Worthwhile discussion and charts in this segment. Although, sounds like someone is doing dishes in the background…thankfully it doesn’t continue throughout.
Dr. Lacey Hunt: Deflation and the current state of the economy.
In this long-awaited interview, Lacey Hunt lays out the basis of his deflationary thesis, explains how a debt unwind could be managed and outlines why he thinks the US will prove to be the most resilient market. Here is a direct video link.
Over the past 30 years, like regulatory enforcement, tax enforcement against the wealthiest corporations and individuals has declined by design in most of the developed world. Canada remains a world-famous haven of tolerance for big tax avoiders, see: CRA has found 35 cases of tax dodging in The Panama Papers leak, 5 years later:
Five years after one of the world’s biggest leaks of financial records exposed the tax-haven dealings of politicians, athletes, celebrities and mobsters, the Canada Revenue Agency has found missing money in 35 of the hundreds of Canadian cases it has analyzed.
The agency hasn’t gotten a single criminal charge filed against anyone as a result of the Panama Papers.
Other countries have, however, filed tax-evasion charges, secured convictions and recouped hundreds of millions of dollars in taxes from information found in the Panama Papers.
Collecting what’s lawfully owed is an obvious area to invest government resources for much-needed ‘yield’ today. The video exchange below highlights the issues well.
I’m introducing another bill for dedicated, mandatory funding for the IRS to enforce the tax laws already on the books for the ultra-rich and giant corporations. The IRS should have more resources to do its job and make the wealthy pay their fair share. pic.twitter.com/0TmKEDglsY
— Elizabeth Warren (@SenWarren) April 27, 2021
Warren succinctly articulates the overwhelming case for a minimum federal corporate tax rate in this segment. The most profitable companies paying zero to little is not defensible.
“What’s happening right now in America, is these small businesses … pay their taxes at the full rate. They got to pay the whole thing,” Warren said. “You look at businesses like FedEx and Nike, businesses like Amazon, and they pay zero. Right now there’s a thumb on the scale in the tax part of this, and that is a thumb to help the giants.” Here is a direct video link.
