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Paul Dewar talks to the Toronto Star editorial board.

On taxes:
What I call tax justice in this country. The corporate tax level is down to 15 per cent; obviously I think that should be increased to 19.5 per cent. That keeps us competitive with our competitors. Tax havens, between 2000 and 2008, $17 billion left our country for foreign shores — and that was just from our banks. I’d like to see that dealt with. I’d like to see us look at a financial transactions tariff, which is being contemplated in Europe.

What about hiking personal income tax?
I’d like to fix the leaks in our system before I look at that. I have no problem in looking at an increase in personal income tax if I knew that it was going to stay in revenues and I say that because there are ways, which many people are probably aware of, to avoid taxes. So the first thing you need to look at is tax loopholes.

How much would all that raise?
I couldn’t tell you to a dime. But I can tell you in the case of tax havens we’re talking more than $20 billion, I can tell you in the case of the corporate tax level that we’re talking tens of billions of dollars and I can tell you in the case of the financial transactions tariff a very conservative estimate is about $4 billion dollars.

The NDP proposed a crackdown on tax havens in last year’s election. At the time, they booked $1 billion in new revenue for the current fiscal year, rising to $3.2 billion in 2014-2015. Ira Basen deemed that “wishful accounting.” The Liberals posed various questions.

The Harper government proposed in its 2007 budget to deal with tax havens and a few months later, the Finance Minister explained the “Anti-Tax-Haven Initiative.” Two years later, following the recommendations of the Advisory Panel on Canada’s System of International Taxation, the Harper government repealed the “double dip” restrictions.

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Dewar on taxes

WASHINGTON--(BUSINESS WIRE)--

Small business owners see corporate tax loopholes and the shifting of U.S. profits to offshore tax havens as serious problems, according to a new independent national poll. Small business owners think big corporations and the wealthy don’t pay their fair share of taxes, the poll shows. They support increasing taxes on millionaire incomes, letting high-end tax cuts expire, and closing the carried interest loophole that gives hedge fund managers big tax breaks.

These findings from a scientific nationwide survey of small business owners released by the American Sustainable Business Council, Main Street Alliance and Small Business Majority are summarized below with links to the full report.

“I’ve been in business 32 years, and I’m appalled at how big corporations and millionaires have shrunk their taxes,” said Lew Prince, owner of Vintage Vinyl, an independent music store in St. Louis, MO. “Ingrates like Amazon wouldn’t even exist without the Internet, which grew out of government research. The least big corporations and their executives could do is pay their fair share for the roads, ports, education, research, public safety and everything else that tax dollars buy.”

“When big corporations use loopholes and tax havens to avoid paying taxes, they’re robbing our country of the resources we need to invest in our future,” said Aimee McQuilkin, owner of Betty’s Divine, a clothing boutique in Missoula, MT and Montana Small Business Alliance member. “If you want to fly the American flag outside your corporate headquarters, you should be paying your way.”

“We need a Buffett Rule for wealthy individuals and a GE Rule for corporations,” said Scott Klinger, director of tax policy for Business for Shared Prosperity, a partner in the American Sustainable Business Council. “Warren Buffett spotlighted the madness of a tax code that lets him pay a lower rate than his secretary. Likewise, U.S. multinational corporations who shift U.S. profits to offshore tax havens shouldn’t be rewarded with a tax rate below Main Street employers.”

“Small businesses are the backbone of the economy, yet they feel the playing field is tilted in big businesses’ favor and small firms are at a disadvantage when it comes to taxes and corporate loopholes,” said John Arensmeyer, founder and CEO of Small Business Majority. “Our economy needs to work for everyone. Policymakers need to listen to small businesses and level the economic playing field. If they do, we will all benefit from what small businesses can offer.”

Key poll findings include:

Small business owners believe corporate tax loopholes are serious problems: 90 percent say big corporations use loopholes to avoid taxes that small businesses have to pay; 91 percent believe the corporate shifting of U.S. profits offshore to avoid taxes is a problem. 75 percent believe their small business is harmed when big corporations use loopholes. Small business owners believe big corporations and millionaires pay less than their fair share of taxes: 67 percent believe this for big corporations; 58 percent believe this for households with annual incomes over $1 million. Small business owners support tax proposals that raise revenues: 57 percent say millionaires should pay more taxes. 51 percent say tax cuts on annual household income over $250,000 should end. 81 percent favor eliminating the “carried interest” loophole that gives big tax breaks to hedge fund managers. Respondents were politically diverse: 50 percent identified as Republicans, 32 percent Democrats, and 15 percent independents.

Read the report:
http://www.asbcouncil.org/uploads/Taxes_Poll_Report_FINAL.pdf
http://mainstreetalliance.org/5535/poll-taxes/
http://www.smallbusinessmajority.org/small-business-research/downloads/020612_Taxes_Poll_Report.pdf

Poll results are from a scientific national survey of 500 small business owners, commissioned by ASBC, MSA and SBM. The nationwide Internet survey was conducted by Lake Research Partners between December 8, 2011 and January 4, 2012. Margin of error +/- 4.4%.

http://www.asbcouncil.org
http://www.mainstreetalliance.org
http://www.smallbusinessmajority.org

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Poll: Small Business Owners Say Big Businesses, Millionaires Not Paying Fair Share of Taxes

23-01-2012 21:56 LIONEL NY's PIX 11 News Commentary Aired: January 23, 2012 Mitt Romney and his offshore banking is really nothing compared to globalist elite banksters.

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Mittens: Mr. Offshore - Video

7 February 2012 12:00 pm | By Tom Selby

Scottish Widows has confirmed plans to re-enter the IFA annuity and protection markets following a strategic review of the provider’s intermediary strategy.

Widows has also decided to exit the offshore bond market as it is no longer “core” to the firm’s investment offering. Following the decision, Clerical Medical International will close to new business from March 30.

Lloyds Banking Group director of insurance Toby Strauss says: “The IFA market is a core channel for us and we will be working closely with IFAs to ensure we not only create a new and enhanced product offering but also deliver these in a way that caters for their needs in what is a rapidly changing market.

“We are committed to providing customers with products that reflect their changing needs and with people living longer and rapid growth in demand for annuities we feel this is the right time to signal our move into this market.

“And with a protection gap in excess of £2trn, there is already a substantial customer need for life assurance in the UK. Our existing expertise in life assurance through other channels means that we can utilise this to develop a compelling protection offering that will be specifically designed for the IFA market.”

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Scot Wids to re-enter IFA annuity market and exit offshore bonds

LONDON, UNITED KINGDOM--(Marketwire -02/07/12)- The four sites being closed all belong to the Bank's Group Operations Division, which carries out back office processing for the Bank, and are:

-- Kingsway, Scunthorpe Mortgage Unit (208.5 FTE) - Mainly compulsory
redundancies
-- Quay House, Dudley (217 FTE) - Relocation of most staff to another site
-- St James' House, Romford (212.3 FTE) - Mainly compulsory redundancies
-- Manors Business Park, Newcastle (135 FTE) - Mainly compulsory
redundancies

The Group Operations Division (which is making 840 FTE staff reductions overall) is also consolidating its activities in fewer sites, reducing these from 27 to 15. It is expected over the coming months to announce yet more redundancies and site closures.

There are also a further 265 FTE job reductions being announced today; most notably a Contact Centre in the West Midlands and 67 FTE roles will be lost in the Insurance Division's Offshore Bonds function on the Isle of Man, which is being closed as the Bank withdraws from this sector.

Jobs Slashed In The UK ... But Retained In India

Despite having so far made the jobs of over 30,000 UK-based staff redundant since Lloyds TSB and HBOS first merged, the Lloyds Banking Group remains wedded to its unethical policy of transferring work to India, where it can recruit workers on inferior contracts and far lower pay than the staff they are replacing in the UK.

It is a simple fact that if the Bank were to abandon its discredited Offshoring Policy it could safeguard many of the existing jobs that are being lost in the UK.

The Bank should accept that it has a responsibility to its existing UK-based workers, the local communities within which it operates and the UK Tax Payer, by returning jobs to the UK.

Union Comments

Steve Tatlow, Assistant General Secretary at LTU, has said:

"This is yet another blow to hardworking, low-paid staff in the UK who have so far suffered over 30,000 job reductions since the creation of the Lloyds Banking Group.".

"We are urging the Bank to recognise that it has a responsibility to its existing UK-based staff, the communities within which it operates and the UK Tax Payer that bailed it out, by returning jobs previously transferred to India back to the UK.".

About Lloyds Trade Union (LTU)

Lloyds Trade Union (LTU) is the largest independent trade union representing staff working in the Lloyds Banking Group, with over 40,000 members. In large parts of the Bank, LTU represents over 90% of all managers and staff.

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Lloyds Banking Group Announces Four Site Closures & Redundancy Of The Jobs Of More Than 1,000 Staff