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Tag Archives: taxes

When Counterculture Goes Mainstream: A Dispatch from the 2021 Bitcoin Conference

Yves here. Please welcome Taryn Fivek, who technically is an economist but as you will see does un-economist-like things, such as conducting her own research and even worse, talking to real people. Here, a key finding from her participation in the 2021 Bitcoin conference is that even though the participants presumably have done well with Bitcoin, they see crypto as an ideological, even evangelical movement. Taryn gives a “You are there” sense of the confab. Maybe I’ve spent too much time in...

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Private Inequity: NYT Examines How the Private Equity Industry Avoids Taxes

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. The New York Times published a comprehensive piece Saturday discussing how the private equity industry avoids taxes, Private Inequity: How a Powerful Industry Conquered the Tax System. Regular readers won’t be  surprised by any of the article’s revelations about these shenanigans, particularly  over the carried interest loophole, a subject Yves has...

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Without Yield Support, the Dollar Wilts

Overview: Falling US yields weigh on the US dollar.  The 10-year Treasury yield is flirting with the 1.50% mark, and the greenback is trading heavily against all the major and most emerging market currencies. European and the Asia Pacific benchmark yields are lower as well.  The JP Morgan Emerging Market Currency Index is edging higher for the fourth consecutive session.  The lower yields are not doing equities much good today.  Outside of China, the large equity markets in the region fell,...

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The Greenback Steadies after Retreating on the Jobs Data

Overview:  After falling to 1.55% after the US employment data, which, while mixing expectations, could hardly be considered weak, the US 10-year yield has come back firmer today (1.58%) This may be lending the greenback a better tone.  Equity markets are quiet. Most markets in the Asia Pacific region edged higher.  Australia, Taiwan, and Hong Kong were notable exceptions.  Europe's Dow Jones Stoxx 600 made a marginal new record high but is consolidating before the US session. Futures on the...

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Four Drivers in the Week Ahead

After the US and UK holidays on Monday, there are four highlights in the week ahead. First, the Reserve Bank of Australia's meeting will receive more attention after the Reserve Bank of New Zealand signaled the likelihood of a rate hike in the second half of next year. Second, the G7 finance ministers may agree to endorse a proposal for a minimum corporate tax rate of 15% and an additional tax on the largest 100 companies (so that areas in which they sell can collect taxes).  Central banks...

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Eerie Calm Ahead of the Weekend

Overview:  Perhaps the dramatic volatility seen earlier this week has sapped the market's energy, and an eerie calm appears to be taking hold ahead of the weekend.  Despite the strong showing by US equities yesterday, the spillover into the Asia Pacific was limited.  Equity markets were mixed, Japan, Australia, Taiwan, and India among the strongest advancers, while China, Hong Kong, and South Korea slipped.  Europe's Dow Jones Stoxx 600 was posting small gains to pare this week's minor net...

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Why Biden’s Carbon Pricing and Electric Vehicle Plans Won’t Avert Climate Crisis

Yves here. It should come as no surprise that the key Biden Administration measures to tackle climate change, carbon taxes and accelerating the conversion to electric vehicles, are tantamount to rearranging the deck chairs on the Titanic. Unfortunately, being honest about the degree of lifestyle and economic changes needed to avert the worst climate outcomes is a political career limiting move. And the sad thing is that people assume that sacrifice means misery. Despite her parents losing 97%...

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From an Un-Caring Economy to a Caring Economy: The Tax Justice Network Podcast, April 2021

Yves here. “Caring economy” may strike readers as too much of a contradiction in terms to be attainable. But even with post-bubble-bust belt-tightening in Japan, the country’s top executives and politicians adopted a model of shared sacrifice. That is a striking contrast with the Anglo-EU approach post the global financial crisis of making sure the rich got into the lifeboats first, and everyone else getting at best haphazard support. By Naomi Fowler. Originally published at the Tax Justice...

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Experts Lay Out Their Case Against Carbon Pricing

Yves here. This article takes a look at how little progress is being made against climate/carbon emission targets and recommends more aggressive government action. Presumably the book it’s summarizing, Making Climate Policy Work. However, it sets up a straw man by equating carbon pricing with cap and trade and carbon offsets. We’ve called out those approaches starting with the early days of this website, in 2007, as gimmicks that enrich intermediaries, are rife with fraud, fail to change...

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Only Multilateral Cooperation Can Stop Harmful Tax Competition

Yves here. My tax maven friend has mentioned off and on that OECD countries have been working on how to stop or at least reduce multinational tax avoidance via artful transfer pricing and other scheme, via their Base Erosion and Profit Shifting initiative, or BEPS. The wee problem is it was launched in 2013 and it’s now 2021. Will the US showing more support make a difference? By Anis Chowdhury, Adjunct Professor at Western Sydney University and University of New South Wales (Australia), who...

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