Re: Investigation fallout felt around the world, Dec. 11
Investigation fallout felt around the world, Dec. 11
Kudos to the Star for their continuing coverage of “The Panama Papers “ investigation. With every new revelation, it never fails to amaze me, the extent of devious manipulations employed by obscenely wealthy individuals to avoid contributing their fair share of taxes.
There is a growing resentment among the rest of us poor working stiffs, who dutifully and fearfully complete our yearly tax returns, lest our measly earnings catch the attention of “the Tax Man,” all in the hope of any scraps in the form of a tax refund.
Most of my resentment is focused on our government for allowing these loopholes to exist, so that the privileged 1 per cent, who can afford to hire financial hoodwinkers are able to finagle their way around regulators and deprive state coffers of much needed funds.
A word of caution to the governing bodies: as seen again and again in recent world events and elections, the masses are awakening and the remaining 99 per cent of the population adds up to a much larger number than the top 1 per cent.
Sil Viola, Thornhill
The Star’s follow up investigation of the leaked Panama papers is admirable however quoting a “survey” by the accounting firm KPMG is like asking the fox to comment on the state of the hen house. Two former KPMG executives were convicted in a fraudulent tax-shelter scheme and a CBC News/Radio Canada investigation revealed that the firm’s multi-millionaire clients were offered amnesty after being caught in a seperate offshore tax-avoidance scheme.
Pity you let this one rotten source smell up your whole article.
Phil Beard, Dundas
“An estimated $100 billion in undeclared money … siphoned … into offshore tax havens.” Let’s say that this represents about $50 billion in taxes. “The federal government has invested almost $500 million in the Canada Revenue Agency aimed at tougher tax enforcement” and “To date, they have recouped at least $110 million in unpaid taxes and asset seizures.”
Also, Mossack Fonseca, the law firm, “has been fined close to $500,000.”
So, we have recovered one 500th of the amount of money stolen from us and we have paid five dollars to get one dollar back. It appears that the law firm responsible has been fined one dollar for every $100,000 that they saved in taxes for their clients. I am sure that their commission was much higher than this—by a factor of at least 1,000.
This is all very pathetic. Once again we the people are the losers and the ultra rich are the winners in the extreme.
A new set of laws are called for in order to allow quicker and more complete recovery of stolen money.
Robert Nevin, Toronto
While citizens are pitted against one another in survival mode, wealthy educated unencumbered elitists hoover up all the remaining opportunities and accompanying wealth for themselves. This hyper capitalism resembles more a form of “soft authoritarianism” than a democracy.
Lack of equity is the cause of most discontent being felt across the world today. Incidents like the Panama Papers and the lack of political will to punish these offshore thieves is proof of these inequities.
The loss of taxes from this type of theft are being felt most by the poorest members of society and levelled upon an angry disappearing middle class. No democracy here, or am i missing something?.
Richard Kadziewicz, Scarborough