A tear contains an ocean. A photographer is aware of the tiny moments in a persons life that reveal greater truths.”
As Richard Nixon once said, “people react to fear, not love”. It’s a fitting aphorism for the latest alert from the Australian Tax Office (TA 2021/2): Disguising undeclared foreign income as gifts or loans from related overseas entities, which continues the ATO’s long-running war on undisclosed offshore income.
ATO targets ‘gifts’ from overseas
The Guardian featured an article yesterday that was promoted with this tweet: It seems like AOC did a good job with that dress, but I
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HMRC are issuing their tax gap data this morning. Unfortunately I will be committed for much of the day: comment will have to wait. But, if
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As I noted earlier today HMRC published their tax gap data for 2020 this morning. I have been distracted all day by other demands, but
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The World Bank has confessed its failings. It doesn’t need to be scrapped for doing so
NY Times: Why Taxing Stock Buybacks Is The Wrong Fix For Excessive Executive Pay
A lifetime of mortgage debt
Between 1990 and 2015 the percentage of 55-64 year olds who owned their home outright fell from 70 per cent to 47 per cent, according to research by the Australian Bureau of Statistics. During the same period, the percentage of those carrying a mortgage debt rose from 12 per cent to 31 per cent. The balance were renters.
A 2018 Grattan Institute report came up with a similar trajectory: in 1995 72 per cent of Australians aged 55-64, the years prior to retirement, owned their home outright. In 2015-16 – the most recent figures available – this figure had fallen to 42 per cent.
More Australians are retiring with a big mortgage. Should they use superannuation to pay it off?
Dwarkesh on Emergent Ventures and searching for talent.
The first mention of America in European chronicles?
NBER – Harms of AI, Daron Acemoglu,Working Paper 29247 DOI 10.3386/w29247 Issue Date “This essay discusses several potential economic, political and social costs of the current path of AI technologies. I argue that if AI continues to be deployed along its current trajectory and remains unregulated, it may produce various social, economic and political harms. These include: damaging competition, consumer privacy and consumer choice; excessively automating work, fueling inequality, inefficiently pushing down wages, and failing to improve worker productivity; and damaging political discourse, democracy’s most fundamental lifeblood. Although there is no conclusive evidence suggesting that these costs are imminent or substantial, it may be useful to understand them before they are fully realized and become harder or even impossible to reverse, precisely because of AI’s promising and wide-reaching potential. I also suggest that these costs are not inherent to the nature of AI technologies, but are related to how they are being used and developed at the moment – to empower corporations and governments against workers and citizens. As a result, efforts to limit and reverse these costs may need to rely on regulation and policies to redirect AI research. Attempts to contain them just by promoting competition may be insufficient
The external wealth of nations database
Brookings – Editor’s Note: “For the past several years, Gian Maria Milesi-Ferretti, now a senior fellow in the Hutchins Center at Brookings, and Philip Lane, now chief economist of the European Central Bank, have been curating a database on external financial assets and liabilities for more than 200 countries that stretches back to 1970—the External Wealth of Nations. The Hutchins Center is now making the entire dataset[Excel download] widely available online and will update it regularly. The EWN provides estimates of each country’s external financial assets and liabilities. These data also yield estimates of each country’s net international investment position (NIIP), the difference between its total external financial assets and its total external liabilities…“
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- How Accounting Giants Craft Favorable Tax Rules From Inside Government (19 Sep 2021)
- HMRC investigates 153 'enablers' of tax evasion (17 Sep 2021)
- Pulling down the ladder: The case for a proportional property tax (17 Sep 2021)
- Tax lost in UK amounts to £35bn – almost half, say campaigners, due to fraud (16 Sep 2021)
- Measuring tax gaps 2021 edition - tax gap estimates for 2019 to 2020 (16 Sep 2021)
- Measuring tax gaps 2021 edition - methodological annex (16 Sep 2021)
- UK Health tax could increase family breakdown, tax authority warns (12 Sep 2021)
- Taxing the lower-paid could stop the economic recovery in its tracks (11 Sep 2021)
- HMRC Policy paper: Health and Social Care Levy (10 Sep 2021)
- Gibraltar based 888 agrees to buy William Hill European business (9 Sep 2021)
- Labour may tax wealth more heavily to fund social care (9 Sep 2021)
- UK Cabinet ministers to face wrath of party’s grassroots over tax rises (9 Sep 2021)
- America's richest 1% avoid paying $163 billion they owe in taxes every year, Treasury Department claims, with poorest 50% of population said to underpay by just $36 billion (9 Sep 2021)
- Why tax pay packets more and not property? (9 Sep 2021)
- The tax gap is a real problem but so, too, is the ‘reverse tax gap’ (9 Sep 2021)
- UK investors to pay increased tax on dividend income (8 Sep 2021)
- Student Debt: UK graduates face 50% tax rate on additional pay from next April (8 Sep 2021)
- Amazon pays £492m in UK tax as sales surge to £20.6bn (8 Sep 2021)
- Building Back Better: Our Plan for Health and Social Care (7 Sep 2021)
- An initial response to the Prime Minister’s announcement on health, social care and National Insurance (7 Sep 2021)
- Triple lock pension pledge suspended for one year (7 Sep 2021)
- UK PM hikes National Insurance and dividends tax by 1.25 per cent to pay for NHS and social care reform (7 Sep 2021)
- National insurance: What’s the new health and social care tax and how will it affect me? (7 Sep 2021)
- Boris Johnson announces National Insurance rise of 1.25pc, including for pensioners, plus dividend tax increase (7 Sep 2021)
- Boris Johnson unveils £12bn-a-year tax rise to pay for NHS and social care (7 Sep 2021)
- Social care changes at-a-glance (7 Sep 2021)
- A million pensioners hit with National Insurance tax bills for first time ever(7 Sep 2021)
- State Pension: Suspending the pensions triple lock is bad news for young people (7 Sep 2021)
- Human Rights and Democracy: 2020 Foreign, Commonwealth & Development Office report (6 Sep 2021)
- Private equity is leveraged equity (4 Sep 2021)
- Dutch tax authorities allowed celebrities to use the Netherlands as tax haven for decades
- Where are the real tax havens?