#104 Competition is killing us
#103 Racism, reparations and tax justice, part 2
#105 A reparational justice journey

In this episode of the Tax Justice Network’s monthly podcast, the Taxcast:

How a competition lawyer’s eyes were opened to the dangers of letting companies get too big and form monopolies which act against our interests. We talk to Michelle Meagher about her book just out: Competition is Killing Us: How Big Business is Harming Our Society and Planet – and What To Do About It.

Plus:

  • We look at the revival of support and progress on financial transactions taxes in New York
  • some slow advances in the EU on multinationals publishing their accounts
  • and the significance of the latest leaks revealing corruption in major global banks, the #FinCENFiles

There will be a script available HERE shortly.

Featuring:

“You know, we can afford to do all of the things that we need to do to make the world safer, more sustainable, more equal – the money is there. And the question is who is in charge of that money, or what rules have we placed on that money? And currently the rule that we’ve placed is shareholder value and profit maximisation, and money will only ever be used in that way, unless we manage to find ways to repurpose it.”

~ Michelle Meagher, competition lawyer and author

“I’ve spent my whole career looking at dirty money flows and the offshore financial world. And I’ve been hearing these pathetic excuses about yeah, that’s in the past, but everything’s changed. I’ve been hearing that for 40 years. Yes, change has happened, but they’re so superficial and compliance is so weak and the regulatory regulations have been undermined to such an extent that the whole thing is nothing more than a fig leaf, an exercise in window dressing. And as far as most banks are concerned, and I’ve heard this from compliance officers working with the biggest banks in London, they just say the whole thing is a charade.

~ John Christensen of the Tax Justice Network on the #FinCen files

Jargon
Secrecy Jurisdiction

A tax haven or secrecy jurisdiction is a place that deliberately provides an escape route for people or entities who live or operate elsewhere. They shield them from whatever taxes, criminal laws, financial regulations, transparency or other constraints they don’t like. Ordinary people whose lives are affected by tax haven laws are not consulted on these laws because they live in other countries: they have no say in how those laws are made, thus undermining their democratic rights.

Tax Haven

A tax haven or secrecy jurisdiction is a place that deliberately provides an escape route for people or entities who live or operate elsewhere. They shield them from whatever taxes, criminal laws, financial regulations, transparency or other constraints they don’t like. Ordinary people whose lives are affected by tax haven laws are not consulted on these laws because they live in other countries: they have no say in how those laws are made, thus undermining their democratic rights.

Offshore

A tax haven or secrecy jurisdiction is a place that deliberately provides an escape route for people or entities who live or operate elsewhere. They shield them from whatever taxes, criminal laws, financial regulations, transparency or other constraints they don’t like. Ordinary people whose lives are affected by tax haven laws are not consulted on these laws because they live in other countries: they have no say in how those laws are made, thus undermining their democratic rights.

5 Rs of Tax

Revenue, to fund public services, infrastructure and administration.
Redistribution, to curb inequalities between individuals and between groups.
Repricing, to limit public “bads” such as tobacco consumption and carbon emissions.
Representation, to build healthier democratic processes, recognising that higher reliance of government. spending on tax revenues is strongly linked to higher quality of governance and political representation.
Reparation, to redress the historical legacies of empire and ecological damage.

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