Pandora, Paradise and Panama Papers: Offshore structures exposed by leaks explained – ABC News

https://www.abc.net.au/news/2021-10-05/offshore-companies-trusts-tax-and-secrecy-explained/100514250

The Pandora Papers leak of nearly 12 million documents
has shed further light on the secretive, mysterious world of offshore companies and trusts.

These structures — set up in
so-called “tax havens” or “secrecy jurisdictions” — are used by many of the world’s wealthiest and most powerful people and corporations to shift and store money internationally.

Pandora Papers: The little-known Australian accountant exposed in one of the world’s biggest leaks – ABC News

https://www.abc.net.au/news/2021-10-04/pandora-papers-australian-accountant-asiaciti-graeme-briggs-leak/100482936

A massive leak

Details … are contained in the
“Pandora Papers”, one of the largest leaks of financial documents in history.

Since 2019, 11.9 million documents from 14 offshore providers have been
leaked to the International Consortium of Investigative Journalists (ICIJ), the collective behind the landmark Panama Papers exposé.

Biden’s Absurd ‘Zero Cost’ Claim—$3.5 Trillion Is Real Money And It’s Coming Out Of Your Pocket | PA Pundits – International

https://papundits.wordpress.com/2021/10/02/bidens-absurd-zero-cost-claim-3-5-trillion-is-real-money-and-its-coming-out-of-your-pocket/

By David Ditch ~

Talk about a ludicrous advertising pitch! Speaking of the record-breaking tax-and-spend package currently being pushed through Congress, President Joe Biden last Friday said, “It is zero price tag on the debt. We’re going to pay for everything we spend.”

This is flatly wrong, and it isn’t even close.

President Joe Biden incorrectly claimed the $3.5 trillion spending bill will pay for itself and has no cost whatsoever.

While we don’t yet have a full accounting of the 2,465-page behemoth, it’s expected that the bill’s total amount of spending and tax credits will reach $3.5 trillion.

In contrast, the bill would increase taxes by about $2.3 trillion, leaving a gap of over $1 trillion. Democrats claim that the difference would be made up by imposing price controls on prescription drugs and through hoped-for economic growth—even though independent analysis says the bill would actually depress growth.

Yet rather than correct the record, Biden doubled down and then some.

In a tweet last Saturday, he said, “My Build Back Better Agenda costs zero dollars.”

It’s one thing to incorrectly claim that legislation pays for itself. It’s another thing to claim that possibly the most expensive piece of legislationin world history has no cost whatsoever.

Make no mistake: There is no free money. Every dollar the federal government spends must either be taken from taxpayers or borrowed.

Extra borrowing would be irresponsible. The federal debt currently stands at $28.4 trillion, or about $220,000 for every household in the country.

The problem is only getting worse, with tens of trillions in unfunded liabilities for programs like Social Security and Medicare. That’s bad for retirees and future generations alike, and Congress is refusing to address the coming crisis.

Tax hikes also have a real cost, and not just for high-income individuals.

Despite Biden’s promises that his plan wouldn’t increase taxes on people earning less than $400,000 per year, the official congressional scorekeepers show the tax burden will increase for families bringing home as little as $30,000 per year.

As for economic growth, a higher tax burden would kneecap the competitiveness of American businesses against foreign competitors. It would also discourage the private sector investment that creates jobs and drives wage growth for workers.

With the post-pandemic recovery still on shaky ground, this is an especially bad time to increase the tax load.

Unfortunately, Biden’s absurd talking point of a “zero dollar” cost is spreading. From Rep. Pramila Jayapal, D-Wash., head of the House Progressive Caucus, to mainstream media headlines about “zero” cost, there is now an active campaign to pretend that a radical big government agenda is free.

Since “trillion” is a nearly incomprehensible number, it’s vital to understand what the bill’s $3.5 trillion price tagactually means.

*The amount drained from the private sector works out to over $27,000 per U.S. household, which is more than the cost of five years of groceries for a typical family.

*Spending at $1,000 per second, it would take 111 years to reach $3.5 trillion. Yet because the bill would cram that spending into a single decade, it would spend an average of $11,000 per second for 10 years.

*At the time it was passed, [the Affordable Care Act] was one of the most expensive pieces of legislation ever. Adjusted for inflation, it cost $1.1 trillion—less than one-third the size of Biden’s tax-apalooza. Even the most ardent supporters of Obamacare never claimed it had a “zero” cost.

Concerns about the legislation go well beyond its incredible cost. The way those trillions would be spent is also riddled with problems.

Expanding the welfare state would discourage work for low- and middle-class families, creating dependency on government rather than creating wealth.

Doling out hundreds of billions to “green” businesses would have no measurable effect on global temperatures, but it would create a new left-wing political constituency using taxpayer dollars.

Democrats are also determined to try and force mass amnesty for illegal immigrants into the tax-and-spend bill.

At the end of the day, this legislation would further concentrate power and control in Washington, D.C. The idea that Congress and federal bureaucrats deserve more responsibility over our day-to-day lives should be a punchline regardless of one’s political leaning, yet that is exactly what the bill would do.

Instead of railroading through a piece of legislation that’s longer than the combined length of two King James Bibles, Congress ought to slow down and consider alternatives.

Reforms to already-existing benefit programs can encourage work and reduce long-term deficits. Maintaining a pro-growth tax code would do more for jobs and wages than any amount of federal meddling.

Taking a responsible approach to the nation’s finances would be a welcome surprise. Unfortunately, Biden seems intent on pretending that everything he wants is free.

He’s wrong. And if the legislative package passes, America will pay a very real price.

This article originally appeared in Fox News.

David Ditch is a research associate specializing in budget and transportation policy in the Grover M. Hermann Center for the Federal Budget at The Heritage Foundation . http://www.heritage.org/

Read more informative articles at The Daily Signal http://dailysignal.com/

The U.S. Government Vows to “Fix” the Food System, by Bill Bonner | STRAIGHT LINE LOGIC

https://straightlinelogic.com/2021/09/27/the-u-s-government-vows-to-fix-the-food-system-by-bill-bonner/

Like they’ve fixed the educational and medical systems, and turned everything else they’ve touched into crap. From Bill Bonner at rogueeconomics.com:

BALTIMORE, MARYLAND – Things go wrong.

The Wall Street Journalpublished this alert last night:

Democratic leaders are trying to shepherd two complicated legislative packages: a roughly $1 trillion bipartisan infrastructure bill and a sprawling healthcare, education and climate package whose proposed $3.5 trillion price tag and contents are still under intense debate within the party.

At the same time, the government’s funding is set to expire at 12:01 a.m. on Friday, Oct. 1, which would partially shut down the government if Congress doesn’t act. Lawmakers also are feuding over who is responsible for raising the debt limit and avoiding a potentially catastrophic default. Absent swift action, Treasury Secretary Janet Yellen notified Congress this month that the Treasury may be unable to keep paying all of the government’s bills on time during October.

Reuters calls it a “moment of truth” for Congress.

Politicians grandstand. They argue and point the finger at each other.

But if the spending is interrupted, it won’t be interrupted for long. The real truth is that Democrats and Republicans agree on the important issue – that the rip-off of the American public must go on.

Borrow… spend… print… and borrow more.

Eventually, the end of the world as we have known itcomes. And then, things get serious. Painful. Chaotic. And disastrous.

Empty Stomachs

And today, we look at one of the most nightmarish features of the End of the World As We Have Known It: hunger.

It is hard to imagine widespread hunger in the U.S. The country is so rich, so big, so productive… food is so plentiful… and its people are so fat. What could possibly go so wrong as to cause people to go hungry?

OECD calls on Australia to raise GST, lift jobless benefits and review the Reserve Bank to deal with economic fallout from COVID – ABC News

Comment by tonytran2015: Currently Australian GST is at 10% while many other countries are having higher GST rates.

https://www.abc.net.au/news/2021-09-15/oecd-australia-economy-gst-rba-jobs-covid-climate/100462798

  • The OECD wants Australia to increase the GST and unemployment benefits and review the RBA’s economic forecasting
  • Treasurer Josh Frydenberg has rebuffed the call for a increase in the GST but says he is open to a review of the central bank
  • OECD calls on Australia to improve environmental innovation in the fight against global warming

Democrats Go Insane on Taxes NYC 61.5% is Your Tax Rate! | Centinel2012

https://centinel2012.com/2021/09/14/democrats-go-insane-on-taxes-nyc-61-5-is-your-tax-rate/

Armstrong Economics Blog/The Hunt for Taxes Re-Posted Sep 13, 2021 by Martin Armstrong

The Democrats are simply insane. Every study on taxation has shown that the lower the tax rates, the greater the economic growth. The Reagan tax cuts resulted in people paying more in taxes because they earned more. The new tax hiked will push NYC to 61.5%. Anyone who lives there has got to be insane to stay. The Super-Rich set up trusts, foundations, and every sort of vehicle that skirts the high taxes. The Democrats always allow those because they themselves use the same tricks. Obama had little when he entered the office and now has a multimillion beach house when he was claiming the oceans were rising.

The one thing everybody better do is call your accountant. The Democrats CANNOT be this stupid. Raising taxes of this magnitude, going after businesses, and trying to end inheritance which is what they REALLY want to do – make it all now normal income, can set in motion the worse liquidation in modern history.

This is AOC wearing a dress to celebrate the occasion of trying to destroy society. She fails to understand that it takes money to start a business and to hire people. Under their plans from reliable sources, they really want to tear the country apart. They see nothing but hatred in capitalism for everything to them is just money. If you love what you do, you will be successful in life. If it’s just a job, then that is all it will ever be.

Twenty years ago if you bought a house you could just put your kid’s names on it as well – no big deal. Today, if you try that, they have to declare it as income and pay taxes on it which is not even cash. This is the new world order. You may have to sell assets this year and buy them back for selling next year of an accumulated profit may be devastating.

This Is a Sign that Price Inflation Will Soon Get Worse | Mises Wire | MCViewPoint

https://mcviewpoint.com/2021/09/04/this-is-a-sign-that-price-inflation-will-soon-get-worse-mises-wire/

Slowly, but surely, the public began to realize: “We have been waiting for a return to the good old days and a fall of prices back to 1914. But prices have been steadily increasing. So it looks as if there will be no return to the good old days. Prices will not fall; in fact, they will probably keep going up.” As this psychology takes hold, the public’s thinking in Phase I changes into that of Phase II: “Prices will keep going up, instead of going down. Therefore, I know in my heart that prices will be higher next year.” The public’s deflationary expectations have been superseded by inflationary ones.

https://mises.org/wire/sign-price-inflation-will-soon-get-worse

Connor Mortell

Recently here on Mises Wire, Sammy Cartagena wrote a brilliant article demonstrating that Two Percent Inflation Is a Lot Worse Than You Think. In it, he demonstrates that the manageable 2 percent inflation year over year we all have gotten used to is a whole lot less manageable than we tend to think. But in it, he also cited explaining that “over 23 percent of all dollars in existence were created in 2020 alone.” From that he explains that while future inflation is important, he is focused on past inflation for the sake of his article, which is where these two articles diverge because this will be questioning future inflation. Anyone paying attention has seen that there has obviously been inflation this past year whether through price increases or more subtle ways to sneak inflation into the economy. However, when we look at the massive spending bills and the aforementioned fact that over 23% of dollars have just recently been ushered into existence, it leaves many asking why has there not been proportionally drastic inflation?

The major piece that is holding back even more inflation than we’ve already seen is a public expectation of a return to normal…

61% Of Taxpayers, Or More Than 100 Million US Households, Paid No Federal Income Taxes Last Year

https://www.nationandstate.com/2021/08/20/61-of-taxpayers-or-more-than-100-million-us-households-paid-no-federal-income-taxes-last-year/
61% Of Taxpayers, Or More Than 100 Million US Households, Paid No Federal Income Taxes Last Year The majority of US taxpayers – 61% – paid no federal income taxes last year due to the pandemic and ensuing policy response, according to CNBC, citing a new report by the Tax Policy Center. The pandemic and…

Pork Infrastructure Bill | Andelino’s Weblog

https://andelino.wordpress.com/2021/08/11/pork-infrastructure-bill/

Congress is clearing the decks in order to shove through a 2,700-page infrastructure billthat’s filled from stem to stern with amendments that have little to do with infrastructure and a lot to do with pork and tyranny.

…video…

Congress continues to spend like drunken sailors. If they’re successful in launching their $1+ trillion bill, it will be followed by more bills and more trillions of dollars wasted.

Less than two percent will be spent on “infrastructure.” A trillion here and a trillion there and pretty soon it adds up to real money.

Let’s hope their infrastructure bill dies upon launch. Otherwise, the ship of our Republic will follow the Titanic.

We will sink as a nation if we allow senile “Fraud-In-Chief” Biden to continue at the helm..