In a new sign of increasing inequality in the U.S., the richest 1% of Americans in 2006 garnered the highest share of the nation's adjusted gross income for two decades, and possibly the highest since 1929, according to Internal Revenue Service data.The British government's IRS is now offering tax haven clients another amnesty deal:
Meanwhile, the average tax rate of the wealthiest 1% fell to its lowest level in at least 18 years.
The move is designed to flush out those with secret savings in offshore bank accounts ahead of legal moves by the Revenue to force 117 foreign and UK institutions to disclose customers’ details.I wish I could get away with not paying tax, then declare that I had been avoiding tax, and only pay back one tenth of what I originally owed!
It raised £400m last year after taxpayers with money in offshore accounts operated by five high-street banks — Barclays, HBOS, Lloyds TSB, HSBC and Royal Bank of Scotland — were offered leniency in return for voluntary disclosure. Most account holders with those banks who took up the offer paid 10% of outstanding tax, rather than 100%.
Speaking of tax dodgers, 1974 World Cup Socceroos coach Rale Rasic today takes a shot at Frank Lowy:
“I honestly think there is a lot of bullshit under the cover, put it that way. I think people are speechless, people fear something: no-one is saying anything. But you cannot ignore history: I tell you, the bubble will burst as soon as people wake up and say to themselves ‘what is going on?’”
