Reply to: Bill Nighy

[DodgyAgent]

I have no problem with airline hedging risks. I do have problem with GS buying en masse oil they would not use and using super tanker to store it thus making demand artificially increase and ultimately pushing prices up (or down) as they see fit.

Banks should be investing into real businesses - like airlines, or oil companies that get oil, not speculate [B][[I]I]on internet search engines that dont have any track record of earning revenue[/BIn your example Tobin tax won't hit airline - only those who make a lot of transactions will suffer, so speculators who play on Forex and shares trying to make money from small changes will be stuffed.

FTFY

[DodgyAgent]

Doubling national debt to bail out banks is that cost.

Investment banks aka "New Age Casinos" don't have consumers to speak of - the true cost of their activities is passed down via increases in oil prices and other commodities. So long as those casinos can gamble on the market it will happen, with or without taxes unless those taxes are designed to stop them from gambling in the first place.

Talking of Casinos how is your investor's "bet" going?

As in "one law for AtW and another for everyone else"

[Mich the Tester]

I think a large part of the problem is that many of these "super rich" get away with paying negligable taxes because they are perceived to benefit the wider economy by having the grace to spend their money in our restaurants, bars & shops.

Personally I would call them on it. If they want to move elsewhere then fine, let them. If they want to stay they can pay their taxes like everyone else.

That 'elsewhere' to which you refer might become a very attractive destination for emigrants.

[Jog On]

I think a large part of the problem is that many of these "super rich" get away with paying negligable taxes because they are perceived to benefit the wider economy by having the grace to spend their money in our restaurants, bars & shops.

Personally I would call them on it. If they want to move elsewhere then fine, let them. If they want to stay they can pay their taxes like everyone else.

They do pay their taxes just like everyone else. Just no more than they are legally obliged to.

What we need to keep sight of here is that paying taxes to the government does not equal giving back to society.

This is why donating to charity is quite a popular way of reducing one's tax liability.

Also being able to manage your financial affairs in a tax efficient manner is one of the benefits of the risk/reward ratio you take on when going into business/investing/trading as opposed to just being a permy all your life.

These super rich have more often than not created a lot of permy jobs (and tax+NI) in the process of becoming super rich.

[doodab]

I think a large part of the problem is that many of these "super rich" get away with paying negligable taxes because they are perceived to benefit the wider economy by having the grace to spend their money in our restaurants, bars & shops.

Personally I would call them on it. If they want to move elsewhere then fine, let them. If they want to stay they can pay their taxes like everyone else.

[doodab]

You make it sound like he is employee in disguise who uses artificial company to pay himself dividends in order to avoid NI

He took over failing company and made it successful - this saved lots of jobs that pay tax via PAYE, he himself can run it from Monaco and the fact that he trusts his wife with so much money means that she must be loving him for more than money.

I've no doubt he is a talented manager, but he didn't magically generate 1.2 billion additional profit out of nowhere. He borrowed money to buy a company that had been through dark days and was turning around under good management, secured a loan against it and took the borrowed money out as a dividend.

[Jog On]

You mean as opposed to £500 in every £1000 they earn?

No 'as well as' like they're proposing for the banking sector. Why not introduce one for football player transfers as well, and sales of works of art at auctions?

Where should it stop?

http://en.wikipedia.org/wiki/The_Chi...und_Foundation

This is how the financial sector should be contributing to solving the world's problems.

[Doggy Styles]

I'd like to see a new Bono Tax.

It's a special tax that everyone would have to pay if they were Bono.

Bono is a prize c , isn't he.

[doodab]

I had another idea of how the financial industry could help solve some of the world’s problems. Instead of paying extra tax to the government they open a fund for each charity and invest/trade that money for the charity. This way instead of just paying money to the charities they are using their skillset for a good cause by creating a source of revenue that grows and compounds.

It would have to bypass the tax man and go straight to said charity of course…

http://en.wikipedia.org/wiki/The_Chi...und_Foundation

[doodab]

Why don't they charge a 'supertax' on actors/musicians, sports poeple and celebrities who earn over a certain amount?

Say £0.05 in every £1000 they earn? Surely they won't miss it and they'd love to be seen as doing their bit as well?

You mean as opposed to £500 in every £1000 they earn?

[Pondlife]

I'd like to see a new Bono Tax.

It's a special tax that everyone would have to pay if they were Bono.

[Jog On]

I had another idea of how the financial industry could help solve some of the world’s problems. Instead of paying extra tax to the government they open a fund for each charity and invest/trade that money for the charity. This way instead of just paying money to the charities they are using their skillset for a good cause by creating a source of revenue that grows and compounds.

It would have to bypass the tax man and go straight to said charity of course…

[Mich the Tester]

What's good for the goose...

...is to be stuffed full of oats so I can eat more foie gras.

[Jog On]

No. I find it a little bit hypocritical for any of us to dream up taxes for other people to pay.

What's good for the goose...

[AtW]

concentrate on the Phillip Greens of this country. Biggest corporate dividend in history, paid to the wife, Monaco resident, nil tax.

You make it sound like he is employee in disguise who uses artificial company to pay himself dividends in order to avoid NI

He took over failing company and made it successful - this saved lots of jobs that pay tax via PAYE, he himself can run it from Monaco and the fact that he trusts his wife with so much money means that she must be loving him for more than money.