£5,200,000,000 will be robbed from you today
Britain will be robbed of £5.2 billion today as an army of accountants file fiddled tax returns for the rich.
The whopping theft was exposed by charity Oxfam GB before the HM Revenue and Customs self-assessment deadline.
Oxfam calculated that the tax owed on wealth stashed in offshore accounts would be enough to snuff out the entire Con-Dem benefit cuts programme.
The government’s latest benefit cap is set to cost 9.4 million households £180 each.
But if it was collected the capital gains tax on fortunes hidden away in offshore havens would be enough to pay the 9.4m and every other household in Britain £196 every year.
Oxfam director Chris Johnes said the £568m of dodged tax David Cameron wants to recoup by 2016 was “a drop in the ocean” compared with the billions owed.
He said it left “ordinary people to pick up the tab for support and services that we all rely on.
“It is sickening and immoral that tax evaders get off scot-free while thousands of the poorest families are being forced to go to charity food banks in order to provide a meal, or go without heating when it’s freezing outside.
“We must get back all of this lost revenue, not only to help fix our economy but to reverse cuts to support that the most vulnerable need and stop the shame of poor people in Britain going hungry in the 21st century.”
Tax campaign UK Uncut‘s Murray Worthy criticised the coalition’s proposed “general anti-abuse rule,” which is set to ignore most tax-dodging and failed to penalise those caught doing so.
He told the Morning Star that the proposal was just a smokescreen designed to deflect public anger.
Capital gains schemes relied on tax havens in Britain’s protectorates that the PM already had the power to shut down, he said.
Up to £120bn in tax is avoided or evaded each year as a result.
Recent headlines have shown how corporations like Amazon.com, Starbucks and eBay.co.uk used such havens to withhold billions of pounds each.
Mr Worthy said:
“Not one of these kinds of scandals would be covered by this rule – it’s just a sop.”
Morning Star
SEE ALSO: Tax Activists in Black-Tie Raid H.M.R.C. Chief Dave Hartnett’s Retirement Soirée at Oxford College ~ VIDEO Posted on September 24, 2012
Don’t get to hung up on Tax AVOIDERS. This is why.
Taxes pay for NOTHING. they are a method of taking your money for the purpose of Controling INTERNAL INFLATION. Everything that Gov’t “FUNDS” is CREATED MONEY from the BofE. THEREFORE IT IS FREE. That is why so many people try to avoid paying taxes. GOV’t can fund ANYTHING it wants to without TAXES orBORROWING. this is 1st year MACROECONOMICS.
THERE is a fundamental Difference between HOUSEHOLD & BUSINESS spending in contrast to GOV’t Spending. In the case of the former they both have to earn their Income. therefore they have to BUDGET their expenditure.
In the case of GOV’t it “FUNDS” it’s spending out of thin air because it “PRINTS” your CURRENCY & distributes it. IT DOES NOT “EARN” an income it CREATES IT
This is the difference between Gov’t(Macroeconomics) & Household/Business (MicroEconomics)
The “BUDGET” that Gov’t presents every year is just NONSENSE, Meaningless NONSENSE.
You are right Robin, I too understand the financial system. What really gets people though, is that they think it’s morally wrong to see the rich getting away with tax avoidance when they are taxed to the hilt. Can’t blame them eh?
People would be amazed if they new how wealth was created out of thin air. It should be compulsory for all 1st year students to learn about the financial sytem.
Last night i watched BBC Question Time. Each question is carefully choreographed as not to cover the real inhumanity bestowed on the poor and disabled. Topics such as the Queen giving up the throne and High speed rail links, no mention of the mood of the electorate over the discredited Welfare Reform Act.
Last week they talked about snow!
One girl, bless her, put her hand up last night and asked why they were talking about trivia like this.
The uk media is complicit, by not reporting the truth, in a most heinous crime against the most vulnerable.
MPs who appear on the show are supposed to be representative of the views of the electorate. This seems to be a myth as they seem to follow their own agenda regardless of what is asked of them.
In fact the MPs seemed taken aback when the majority of the audience made it clear that most people arent bothered about a high speed rail link to the north costing billions.
What was wrong with updating the existing one, they asked?
Every dog has its day, ours is coming. By hook or by crook it will happen…..
Of course it is a sop to deflect public opinion. Camerons fortune comes from his father who set up tax avoidence schemes. George Osbourne regularly defrauds the British Tax Payer and nothing is done or said about it.
Tax the Rich Not the Poor
When will People have Some Backbone ?
Boycott the Mainstream Media Get People to Look for the Truth