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Archive for 15. Februar 2019

How Can We Tax Footloose Multinationals?

Posted by hkarner - 15. Februar 2019

Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University and Chief Economist at the Roosevelt Institute. His most recent book is Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump.

Apple, Google, Starbucks, and companies like them all claim to be socially responsible, but the first element of social responsibility should be paying your fair share of tax. Instead, globalization has enabled multinationals to encourage a race to the bottom, threatening the revenues that governments need to function properly.

NEW YORK – In the last few years, globalization has come under renewed attack. Some of the criticisms may be misplaced, but one is spot on: globalization has enabled large multinationals, like Apple, Google, and Starbucks, to avoid paying tax.

Apple has become the poster child for corporate tax avoidance, with its legal claim that a few hundred people working in Ireland were the real source of its profits, and then striking a deal with that country’s government that resulted in its paying a tax amounting to .005% of its profit. Apple, Google, Starbucks, and companies like them all claim to be socially responsible, but the first element of social responsibility should be paying your fair share of tax. If everyone avoided and evaded taxes like these companies, society could not function, much less make the public investments that led to the Internet, on which Apple and Google depend. Den Rest des Beitrags lesen »

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Playing Chicken with Europe

Posted by hkarner - 15. Februar 2019

Chris Patten, the last British governor of Hong Kong and a former EU commissioner for external affairs, is Chancellor of the University of Oxford.

The philosopher Bertrand Russell believed the Cold War nuclear standoff resembled a high-risk game played by „youthful degenerates.“ British Prime Minister Therea May is playing a similar game, and if her Brexit brinkmanship goes wrong, the victim would be Britain.

LONDON – The game of chicken is simple to describe but dangerous to play. Based on evolutionary game theory, it was sometimes used to describe nuclear brinkmanship during the Cold War.

Bertrand Russell, the great British philosopher and campaigner against nuclear weapons, reminded us that the game is usually played between what he called “youthful degenerates.” The players drive cars towar d each other at high speed from opposite directions; the first driver to swerve away from a head-on collision – or, in some variants, to jump from the driver’s seat before it reaches a cliff edge – is the “chicken.”Russell believed this to be a description of the putative statesmanship of the nuclear powers in the Cold War. One miscalculation, one failure to swerve, and the result could be Armageddon: hundreds of millions of deaths, flattened cities, the end of civilization.

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If devalue-and-inflate is Britain’s best post-EU plan, Brexit is doomed.

Posted by hkarner - 15. Februar 2019

Date: 14-02-2019
Source: The Wall Street Journal By The Editorial Board
Subject: Brexiteers for Argentina

Leaving the European Union will leave the United Kingdom better off only if the country makes itself more competitive by reducing taxes, trade barriers and regulatory burdens. But recent comments from leading Brexiteers show London’s anti-EU faction is thinking a lot smaller.

“Analysts predict that in the event of no deal, sterling could fall by over 20 per cent,” former Minister for Leaving the EU David Davis wrote Monday in the Times of London. “Is this such a bad thing? Our goods will become 20 per cent more competitive on the global market and our EU competitors’ goods would be less competitive.”

Not even close. This is an easy proposition to test, since the pound already has declined nearly 20% since the end of 2015 amid Brexit uncertainty. Britain is still waiting for the promised export boost. Den Rest des Beitrags lesen »

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