Fossil fuel giants and other foreign multinationals are again the biggest tax dodgers in Australia. Callum Foote and Michael West unveil the un-prestigious Michael West Media Top 40 Tax Dodgers awards.
Category: Tax Evasion
Talkfests can’t fix global tax evasion by multinationals and billionaires for one simple reason: the US will never agree to a plan where their billionaires and multinationals pay more tax in other countries like Australia. Callum Foote and Michael West report on the futility of G20 and OECD efforts to address the world’s biggest scam.
It’s a post-Christmas feast. We are serving up the Top 40 Tax Dodgers, the crème de la crème of Australia’s biggest and meanest tax tricksters. Callum Foote reports.
Source: Foreign fossil fuel juggernauts dominate the annual MWM Top 40 Tax Dodgers chart – Michael West
According to a report published in 2020 by the Global Alliance for Tax Justice, corporate ‘profit shifting’, a.k.a. ‘tax avoidance’, cost countries $620 billion in lost tax revenue in that year alone. Nowhere is this kind of behaviour more evident than in the operations of the global fossil fuel industry.
During the Trump administration, the running not-so-funny joke was that every week was “Infrastructure Week.” Periodically, like a clockwork designed by M.C. Escher, Trump or one of his flapdoodle minions would pop up and announce that a massive overhaul of the nation’s crumbling roads, bridges, airports, subways and water systems was a mere “two weeks” away.
1 Percent Owes Billions in Unpaid Taxes. IRS Must Reclaim It for Infrastructure. | The Smirking Chimp
The wealthiest 1% of Americans fail to report more than 20% of their income to the IRS, and some of those ultra-rich people use “sophisticated evasion technologies” and criminal tactics to avoid paying their full share, according to a new analysis by researchers at the IRS and economists. The analysis estimated that the top 1% of households fail to report 21% of their income. Nearly a third of that is through sophisticated schemes that random IRS audits fail to detect. The trend is even starker among the top 0.1% of earners, whose unreported income may be twice as high as the IRS estimates.
Top 1% fails to report over 20% of income using potentially “criminal” tactics: IRS analysis | Salon.com
The Australian tax office claims it has been ripped off by as much as hundreds of millions of dollars under mass tax evasion schemes allegedly run by professional advisers
Phoenixing: how unscrupulous dealers rise debt-free from the ashes of failed companies | Australia news | The Guardian
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Fox’s Neil Cavuto praises Donald Trump’s reported tax scams as “pretty clever” because they “outdodged” the IRS
video October 2, 2018 5:22 PM EDT
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Sean Hannity calls report of Donald Trump’s tax fraud part of the Democratic strategy of “slander”
video October 2, 2018 4:45 PM EDT
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Fox host dismisses NY Times report that Trump committed “outright fraud” to obtain his wealth: “I don’t know if there’s a there there”
video October 2, 2018 4:31 PM EDT
An international probe into millions of dollars’ worth of tax evasion identifies more than 300 Australian suspects.
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