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Panama Papers: Mossack Fonseca leak reveals elite's tax havens

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Re: Panama Papers: Mossack Fonseca leak reveals elite's tax havens

#311
post #211

Earlier quoted context omitted.

I don't doubt Putin has massive support, but in a country without free press or free elections popularity says nothing. Putin doesn't win elections, he arranges them. North Koreas leaders have traditionally enjoyed a 100% support, and it might even be genuine support, but it doesn't mean anything. The media climate in Russia isn't yet North Korean of course, but it's far from a climate in which elections would be cal…

> rapidly growing deficits and receding standard of living Really? What is it based on? Compared to a period after the perestroika, level of life has greatly improved in Russia, the worst period of crime and absolute horrendous inability of police to prevent the growth of organized crime is not something most of the people of Russia want to experience again and that is why they want to go with stability which they th…

> Really? What is it based on?

The fact that the budget is balanced on a completely different oil price, and no sanctions. The russian reserve funds are falling pretty rapidly, while defense spending is still increasing and over 5%.

> Compared to a period after the perestroika, level of life has greatly improved in Russia

No doubt. The period after the union dissolved standard off living rapidly rose. The period of openness over the last decade meant great growth and together with rising oil prices it saw rising standards of living. This only changed in the last years with falling oil prices and sanctions which have seen prices rise at a faster rate than wages and pensions. This is also known as a "sinking standard of living". Russian price and wage indices aren't subjective or secret information so please let's not debate whether you can e.g. buy more or less food for a teachers' salary in 2016 than 2013. I'm talking about the very last years now, not the period since 1990.

> stability which they think Putin gives them.

I don't blame them. Putin saw great economic success in his early years. I do however consider it foolish to vote for an authoritarian if the cost of this stability is lack of opposition and lack of free press, which has been the result in recent years.

> what do you mean by "free press"

The methodology used by Reporters Without Borders is a pretty decent one:

  "[The level of] pluralism, media independence, environment and self-censorship, legislative framework, transparency, and infrastructure. The questionnaire takes account of the legal framework for the media (including penalties for press offences, the existence of a state monopoly for certain kinds of media and how the media are regulated) and the level of independence of the public media."
As I posted earlier, Russia fares no better than Belarus in this matter (a totalitarian dictatorship!) and also little better than many third world failed states, which is just embarrassing for a mostly developed country like Russia.

> Isn't most of the popular media in UK or US owned and heavily censored by corporate leaders or government parties?

Yes, a lot of the press is owned by corporations, or non political organizations, or political parties, or individuals. A lot of it has a party bias. That's entirely natural. Pluralism is the key -- e.g. are there media outlets representing all political parties etc? Is there excessive control of one type of media such as TV by a government entity? Self-censorship is a problem, but this problem is accounted for in the freedom-of-press index.

> What makes this media "free" and media in Russia "not free".

It's not black and white, it's a scale from completely unfree (North Korea) to completely free (Nowhere!). Somewhere along this scale we can argue that is are "free" and somewhere I'd argue they are not free.

Where one draws that line is entirely arbitrary. Out of pure interest - if you yourself were to use the freedom of press ranking to draw a line somewhere above north korea where you consider the press to be "free", which state is that? Since it is below Russia in the ranking, where is it? Belarus? Cuba? Saudi Arabia?

I do suspect this -- you will not be able to pick a state on that list as being below Russia but still enjoying press freedom. What you will have to do instead is a) dismiss reporters without borders and their "freedom of press index" as a western invention deviced to make "western style media" look good, while painting the Russian media landscape as failed, or b) claim that no country on the rank has free press, even Finland at the top spot, since hey, all media in Finland are owned and self censored by individuals and corporations or parties or organizations...

If you are going to do a) or b) above, don't bother - you'd be better of not responding.

Re: Panama Papers: Mossack Fonseca leak reveals elite's tax havens

#312
Another story here is how did it leak?

It's interesting to observe that Mossack Fonseca's client portal login uses @#&@!&*! wordpress.

I have no knowledge of how it leaked but it's amazing to me that a firm responsible for trillions of dollars uses wordpress on its client login site.

Re: Panama Papers: Mossack Fonseca leak reveals elite's tax havens

#313

Earlier quoted context omitted.

I'd replace wrongdoing with illegal. If you ask me, if you're a billionaire and you're not willing to pay taxes and spend 0.0001% of your wealth on the expertise to reduce your tax bill by 99%, in legal ways that 99.99% of the rest of the population doesn't engage in, then by all means that's wrongdoing to me and I think most would be with me on that. Of course it's not necessarily illegal.

Could not agree more. Our society is based on the foundation that everybody does her/his own fair share, if the leaders of the world think it is not the way then lets just stop paying taxes and see how fast things change. One funny thing about humanity, we used to pay 1/10 of our income that was enough for the "state", I am paying 65% (that is right) of my income to the sate right now and it is not enough, I have to…

[deleted]

Re: Panama Papers: Mossack Fonseca leak reveals elite's tax havens

#314
post #284

Earlier quoted context omitted.

Eliminating inequality of taxation means flat tax instead of progressive tax. That would require either substantial reduction of the government expenses or substantial raise of the taxes for low incomes. That probably won't be very popular.

The only "fair" tax type is VAT for humans. Buying a SUV -> You pay 10,000 USD in taxes. Buying bread -> You pay 0.01 USD in taxes. We could get rid off income tax at all and just increase the VAT to ~20 - 50% depending on the type of the product. This way it is almost impossible to cheat. Solving taxation for corporations still an issue though.

For what it's worth, it's hard to see a Land Value Tax as being unfair, it's extremely hard to hide your taxable assets, and it works well for people as well as corporations.

Re: Panama Papers: Mossack Fonseca leak reveals elite's tax havens

#315
post #143
post #21

Panama just passed compliance with FATF (February 2016) and it's a message that their political leader/law firm owner/world's largest money launderer (his name is in the OP's title) is no longer open for business after decades of being the go-to place for hidden $$$. http://www.fatf-gafi.org/countries/#Panama "The FATF recognised that Algeria, Angola and Panama have made significant progress in improving their regime…

> Real leaks don't have fancy websites with responsive vectorized portraits and a full on content /social media structure. Yes they do and you're welcome. Sincerely, somebody who worked on this for way too long and practically hasn't left the office this entire weekend.

sci-hub wasn't as nice for instance.

Good job anyway :)

Re: Panama Papers: Mossack Fonseca leak reveals elite's tax havens

#316

Earlier quoted context omitted.

The implication was that Putin's childhood friend is running a scheme that Putin is taking part in.

But Cameron directly benefited from his father's tax avoidance. He received several hundred thousand pounds as an inheritance from his father's estate. I'm sure he would have received less if his father had not saved money by avoiding taxes. He wasn't running the scheme, but he did directly benefit from it.

A child has no control over their parent's financial affairs when they were a minor. If they are involved after they reach majority that's very different.

Re: Panama Papers: Mossack Fonseca leak reveals elite's tax havens

#317
post #211

Earlier quoted context omitted.

> rapidly growing deficits and receding standard of living Really? What is it based on? Compared to a period after the perestroika, level of life has greatly improved in Russia, the worst period of crime and absolute horrendous inability of police to prevent the growth of organized crime is not something most of the people of Russia want to experience again and that is why they want to go with stability which they th…

> Really? What is it based on? The fact that the budget is balanced on a completely different oil price, and no sanctions. The russian reserve funds are falling pretty rapidly, while defense spending is still increasing and over 5%. > Compared to a period after the perestroika, level of life has greatly improved in Russia No doubt. The period after the union dissolved standard off living rapidly rose. The period of o…

> The russian reserve funds are falling pretty rapidly

Any data to back up that claim? Looking at the national reserve fund data it does not look to be anywhere near "falling pretty rapidly" [1]

Also Russian national debt has decreased by quite a lot in recent years [2], and now is only about 25% of GDP, which is a very low figure compared to other countries.

1 - https://ru.wikipedia.org/wiki/%D0%A0%D0%B5%D0%B7%D0%B5%D1%80...

2 - https://ru.wikipedia.org/wiki/%D0%92%D0%BD%D0%B5%D1%88%D0%BD...

Re: Panama Papers: Mossack Fonseca leak reveals elite's tax havens

#318
post #258
post #240

Earlier quoted context omitted.

Worth pointing out: this is, in no way, done by a single media organization. This is a collaborative effort of ~107 news organizations from all over the world, and you can be sure that behind each of them there's a small dedicated tech team that worked tirelessly on making this thing look pretty. Because this is such a huge collaborative effort involving over 300 journalists from god knows how many countries, we bare…

Honestly that is becoming more clear and I might have jumped the gun in my initial comment. It went viral very fast, I think it would have been a great idea to say that each "regional' media representative would be disclosing more info within the next couple of weeks.. on the website! And if some important info was not disclosed regionally there would also be a follow up, because right now you have to admit.. not man…

Perhaps consider revising your original comment to be less dismissive if you have changed your mind?

Re: Panama Papers: Mossack Fonseca leak reveals elite's tax havens

#319
I am surprised given the audience oh HN that no one seems to consider the technical aspect of this leak. This is yet another failure to protect corporate data. It is obvious that this law firm worked with criminals, but I am sure they also had legitimate clients whose private information is now exposed. Of all the companies, a law firm contains secret that are protected by law (attorney-client privilege) and for very good reasons.

The number and magnitude of data leaks is ever increasing and now reached alarming rates. Irrespective of tax dodging considerations, I do not think that IT professionals as an industry should cheer at this type of leak. The trust from businesses in IT to do its job is at rock bottom, and where it is not, it should be.

Re: Panama Papers: Mossack Fonseca leak reveals elite's tax havens

#320
post #317

Earlier quoted context omitted.

> Really? What is it based on? The fact that the budget is balanced on a completely different oil price, and no sanctions. The russian reserve funds are falling pretty rapidly, while defense spending is still increasing and over 5%. > Compared to a period after the perestroika, level of life has greatly improved in Russia No doubt. The period after the union dissolved standard off living rapidly rose. The period of o…

> The russian reserve funds are falling pretty rapidly Any data to back up that claim? Looking at the national reserve fund data it does not look to be anywhere near "falling pretty rapidly" [1] Also Russian national debt has decreased by quite a lot in recent years [2], and now is only about 25% of GDP, which is a very low figure compared to other countries. 1 - https://ru.wikipedia.org/wiki/%D0%A0%D0%B5%D0%B7%D0%B5…

The fund shrunk by 20% in the last two years (from 2014 to 2016) due to the sanctions and low oil prices. I'd say 10% on a per-year basis is pretty fast.

http://old.minfin.ru/en/nationalwealthfund/statistics/amount...

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