Tax experts, gird your loins

The Fair Tax Mark desires aid in creating the standards that would apply to international corporations.

“Obeys the law” would be a nice one to see but that would be a pretty short standard.

We have several people around here who actually know this stuff rather than just write about it like me. So, perhaps I could persuade a few to go here and here and contribute to their standard setting?

Be constructive, of course, and a submission from Mr. Murphy Richards would be especially welcomed I am sure.

Snippa’s latest on Apple

Richard Murphy says:
July 15 2020 at 7:20 pm
Actually the decision was largely based on the fact that Ireland did not have effective transfer pricing laws at the time

Err, no, it was nothing to do with that at all. It’s not even true that they didn’t have transfer pricing rules.

The other thrashing around is rather fun:

Jason_of_Orange says:
July 15 2020 at 7:44 pm
And was therefore entirely legal.

Reply
Richard Murphy says:
July 15 2020 at 9:55 pm
A claim that could only be made by someone who really does not understand law

Reply
Jason_of_Orange says:
July 16 2020 at 9:17 am
Of course you’re an expert on law as well as everything else, aren’t you Richard?!

Please explain which part of what Apple did was illegal and which rules were broken. The Court would appear to disagree with you.

Reply
Richard Murphy says:
July 16 2020 at 9:40 am
It’s not the final opinion, necessarily

And just in case you weren’t aware of it, the law was not clear or the matter would not have been disputed

That you do not get that proves my point

Weird

One of the major problems with contemporary debates about “Englishness” is that England does not really exist as either a coherent idea or a concrete political reality. Because it has so few political institutions that are truly its own — no parliament, no legal system, few cultural references to distinguish it from Britain as a whole

That legal system thing. Elton John certainly found out that England (OK, England and Wales) has a different legal system from Scotland, no?

Jeez, who’d he piss off?

A Saudi-born tech entrepreneur has been found dead inside his luxury Manhattan apartment, his body having been dismembered with an electric saw.
Fahim Saleh, the 33-year-old founder of the ride-hailing motorcycle start-up Gokada, was found dead by his sister on Tuesday, in the Lower East Side.
Detectives found his decapitated torso, with an electric saw nearby.
Detectives then found the head and limbs.

Getting his financing from Epstein perhaps?

If only he could piece things together

So what is actually happening is that, exactly as modern monetary theory says, government cash injections create private saving. And when the government injects money into the economy private wealth increases. The government has done that through QE and not debt, but there’s still more money, and the reality is that as this chart shows a great many people will have a great deal more savings as a result.

So is there a cost to all this? Undoubtedly there is. But it’s not to the government, where interest costs are falling. It’s to society at large as inequality grows. That’s the side effect of this crisis.

Oh. Cool.

On the very same day he also tells us that:

In other words, negative real interest rates are here to stay for now.

Which is interesting, don;t you think? For investing in something with a negative real return doesn’t look like a great way to get rich….

Hmm

He was also a regular at the parish church. True to form, he turned up for the service every Sunday dressed as a Cossack.

But this is damn good advice:

an improbable engagement in 1979 with the Royal Opera to play non-singing parts in productions of Benjamin Britten’s Peter Grimes and Berlioz’s Benvenuto Cellini. The brothers feared such a highbrow enterprise was beyond their compass but were reassured when Roy Kinnear advised: “Look at your contract. Does it say you have to be good?”

Damned if you do……

So, emergency, don;t just stand there, do something. So, something is done. At which point:

When secret coronavirus contracts are awarded without competition, it’s deadly serious
George Monbiot

Perhaps an emergency isn’t quite the time to be running 3 month competitive bids?

Those patriotic millionaires

Standard economics tells us that higher taxes now are a bad idea. Standard economics also tells us that wealth taxation is a really bad idea, as is taxing the income from investments. Perhaps that’s an argument for the wonks requiring specialized knowledge of the subject, so how about a simple argument?

When those millionaires and billionaires voluntarily pay higher taxes, they can bring us their thank you letters — yes you do get one, I checked — and then we’ll talk. Until then, they’re all talk and no action, or as the English say, “Fur coat and no knickers.”

Not sure the subeditor quite translated that right but still….

Ahahahahahaha

Give that a quick look and all looks great: as one would hope, the overall chart shows a steady increase to the right. It’s so ingrained in us to look for this that the message from this chart appears unambiguous: things are getting better.

Then check the X-axis. The timeline is the reverse of that invariably used. The most recent data is on the left of the chart, and the oldest on the right. Things are not getting better. Things are getting worse, and very much so.

That makes me want to ask a basic question. If the FRC is committed to ensuring that true and fair views are given why did it choose to misrepresent the data it is delivering today to imply something that is not true? Why is it presenting its own data, in other words, in a way that is neither true or fair?

If we are to have confidence in a regulator that is responsible for the truth and fairness of data surely we should be able to presume that they will uphold that standard themselves.

Have you ever noticed how financial accounts are generally presented?

Most recent period to the left, receding into history as we move to the right? And the idea that the Financial Reporting Council would use the standard layout for financial reporting is just absurd, right?

Either that or they’re Hebes. That all three professors are spouting on a subject unknown to them could not possibly be true.

This is fascinating

Richard Murphy says:
July 13 2020 at 11:17 am
Eric

Look at the post

And look at what Clive Parry has to say as well – including the fact that it would take ten years for our rates to really change and the trend is downward, the world over

The risk of interest rates rising is very, very low

If this is so then why is the BoE buying gilts?

If not, you know, to lower interest rates below where they would be without QE?

What’s a good liberal to do?

Poland’s ruling populists have been given free rein in their mission to reshape the country after liberal hopes of taking the presidency were crushed in a narrow defeat following a divisive campaign.

The incumbent president, Andrzej Duda, was elected for another five-year term as a familiar set of demographic divisions played out in the vote. Poles under 50 and those living in larger towns and cities backed the liberal challenger, Rafał Trzaskowski, while older and rural voters stood by Duda.

This is democracy. The majority gets to decide. This is bad of course, it’s populism.

But that demand for a democratically controlled economy is the same thing. That the majority get to decide. Which isn’t populism and therefore isn’t bad.

For some reason.

Umm, really?

In some ways, Kelly Preston’s most famous role was the one outside the movies: as John Travolta’s wife. They married in 1991 and became probably the most devotedly uxorious Hollywood couple since Joanne Woodward and Paul Newman.

There were slightly fewer bits of gossip about Newman’s interest in shirt tails, weren’t there?