursday, 17 July 2008 14:11
[FONT=Arial]Abdul-Kareem[/FONT]
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[FONT=Arial]The following article is based on the book Funds in the Khilafah State which is a translation of Al-Amwal fi Dowlat Al-Khilafah by Abdul-Qadeem Zalloom.[/FONT]
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[FONT=Arial][FONT=Arial]Wealth Tax[/FONT]
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[FONT=Arial][FONT=Arial]In western capitalist countries their taxation penalises the poor and vulnerable in society. Clever accounting and offshore Swiss bank accounts ensure the rich in western societies can avoid paying the majority of taxes altogether. In the UK for example, the Queen is one of the richest people in Britain yet she pays no income tax, whereas a poor single mother or an old age pensioner must pay income tax. With regressive taxes like the sales taxes on goods and services these hurt the poor more than the rich since the tax rates are the same for both.[/FONT]
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[FONT=Arial]http://www.khilafah.com/index.php/th...lam-wealth-tax[/FONT]
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Im sorry I don't understand your question.
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When I opened this thread the ad at the top was for TD Bank.
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My question is do they have to move their profits to a nation/country where there are
My question is do they have to move their profits to a nation/country where there are low taxes or no taxes or does this even matter ?
No-one forces them to but they have to if they want to pay as little tax as possible. It's very complicated, how it all works, I found Treasure Islands: The Men Who Stole the World by Nicholas Shaxson a good introduction on how this all works and how it has happened. It's written in an accessible manner for people (like me) who can't cope with detailed analysis of how the capitalist system works.
The example we've heard something of about this in Britain is Philip Green. According to UK Uncut "In 2005 Philip Green awarded himself £1.2bn, the biggest paycheck in British corporate history. But this dividend payout was channeled through a network of offshore accounts, via tax havens in Jersey and eventually to Green’s wife’s Monaco bank account. The dodge saved Green, and cost the tax payer, close to £300m. This tax arrangement remains in place. Any time it takes his fancy, Green can pay himself huge sums of money without having to pay any tax."
So Green moved the profit he stole from the clothing manufacturers of Asia and the consumers in Britain to his wife's account in Monaco, where they don't have to pay tax on it. It's pretty shameful that while people can be agitated about the likes of Green scamming their tax from profits generated on the UK high street there seems to be little interest when this happen in reverse, according to the Shaxson book much of the money coming into the city of London is tax evasion conducted abroad and I've not heard of any protests against this.
The source you've quoted from which says that the queen doesn't pay income tax is wrong I think. If my memory isn't shot there was a cuffuffle about this a few years ago and she agreed to start stumping some up. An article from 2002 i read on internet seems to confirm this
The problem with the queen isn't how much income tax her and her family pays (though it'd be cool for public services if they paid more), it's that they have all that capital given to them by virtue of being in the right wombs. I believe it's important when criticising the economic structure to be correct with the facts; if we try to attack the monarchy because the queen doesn't pay income tax (she does) and that poor single mothers and pensioners have to (usually they don't, I think income tax starts at £10kish which is more than the poorer pensioners get and as most poor single mothers, when they work, are working part-time this doesn't often apply to them either) then there's a danger that leftist disapproval of the monarchy can be easily dismissed in the business media as built on lies. So whoever wrote that quote you had should be more careful. When I criticise the monarchy I tend to just wonder why it's right for them to have that money and status, why they're such good friends with murdering autocrats of all kinds and that whole thing with Prince Andrew's pedo connections, I conversated with people about that when it was all over the papers.
I was gonna link to the sources I quoted (UK uncut and the queen paying income tax) but I can't yet cos I haven't done enough posting here.
It depens a lot on the tax policy, for example countries with heavy tarriffs and strong consumer bases are hard to outsource, because in order to take advantage of the consumer base and avoid the tarriffs you have to stay in and pay the taxes.
Many rich people will hide the funds to avoid taxes, or have a company set in another contry so that it does'nt have to pay certain taxes while exploiting the economy of another country with higher taxes.
There are ways around this of coarse, people talk about loop holes as if they are something that clever people find that the state just can't stop, but most of them are purposefully put in, so that the public thinks they are getting a strong bill taxing the rich and corporate elite, when infact they are getting away scot free.
There are some countries howeer that never suffered from serious Capital flight, DISPITE high taxes, strong labor and so on.
Why does a socialist site have advertisements for banks? or any advertisement for that matter? Doesn't that kind of go against our dislike of Bourgeoisie, advertising for them?
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I think all Loopholes should be closed.
I think all Loopholes should be closed.
The problem with trying to close all loopholes (tho we can certainly close many of them) is that the IRS literally cannot make people report all of their income. The 5th ammendment gives you the right not to incriminate yourself, ergo, you don't have to report any income made illegally (which can work as just another loophole where you funnel your money into illegal activites).
I'm all for closing tax loopholes. But if you're trying to close all of them... don't hold your breath.
They can at least close the ones tha tare purpusefully put in.
Capitalists
I don't think that the Capitalists will ever lose all loopholes.
Without the ads the site would be in constant need of donations to keep it up, or a benevolent owner willing to front the whole bill every month.
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Thank You for your posts.
Thank You for your posts.
Do you think that all Rich/Wealthy people use ?
Do you think that all Rich/Wealthy people use tax loopholes and or tax shelters or just some or most ?
Probably all of them that can, do.
I agree with you.
I agree with you.
Thanks for your answers.
Thank you.
Nah, it's like they're paying for us being able to foster dissent.
You cannot really stop a capitalist from using the state at his own advantage.
Just like the mobster, they are gonna adapt and find other way to milk us dry anyway.
A more strict fiscal policy will hurt the petty bourgeoisie and the working class who have neither the mean or the expertise to deal with it, the big fish will find a way out.
WHY kléber, WHY!!!!!!!
