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I’ll Make 'Damn Sure' Big Companies Pay Their Tax, Says David Cameron

The Independent | The world’s most powerful leaders must mount a concerted effort to prevent multinational companies such as Starbucks and Amazon legally avoid large corporation tax bills, David Cameron will urge in his role as president of the G8.

The Prime Minister vowed to make “damn sure” that multinational firms paid their fair share of tax on their UK operations.

He is to use Britain’s presidency of the G8 group of the most industrialised nations, which began this week, to discuss ways of stopping global companies moving their money through different jurisdictions to minimise tax payments.

  • Written by: John Galt
  • Category: Economics
  • Hits: 8063

The SEC Screws Consumers, Helps Banks With New Commodity Trading Rules

Class Warfare Exists.com | Copper is a commodity, a finite resource that has a fairly short term supply over the next couple of decades.  There is a fierce global competition for this commodity but the SEC just approved the first exchange traded fund of its kind in the U.S.  J.P. Morgan and Blackrock just received approval to start a copper ETF that will allow speculators to bid on the price of copper; the big difference here is that both of these funds will purchase and warehouse up to 183,000 tons of copper.  Giving investment banks the ability to actually control the real supply of precious metals will lead to one thing – higher prices for consumers across the board.  The SEC just screwed Americans here.

  • Written by: John Galt
  • Category: Economics
  • Hits: 8906

The Mega Scandal Everyone Has Forgotten

National Review Online | In Star Wars, Obi-Wan Kenobi used an old Jedi mind trick on Stormtroopers to deflect them from their real quarry: “These aren’t the droids you’re looking for.” It worked.

It looks as if another mind trick, well known in the Congress — delay and deflection — will now work to make Americans forget one of the biggest scandals of our time: the housing collapse that triggered the 2008 financial meltdown we are still suffering from. We shouldn’t just gaze over the fiscal cliff everyone else is scrutinizing; we should also examine the droids who helped set in motion our current economic mess.

  • Written by: John Galt
  • Category: Economics
  • Hits: 9158

Bosses: Don't Blame Us for Smaller Checks

New York (CNN Money) | Everyone's paycheck is about to take a hit, and it's not the boss' fault. But some business owners say it's a tough talk to have.

The rate of workers' payroll taxes, which fund Social Security, has been 4.2% for the past two years. As of Jan. 1, it's back to 6.2%, on the first $113,700 in wages.

That forced Mike Brey, who owns four Hobby Works shops near Washington, D.C., to notify his store managers about the upcoming change during a conference call Monday. He called the experience uncomfortable. "These are the people who can least afford it," Brey said.

  • Written by: John Galt
  • Category: Economics
  • Hits: 8022

Lagarde: ‘Zero’ U.S. Growth Without a Deal

Washington (CNN) |  The head of the International Monetary Fund warned that the American economy won’t grow next year without a deal on the fiscal cliff.

Christine Lagarde, the managing director of the IMF, spoke to CNN’s Candy Crowley on “State of the Union” about the consequences of the president and Congress failing to reach a comprehensive deal on the automatic spending cuts and tax hikes that would occur without an agreement before the end of the year.

  • Written by: John Galt
  • Category: Economics
  • Hits: 8222

Job Creation Hits 146,000, Rate at 7.7%

CNBC |  The U.S. economy created 146,000 new jobs and the unemployment rate slid to 7.7 percent, in a report much better than economists had expected.

Though most on Wall Street figured Superstorm Sandy to tamp down job growth, the Labor Department said the late-October storm that decimated the East Coast actually had little effect.

  • Written by: John Galt
  • Category: Economics
  • Hits: 8271