Sunday, May 12, 2013

G7: Real Root of the Crisis is Taxation

Amidst the sovereign debt crisis, the financial crisis, the liquidity crisis and the cultural crisis, the G7 group of industrialized nations, meeting this weekend in London, have hit on the solution! At root of it all is the tax crisis! It is in fact so bad, they have agreed that collective action is needed to ensure that firms and individuals finally start paying their taxes

Finance ministers meeting outside London pledged their commitment to combating tax evasion, which is illegal, and tax avoidance, which occurs when individuals and companies take advantage of legal loopholes

"It is vital that both developed and developing countries collect the tax that is due to them," George Osborne, the British finance minister, said on Saturday. Britain has made the issue a priority of its presidencies of the G7 and G8. 

The G7 comprises Britain, Canada, France, Germany, Italy, Japan and the United States. The G8 is the G7 plus Russia. The G7 also reaffirmed its commitment to reforming financial regulation.

Be prepared for the great government looting and an ever deepening crisis!