11/10/2014

why even Bloomberg wants Juncker to go (or to start an European fiscal revolution)

"Juncker was the prime minister of Luxembourg, a tiny nation with a population 1/17th the size of London's, for almost two decades. In that time, he oversaw the growth of a financial industry that became a tax center for at least 340 major global companies, not to mention investment funds with almost 3 trillion euros ($3.7 trillion) in net assets -- second only to the U.S.

 

Partly as a result of the Swiss-style bank secrecy rules and government-blessed tax avoidance schemes that helped draw so much capital, the people of Luxembourg have become the world's richest after Qatar. The tax arrangements, described in leaked documents provided by the International Consortium of Investigative Journalists, allegedly enabled multinationals, from Apple to Deutsche Bank, to reduce their tax liabilities on profits earned in other countries: The effective Luxembourg tax rates that resulted were as little as 0.25 percent. The countries where the money was made received nothing.
http://www.bloombergview.com/articles/2014-11-09/jeanclau...

If juncker in his last public mandate wants to leave something that will be so enormous that it will be remembered like the European Union itself and the Euro or whatever big that changed the course of history, than he will have to start an European fiscal revolution in which firms and people will have a minimum fair tax wherever they go in Europe and where old havens like Liechtenstein and Monaca lose their fiscal privileges or their membership of the EU.

Permalink | |  Print |  Facebook | | | | Pin it! |

The comments are closed.