Banks pay no taxes, Britsh government helps


This video from the USA says about itself:

Tax Day 2011 Demonstration Outside Citigroup

22 April 2011

As part of Moveon.org‘s nationwide campaign to draw attention to the huge number of corporate tax avoiders.

By Luke James in Britain:

Osborne accused of ‘soft touch’ on tax-dodge banks

Monday 4th January 2016

TORY Chancellor George Osborne was accused of being a “soft touch” on tax avoiders yesterday after it was revealed two more major banks dodged British taxes.

Citi Group and Credit Suisse did not pay a penny of corporation tax in 2014, according to figures revealed by Reuters.

The revelation comes just two weeks after returns showed JP Morgan, Nomura Holdings, Deutsche Bank, Bank of America, Merrill Lynch and Morgan Stanley also paid no tax.

It means that seven of Britain’s 10 biggest investment and commercial banks paid no tax in 2014 — despite making almost £6 billion in profits here.

Labour shadow chancellor John McDonnell said: “These are damning findings that make a real mockery of the government’s approach to taxation of the financial sector.

“This news will also be completely disheartening to the millions of us UK taxpayers who bailed out the banks and continue to pay the price for their past actions and excesses.”

Citi Group made £283 million, but past losses reduced its bill to zero, while Credit Suisse reported losses in Britain.

Experts said it was likely that the bank reported most of its European profits in Switzerland, which has a lower tax rate.

They were able to escape tax after Mr Osborne caved in to threats from banks to leave Britain if he did not cut the bank levy.

“The truth is that bankers see George Osborne and this government as one of their own, and the feeling is mutual,” Mr McDonnell added as he demanded the cut be reversed.

Technology giant Google’s pathetically small British tax payment confirms once again that major corporations operate virtually unhindered by national governments: here.

In 2012, the top 400 U.S. taxpayers—those who took home more than $100 million—paid an effective tax rate of under 16.7 percent. These 400 households collectively comprise 0.0001 percent of taxpayers, but accounted, by themselves, for roughly 1.5 percent of all income: here.

15 thoughts on “Banks pay no taxes, Britsh government helps

  1. The article is a repeat of how banks and financial institutions run politicians who are agents for these organizations and are above the law and are the law, they act in two ways, first they are motivated to destroy the physical and mental health of the individual limiting the individuals ability to have better health with regard to quality food and the ability to have quality information as to having better health? and to snub the public’s mind set in keeping them in their place? what is their place? one may well inquire? it is to be servile to the instruments of power such as Cameron and the public education system who’s job is not so much education as enforce connections on the repressive system of depowering the citizen through channels such as the media promoting elite personalities who are elevated to a status of in some cases such as Jagger whom become iconic and virtually worshiped whereas he is no longer a bloke who has all the frailties of the worshipers? the inability to use the legal system as a result of cost or to get good advise from this source for the same reason, those whom were all part of the so called uneducated on receiving their diplomas become all part of the new recruits who now become the new oppressors of the class they were once from.
    The enslaved which is the mass of the population are not only enslaved from the ruling class but also the enslaved will resist and destroy if possible those that may work for them to be emancipated.

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  5. Wednesday 3rd February 2016

    posted by Will Stone in Britain

    Firm’s low tax rate ‘a slap in the face’ to taxpayers

    GOOGLE overtook Apple to become the world’s most profitable company yesterday, days after being lambasted for not paying enough tax in Britain.

    The web browser’s owner Alphabet posted huge fourth-quarter profits of £3.4 billion, up from £3.3bn a year ago.

    As a result Google is now worth £386 billion, £15bn more than the market value of its US tech giant rival.

    The profits surge comes after Google became embroiled in a tax row in Britain for coming to a cosy agreement with HM Revenue & Customs to pay just £130 million in back-taxes for a 10-year period.

    Chancellor George Osborne repeatedly hailed the deal as a “major success,” putting him at odds with other senior Tory MPs.

    On Sunday business Secretary Sajid Javid admitted the settlement “wasn’t a glorious moment” for the government.

    But Mr Javid did an about-turn yesterday, describing it as “a very important deal” during business questions in the Commons.

    On the attack, shadow business secretary Angela Eagle slammed the “cosy sweetheart deal” as “unfair” to millions of Britain’s small businesses unable to “negotiate their own private little tax arrangement.”

    And shadow chancellor John McDonnell questioned Google’s 16 per cent rise in its revenue from Britain.

    He said: “When Google is seeing its UK revenue rise to $1.9 billion (£1.3bn) in one quarter alone, to then pay a potential single-digit tax rate just seems like a slap in the face to taxpayers, and it only seems like a lack of ambition from a Chancellor when he describes it as ‘major victory.’

    “It’s time that George Osborne got a grip of this situation as it’s becoming a daily occurrence that we read yet another multinational are not paying their fair share in tax, meaning other taxpayers have to shoulder the burden.”

    He added that if Mr Osborne doesn’t “up his game” and get a fairer share of tax from Google’s leap in profits he’ll only lose the trust of the British public.

    However, Mr Osborne warned against shaking up the way transnational firms are taxed.

    The Chancellor insisted strengthening the existing corporation tax system based on profits was better than moving to a levy on turnover.

    http://morningstaronline.co.uk/a-a359-Osborne-inert-as-Google-rakes-in-cash#.VrHMsOZrgdU

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    • Corporations are in the main above the law as a result of big time lawyers and also the government no longer a government for the people but a corporation and having politicians who have many lawyers and also having contacts within corporation having the luxury of insider trading, they are not committed to justice, nor morality having decided now their is only this life and why not be corrupt? as this gives those the benefit of a standard of living few will ever have?

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