Mish's Global Economic Trend Analysis |
Posted: 14 Jul 2014 09:44 PM PDT Blaming others for your own transgressions is widespread, so widespread that I have written several posts on this subject. Here is another. The Financial Times reports Ukraine Accuses Russia Over Downed Military Aircraft. Ukraine on Monday said a missile that downed a military transport plane in the east of the country was "probably" fired from across the border from Russia, as fighting in the region continued to intensify between pro-Russian rebels and government forces.Musical Tribute With everyone pointing the finger at Putin, I offer the following Blame Game verse. Putin! Putin, Putin Bo Butin Bonana Fanna Fo Futin Fee Fie Mo Mutin, Putin! Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
Reader Emails and Other Reflections On the "U.S. Corporate Tax Dodge" Posted: 14 Jul 2014 09:35 AM PDT Last Week I received an email from reader Eric in response to the "U.S. Corporate Tax Dodge" by Barry Ritholtz. First, let's discuss the "fair tax" proposal of Ritholtz. In his article, Ritholtz sides with Fortune author Allan Sloan who wrote about Positively Un-American Tax Dodges. Ritholtz and Sloan are upset at U.S. corporate executives who engage in "inversion", defined "moving the location of incorporation to a tax haven and skipping out on paying U.S. taxes". Sloan says "The spectacle of American corporations deserting our country to dodge taxes while expecting to get the same benefits that good corporate citizens get is unacceptable". Ritholtz proposes 5 measures that would promote "fair taxes".
"The U.S. provides an outstanding place for these companies to operate and for their employees and executives to live and work. They should pay their fair share," says Ritholtz. Reply from Reader Eric Reader Eric sent his comments to Ritholtz and copied me. Mr. Ritholtz,My Response to Eric I replied to Eric and copied my friend Pater Tenebrarum at the Acting Man blog. Here is my reply to Eric. Funny you mention relocation and taxes that because I was just reading something on unfair taxation today in reference to candlemakers: Amazon Charges Penny for Shipping Following France Ruling Shipping Cannot Be Free; "No Competition" LawsHeinz replied "For reasons I don't quite understand, Barry Ritholtz, who makes his living from the capital markets, over and over again propagates statist views." EU and Loopholes Also consider an excellent post by Tenebrarum on the Misguided Urge to Close Loopholes. Recently Apple's CEO was forced to defend his company's use of such loopholes in front of a very hostile Congress. Everybody seems agreed that tax loopholes are somehow bad. But are they really?Uniform Fairness Ritholtz wants uniformity and fairness. I agree. Taxation at 0% would not only provide it, businesses would come to the US instead of escape from the US. How bad would that be? Personal Note: I am in a remote part on Glacier National Park. Cell phone and internet access is very limited, often nonexistent. I may be quite slow in answering emails and may be posting a bit less this week. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
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