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Facebook Unfriends Uncle Sam: Mark Zuckerberg's Plan To Avoid Taxes
The right-wing has been lauding Facebook co-founder Eduardo Saverin for his decision to renounce his U.S. citizenship in order to avoid taxes. But he isn’t the only one who’s going to slash his tax bill in the wake of Facebook’s upcoming initial public offering: both CEO Mark Zuckerberg and the company itself will lower their tax bill for years to come. While Zuckerberg will pay a hefty tax bill right off the bat if he follows through on his plan to sell $5 billion in Facebook stock options, as the New York Times noted, he may then never pay a dime of taxes on the rest of his Facebook wealth. “Instead, he can simply use his stock as collateral to borrow against his tremendous wealth and avoid all tax ,” the Times reported.Brendan McDermid/Reuters In late 2010, then-Attorney General Andrew Cuomo sued the accounting firm Ernst & Young, accusing it of helping Lehman Brothers “engage in massive accounting fraud.” Answering such a question — the equivalent of determining why a dog did not bark — is anything but simple. But a private meeting in mid-October 2008 between , then-president of the , and , New York’s attorney general at the time, illustrates the complexities of pursuing legal cases in a time of panic.
Financial Crisis With Few Prosecutions - NYTimes.com
Some U.S. firms paid more to CEOs than taxes: study | Reuters
WASHINGTON | Wed Aug 31, 2011 12:12pm EDT WASHINGTON (Reuters) - Twenty-five of the 100 highest paid U.S. CEOs earned more last year than their companies paid in federal income tax, a pay study by a Washington think tank said on Wednesday.
Here you can browse the report together with the Proceedings of the Committee. The published report was ordered by the House of Commons to be printed 14 December 2011.
House of Commons - HM Revenue & Customs 2010-11 Accounts: tax disputes - Public Accounts Committee
Adding to the parliamentary pressure on HMRC this week from the Public Accounts Committee, UK Uncut Legal Action, an NGO inspired by the anti-cuts direct action group UK Uncut will issue proceedings in the High Court today against HMRC, over the Goldman Sachs tax deal. The campaigning group made the decision to go forward with the case after receiving what they term a ‘dismissive’ response from HMRC to letters from their lawyers demanding the alleged sweetheart deal agreed between David Hartnett and Goldman Sachs is quashed. UK Uncut Legal Action have welcomed scrutiny into tax deals from both the National Audit Office and the Public Accounts Committee reports but claim the legal action they are taking is the only mechanism that can result in a declaration that the Goldman Sachs tax deal was unlawful, as well as returning £20 million to the public purse.
UK Uncut Legal Action begin legal proceedings against HMRC over Goldman Sachs tax deal | UK Uncut Legal Action
A report from the Public Accounts Committee (PAC) has criticised the tax authority, HM Revenue and Customs (HMRC), saying there were "serious concerns" about how some large settlements were reached with big companies. Chair of the committee Margaret Hodge MP told James Naughtie that the relationship between big companies and HMRC is "a bit like David and Goliath" because there are very few people with "deep knowledge" of tax at HMRC to go up against businesses which are very well advised in tax affairs. HMRC "hide behind veil of secrecy", she said, in the name of taxpayer confidentiality so there is "no accountability about whether the deals provide good value of money".
BBC News - Today - 'Systemic' problems at HMRC
The legal arm of the tax pressure group UK Uncut is taking HM Revenue & Customs to court after it failed to provide substantial reasons for failing to collect billions of pounds in tax revenue. The campaign group will take the government department to court on Thursday after Leigh Day, its law firm, received a "dismissive" response in answer to a letter demanding that the agreed tax settlement between the outgoing secretary for tax, David Hartnett, and Goldman Sachs be reversed. The announcement comes on the same day as the Public Affairs Committee criticised the HMRC for its cosy relationship with large corporations, including Goldman Sachs . Besides UK Uncut's legal action, the report has led to an appraisal of 10 tax disputes by retired high court judge Sir Andrew Park.
UK Uncut Takes HMRC to Court
Inland Revenue hid 'sweetheart' tax deals for big business, MPs say | Politics | The Guardian
HMRC accused of lacking fairness and transparency over corporate tax settlements 'kept from scrutiny' Revenue and customs managers are facing demands for reform after MPs accused them of using "a veil of secrecy" to keep from scrutiny their "sweetheart" corporate tax deals worth billions. A report by the Commons public accounts committee says it has uncovered "specific and systemic" failures in Britain's tax-gathering agency while investigating deals with Vodafone and Goldman Sachs, which have attracted mass protests. The committee chair, Margaret Hodge, accused HM Revenue & Customs (HMRC) of making a "policy decision" not to disclose information and using a "veil of secrecy" by citing "taxpayer confidentiality", which denied accountability to the public or parliament about whether deals provided good value for money. She said it was "crazy" that the panel of MPs had been forced to rely on leaked information from a whistleblower and the satirical magazine Private Eye.
Chief tax collector Dave Hartnett announced earlier this month that he would retire next summer The Public Accounts Committee said large firms got favourable treatment and there was a lack of public accountability over how deals are done. The committee of MPs said they believed there was £25bn of outstanding tax potentially owed by big companies and wanted the Revenue to be more open about its dealing with large firms. It was especially critical of Dave Hartnett's role as HMRC's chief tax collector. "The absence of full transparency about his relations with companies risks the perception that he acted improperly or exercised poor judgement," the MPs said. "If he was interested in feathering his nest he would have accepted one of the many highly lucrative offers of work he regularly receives from the private sector," the spokesman added.
BBC News - MPs attack HMRC's 'cosy' deals with big business
This bastardised libertarianism makes 'freedom' an instrument of oppression | George Monbiot | Comment is free | The Guardian
It's the disguise used by those who wish to exploit without restraint, denying the need for the state to protect the 99% Freedom: who could object? Yet this word is now used to justify a thousand forms of exploitation. Throughout the rightwing press and blogosphere, among thinktanks and governments, the word excuses every assault on the lives of the poor, every form of inequality and intrusion to which the 1% subject us. How did libertarianism, once a noble impulse, become synonymous with injustice?
Revenue & Customs (HMRC) has come under intense scrutiny after MPs published a damning report into how big corporations enjoy a "cosy relationship" with the taxman. The Public Accounts Committee (PAC), chaired by Margaret Hodge, called for senior officials to face punishment for a series of costly errors and failures that has meant more than £25 billion in tax revenue going uncollected. Hodge, speaking on the BBC's Today Programme, said: "It is a very uncomfortable state of affairs. I find it incredible that we were brought this information by a whistle-blower. If that person hadn't come forward, we would never have known about this."
Big Businesses Enjoy 'Cosy Relationship' with Taxman - International Business Times
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A Cut to Far
Corporatocracy: Living in the UCA (United Corps. of America)
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