Posts Tagged ‘panama papers’
1 in 3 Ugandans Live on $1.25 Per Day
on Sunday, July 10, 2016Panama Papers Money Quote saying In Uganda a company that wanted to sell prospective oil field paid Mossack Fonseca to help it avoid four hundred million dollars in taxes. Panama Papers ICIJ Video:
It was simple paperwork, the company’s address was changed from one tax haven to another. In a country where one in three people live on less than a dollar twenty-five a day, four hundred million dollars represents more than the governments annual health budget — Panama Papers ICIJ Video
Uganda spent years in court trying to force the company to pay its taxes.
In this quote from an ICIJ video about the Panama Papers, they are contrasting the ease with which a company can shift its address to a tax haven, with the severe poverty experienced by many in that country.
It notes that simply by changing paperwork, the company moved to a different offshore jurisdiction. It then provides perspective on the large sum of $400 million, saying this represents more money than the government’s entire annual health budget, in a country where one in three people live on less than $1.25 per day.
The video is implicitly criticizing how the wealthy and corporations can legally avoid taxes through offshore havens, while many citizens of the country struggle in poverty, lacking adequate access to healthcare and other services due to limited public resources.
John Doe: Financial Regulators Have Failed
on Sunday, June 5, 2016John Doe (Panama Papers anonymous source) Money Quote saying the wealthy have focused on policies favorable to banks and avoidance of paying a fair share. John Doe said:
“Banks, financial regulators and tax authorities have failed. Decisions have been made that have spared the wealthy while focusing instead on reining in middle- and low-income citizens” — John Doe
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In this quote, John Doe is criticizing banks, financial regulators and tax authorities for how they have responded to economic issues. Doe argues that these institutions have “failed” in their responsibilities by sparing the wealthy from consequences but instead focusing on “reining in” middle- and low-income citizens.
He seems to be suggesting that after various financial crises or decisions, the wealthy were bailed out or faced little penalty, while middle and lower income groups bore a disproportionate burden through measures like austerity, tax increases, or crackdowns on things like overdraft fees.
Doe’s view is that the institutions charged with overseeing the financial system and tax code have let the wealthy off too easily while targeting average citizens, reflecting a bias in favor of protecting accumulated wealth.