A Quote by Harry Markopolos
The best thing you can say about offshore investors is that they're tax cheats in their home countries.
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It isn't only rich countries that suffer from the effects of tax havens. Developing countries also lose billions of dollars in tax revenues due each year because wealthy individuals and some companies use tax havens to move assets and income offshore.
I think the best thing I can say about it - and I think the best thing you can say about anything, really - is that 'The Motorcycle Diaries' made me feel like my home was bigger; it made me feel at home anywhere in Latin America.
Arthur Laffer has taught us, 'If you tax something, you get less of it.' That's why firms are moving offshore in droves. It's not about being unpatriotic. It's that it doesn't pay, after-tax, to invest in the United States.
I really like the idea of consumption tax, and most countries have a pretty serious consumption tax. It's called a value-added tax or a goods and services tax ... It's a sales tax. It doesn't tax labor, it doesn't tax savings or investment - it taxes consumption.
There is nothing inevitable about this secret offshore world. It is not a fact of nature: Our laws created tax havens, and our laws can also end them. We could forbid Goldman Sachs from owning opaque offshore vehicles. We could prevent companies such as Cadre from accepting anonymous investments.
African countries lose the most from tax dodging. African governments must, therefore, do more to push for a full reform of the global tax system and demand action from countries, such as the U.K., whose financial centres sit at the heart of the global network of tax havens.
Why do tax havens exist? Because rich countries allow them to. If the U.S. came down on tax havens in the same way they come down on countries that trade with Iran and Cuba, we'd have no tax havens in the world.
Each and every year, the United States loses an estimated $100 billion a year in tax revenues due to offshore tax abuses by the wealthy and large corporations.
I think, in effect, in most of the European countries, the total marginal tax rate is over 50 percent; that's to say, add on other taxes like VAT to the income tax.
In those countries where income taxes are lower than in the United States, the ability to defer the payment of U.S. tax by retaining income in the subsidiary companies provides a tax advantage for companies operating through overseas subsidiaries that is not available to companies operating solely in the United States. Many American investors properly made use of this deferral in the conduct of their foreign investment.
When I come home, I say I'm coming home to Dublin. When I'm in Dublin, I say I'm going home to New York. I'm sort of a man of two countries.
We can learn from all around the world. Germany, particularly, has been successful with rooftop solar generation. Other countries like Norway and Sweden have done work on it. Some of them have done offshore wind projects. So we're looking at learning from the best from all across the world. My approach is to get the best out of each one.
As a writer, you're always trying to say the best thing. You're always thinking about what's the best thing to say, and what's the hardest way to say it, and what's the best line? Sometimes the best line is the simplest line. Sometimes the best line is the line that evokes more feeling than actual wordsmithing.
We never tell countries that they should have a particular number in terms of a tax number, you know, if countries can make do with whatever average tax they have. The question is, do they apply it to everybody? Or do they give sweetheart deals to some companies?
Global governments should start seriously talking about the creation of a World Tax Authority with the mission to ensure that tax systems will deliver for the public interests in all countries.
The tax code is weighted toward the ultra-wealthy and ultra-wealthy corporations and has created an offshore aristocracy of people who can afford to hire an army of accountants and lawyers. This shifts the tax burden to small businesses, entrepreneurs, and others.
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