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Tax Justice

How tax justice can help address systemic racism in the US: Part One

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In this episode we bring you part 1 on how tax justice can help address systemic racism in the US:

Faulkner wrote: “The past is never dead. It’s not even past.”

As we discuss, the legacy of centuries of institutionalised racism is that a wealth chasm has been created between black and white communities.

We also know that the City of London in Britain itself built its wealth from slavery and empire. Still today, major finance sectors have extractive business models, that impoverish some of the world’s poorest nations. And financial secrecy is another form of empire.

So how can we think about combining tax justice and reparations? Keval Bharadia‘s work on a super tax on the $8 trillion a day financial markets could help show the way. And financial institutions must have independent slavery money audits. For those financial institutions now coming forward and offering what they’re calling reparations funds, how do we ensure that these funds are large, they’re targeted to the right places and they’re ongoing?

A transcript of the programme is available here (not 100% accurate)

Featuring:

We’re recovering from many things. We’re recovering from COVID-19, we’re recovering from 400 years of oppression, and we are also recovering from a looming economic downturn. And one thing we know for sure, and we continue to learn with every economic downturn is that States have choices. They have a choice point and that’s to cut services and continue to cut their budgets that harm families that are in need – or raise revenue, raise revenue on corporations, raise revenue on those that are most profitable and the wealthy. And that’s a racialised choice, given the country’s history and ongoing biases.”

Cortney Sanders, Center on Budget and Policy Priorities

There needs to be a proper negotiation on what level of reparations should be paid and to whom and who will be responsible for holding reparations in trust funds for the genuine benefit of the descendants of slaves. What must not happen is that banks and other companies use tokenistic reparation payments as an exercise in white-washing while not disclosing the full history of their involvement in slavery or in imperial plunder and pillage.”

John Christensen, Tax Justice Network

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Economics

How the biggest corporations are ruining it for everyone else

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In this month’s episode:

  • Much of the world is run on the basis of economic theories that have become accepted truths of our era. But they actually have very little evidence to back them up. This month, I speak to finance journalist and writer Tom Bergin on how economics ruins economies, and we put economists in the dock. Tom’s book, Free Lunch Thinking: how economics ruins the economy is available here.
  • Plus: which nations are the world’s worst offenders for helping multinational corporations pay less tax than they should? The results of the Tax Justice Network’s Corporate Tax Haven Index 2021 are out. Read more here.

Here’s the transcript of the show (may not be 100% accurate, some is automated)

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The original blog post of this month’s Taxcast is available here.

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Tax Justice: How to fix the world with $9 Billion

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We know the world’s broken. Apparently we need $9 trillion to fix it. We find out how we can pay for the pandemic and a just transition with Ben Tippet of the Transnational Institute. You can read his report Paying for the Pandemic and a Just Transition here.

  • Casino Capitalism: what really happened with the Gamestop frenzy and what does it tell us about ‘investment?
  • As promised, three pieces of really good tax justice news… you can read more from the Tax Justice Network on “A tide-turning moment in the global struggle for tax justice” here.
  • The transcript is available here (some is automated and there may be small inaccuracies)

Featuring:

“We can do this, you know, there are solutions. The next 20 years could be one in which we rebuild a more just global economic system.”

~ Ben Tippet of the Transnational Institute

In the same way that Bitcoin has surged in price, the Gamestop bubble has no rooting in any kind of economic reality. The term ‘investment’ is very widely used and abused by politicians and by journalists. We need to see huge investment directed towards a new energy efficient, non-fossil fuel market. There’s a huge transition facing humanity and at the moment, I don’t think markets are in any way geared to making that kind of transition.”

~ John Christensen of the Tax Justice Network

The original blog post of this Taxcast is available here.

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Economics

Taxing Wall Street: The Taxcast Network

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This month we take a look at the transformative power of financial transactions taxes. There’s a chance that New York, home to two of the world’s largest stock exchanges, could be about to set an important precedent. We go to Kenya to look at its experience with a financial transactions tax. And we see how much further the tax could go.

Plus: we discuss three major waves of change in 2020: the black lives matter protests, Trump’s departure from the Whitehouse and the end of the Brexiteers dream.

Transcript available here (some is automated and may not be 100% accurate)

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Source: Tax Justice Network

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