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With the publication of the Panama papers we are reminded once again of the contrast between the lives of a rich elite and the rest of humanity.
At the first hint of threats to corporate finance, ordinary citizens are asked to bail out banks and absorb their debts at the cost of their own social services.
They have to sit back and watch as repeated austerity budgets accelerate the rise in income inequality between rich and poor.
Now to add insult to injury, they see how this protected elite make use of sophisticated loopholes, encouraged and facilitated by banks and exclusive legal firms, to squirrel away money which should have been paid in taxes.
The increasing corrosive influence of corporate finance on international tax law has resulted in labyrinthine channels through which money can be siphoned to avoid tax and in parallel has also seen increasing pressure on keeping social services in the public sphere. The proposed TTIP trade agreement will cement even further the leverage corporate interests will have over public life and would provide further cover for this kind of behaviour.
The idea, often trumpeted by right wing politicians, that tax cuts for the rich act as a vehicle for investment and job creation can only be seen as farcical in light of these revelations. Local economies depend more on how ordinary citizens spend their money and not on the rich, it’s time this was reflected in how economies are set up.
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